The war in Ukraine, which has unleashed fears of an energy supply crunch and pushed oil prices to record highs, has brought back to the forefront the conversation about the need for new investments in oil and gas for the foreseeable future. That’s in stark contrast to calls almost a year ago by the International Energy Agency (IEA) to forgo investment in fossil fuels in the race to a net-zero emissions world….
Gulf oil producers do not envisage a post-2050 world devoid of hydrocarbons, even though two of the region’s biggest producers, the UAE and Saudi Arabia, have committed to net-zero carbon emissions by 2050 and 2060, respectively. Reconciling their future environmental commitments with their current reliance on hydrocarbons is going to be an arduous and expensive journey that starts with decarbonizing their oil and gas production to reduce their carbon footprint…
