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Saudi Aramco has warned of ‘public upheaval’ if fossil fuels run out of energy

Head of agency Saudi Aramco, the world’s largest oil company, has called on world leaders to continue selling crude oil in the coming years or to work to curb rising prices and turmoil that could lead to greenhouse gas emissions.

Speaking at the World Petroleum Congress in Houston, Texas, Amin Nasser said there was a perception that the world could turn into clean oil “almost in one day”, but this was “very wrong”.

“I understand that openly acknowledging that oil and gas will play a vital and important role in the transition and sustainability will be difficult for some,” Nasser told representatives of WPC, one of the world’s largest oil and gas executives.

“But accepting this will be easier than tackling the problem of power shortages, rising prices and turmoil because prices are constantly rising and seeing the promises of countries begin to decline.”

Nasser’s comments come amid growing pressures and corporate pressures to turn their jobs green. The International Energy Agency said earlier this year that energy groups should suspending all new oil and gas exploration activities if the country is to meet zero output by 2050.

“The world is facing a dynamic change that only focuses on the impossible and the dynamics of the future of power,” Nasser said.

Rising oil prices – which have risen sharply as the global economy recovers Covid-19 plague – has stopped governments from arguing as they try to balance the promises of decarbonise with efforts to reduce the cost of oil pumps.

In the US, President Joe Biden, who vowed to change oil prices, last month announced that the country would release 50m oil barrels from its Strategic Petroleum Reserve as part of a bid to lower prices at the pipeline.

The oil and gas industry has taken a price hike to emphasize the dangers of strong security and the potential for rapid change from traditional oil, as well as the risk of slower sales of pre-existing oil was a common theme in the Houston tradition.

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Jeff Miller, chief executive of Halliburton’s oil company, told delegates that there has been “less money” over the past seven years, which has put it in jeopardy of the climate crisis and the economic downturn run by poor corporate poor. return.

Global inflation has dropped by 50 percent compared to the previous year, he said, while spending in West Africa has dropped by 75%.

“We are going through a time crisis and I think for the first time in a long time we will see a buyer looking for a barrel of oil rather than a barrel of oil looking for a buyer,” Miller said.

Nasser said many of the “highly concerned” corporations and politicians acknowledged the dangers of low income, but declined to comment further.

“He says it in secret,” she said. “He should say the same thing in public.”

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