$200 Dollar Oil Price Prediction - Anti Zero Carbon Sentiment Growing

Описание: WTI Nears $70 As Bulls Run Rampant
More room to run. “The fact that oil prices maintain and even extend a bit their high levels this week is a clear sign that the market considers a $70 plus dollar level sustainable for a barrel of oil,” Louise Dickson of Rystad Energy said in a statement.

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U.S. Rig Count Falls As Drillers Show Discipline

MOSCOW (Bloomberg) --The world’s largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.
Russian Deputy Prime Minister Alexander Novak
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak.

His warnings were echoed by the energy ministers of Qatar and Saudi Arabia, who said they will keep expanding their oil and gas facilities and warned others against the consequences of starving the industry cash.

The “euphoria” around the transition to clean energy is “dangerous,” Qatar’s Energy Minister Saad Sherida Al Kaabi said at the St Petersburg International Economic Forum in Russia on Thursday. “When you deprive the business from additional investments, you have big spikes” in prices.

It’s no surprise that top officials from the world’s largest fossil fuel exporters want to see the industry continue for decades to come. Their comments are illustrative of the vast gulf between the world’s current carbon-based energy system and the changes required to prevent damaging climate change.

Saudi energy minister Abdulaziz bin Salman
Saudi Energy Minister Prince Abdulaziz bin Salman has already dismissed the IEA road map, which would limit the average increase in global temperatures to 1.5 Celsius, calling it a “la-la-land” scenario. When asked on Thursday if oil is dead, he responded by saying the kingdom is increasing its production capacity.

The G7 nations have been pumping more in fossil fuels than in clean energy since the start of the pandemic, despite headline-grabbing pledges for ‘building back greener’, a new report found on Wednesday.

The Group of Seven most industrialized nations—Canada, France, Germany, Italy, Japan, the UK, and the U.S.—committed between January 2020 and March 2021 more than US$189 billion to support coal, oil, and gas, while clean forms of energy received only $147 billion, the analysis showed.

Russia and Saudi Arabia reject calls to end oil and gas spending, call IEA’s net-zero plan ‘unrealistic’

Russia to consider ditching dollar-denominated oil contracts if faced with more U.S. sanctions

Russian Deputy Prime Minister Alexander Novak on Thursday said the oil and gas-rich country may soon be tempted to move away from U.S. dollar-denominated crude contracts if President Joe Biden’s administration continues to impose targeted economic sanctions.

“Well, ideally we would prefer not to move away from the dollar as it is an international currency used for settlements,” Novak told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum, according to a translation.

“But if our American partners create this type of situation we shall have no other choice but gradually do that,” he added.

His comments come shortly after Russia announced it would completely remove U.S. dollar assets from its National Wealth Fund.
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