The weather forecasters who did a great deal against Westerners last week had unexpected leaders in major cities in Saudi Arabia, Abu Dhabi and Russia.
Deficiencies in court and boardroom mean that Royal Dutch Shell, ExxonMobil and DRM are all being forced to reduce carbon emissions quickly. This is good news for the Saudi Arabian company Saudi Aramco, Abu Dhabi National Oil Company and Gazprom and Rosneft of Russia.
It means a lot of business to them and the Saudi Arabian Petroleum Exporting Organization (OPEC).
“Oil and gas are not growing and demand will be needed, but global oil companies will not be allowed to invest in the region, meaning that international oil companies need to intervene,” said Amrita Sen from Energy Aspects.
Climate activists have won a major victory with the Dutch court demanding that the Royal Dutch Shell significantly reduce emissions, which means cutting off oil and gas. The company is requesting.
On the same day, two top US companies, Exxon Mobil Corp and DRM Corp, both lost in the war with their partners who criticized them for their influence on climate change.
“It seems the West has to rely heavily on so-called” dictatorial regimes “to get it,” laughed a Russian official and oil company at Gazprom, referring to the state-owned electricity companies.
Saudi Aramco, Adnoc and Gazprom all declined to comment. Rosneft, a major oil producer, of which the Russian government has a large share, also declined to comment.
A Saudi Aramco official said the decision would help OPEC improve its operations.
“It’s good for Aramco,” the employee said.
Western oil prices like Shell have grown exponentially in the last 50 years, while West has sought to break free from power in the Middle East and Russia.
The same Western energy authorities, including BP and Total, have put in place measures to reduce air pollution by 2050. But they are facing pressure from investors to do more to meet UN-backed goals to reduce global warming.
Saudi Aramco, listed in the Saudi archives but by many government officials, is not being pressured to reduce its emissions, although state officials want to increase the country’s use of renewable energy.
Gazprom expects the demand for natural gas to grow in the coming decades and to play a greater role in using renewable energy than renewable hydrogen sources.
Western majors control about 15% of the world’s total, while OPEC and Russia have about 40%. The sector has been entrenched over the past few decades as demand has been met by new manufacturers such as small US shale companies, which now face challenges to adapt to climate change.
Money and pension funds
Since 1990, oil prices worldwide have grown to 100 million barrels per day from 65 million bpd, while Asia contributed to the lion’s share.
Countries like China and India have not made promises to reduce oil consumption, which at the individual level is still a small fraction of the West. China relies heavily on gas to reduce its oil prices.
The International Energy Agency, which oversees western energy policy, issued a strong appeal last month around the world to end all oil and gas shortages. But it did not provide a clear way to reduce the need.
Despite pressure from employers, investors and banks to reduce emissions, Western oil regulators also have a role to play in maximizing profits among major debtors. Shares of oil companies represent major financial contributions.
“It is important for global oil companies to align their production targets with the goals of Paris. But this must be done in accordance with the principles, changing demands, and rebuilding global energy,” said Nick Stansbury from Legal & General. 1.3 trillion British pounds ($ 1.8 trillion) in lieu of investors, retirees and corporations.
“Forcing one company to do this in court can (if at all possible) only bring higher prices and make a profit,” he said. Legal & General, one of the largest fund managers in the world, owns a lot of oil.
Weather cases have been filed in 52 countries over the past two decades, with 90% of those in the United States and the European Union, Verisk Maplecroft says.
“In the West, electronic money will increase fears and worries about laws and court decisions. Then, we will see more benefits,” said Aramco chief executive. Aramco pays more than $ 75bn a year more.
Over the past five years, the IEA has been predicting significant oil shortages and rising oil prices due to a lack of funding following the 2014-2017 oil price crisis.
The price of oil prices, coupled with a decline in oil prices, would mean the massive transfer of wealth from the West to countries such as Russia and Saudi Arabia, to the point where the need to start declining not only in the West but in Asia.
“Oil and gas are still being produced. Just down with the ESGs, “said a Middle East producer and former oil giant, in terms of environmental, social and government performance.