HomeTrading NewsVenezuela Is Resurrecting Its Oil Fields With Backpacks of Cash

Venezuela Is Resurrecting Its Oil Fields With Backpacks of Cash

Reuters

Oil CEOs raise alarm over market’s readiness to drop fossil fuels

A coming transition from oil and gas to renewables will be “messy” for many years and lead to sharp energy price volatility as demand and supply clash, top energy executives said on Tuesday. The World Petroleum Congress, a gathering to discuss the future of oil and gas and explore new technologies, emerged as a counterpoint to last month’s COP26 climate change conference. Subhash Kumar, managing director of India’s state-run explorer Oil and Natural Gas Corp, echoed the warning that consumers and markets are not prepared to make the transition to clean fuels as quickly as some want.

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