Geopolitical risks worst in 50 years, warns oil services boss
Geopolitical risks are at their highest level in half a century, the head of one of the world’s biggest oilfield services companies has said, raising concerns about energy supplies and helping to fuel a boom in liquefied natural gas.
“From a historical context I’ve heard people say, you go back to the oil embargo of 1973 — that being somewhat similar,” said Lorenzo Simonelli, chief executive of Baker Hughes, in an interview with the Financial Times.
“But in my tenure, no [the geopolitical climate has not been this fragile],” he added. “This is, from a political standpoint, very fluid.”
His comments come as the conflict between Israel and Hamas in the Middle East adds to an already febrile geopolitical environment as Russia’s full-scale invasion of Ukraine nears the end of its second year.
https://www.ft.com/content/431fccf7-7692-441f-b20f-d2fdfbd04f2c
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Organisers said they would call on governments to immediately end subsidies for oil and gas and to cancel any plans for expanding production.
Governments spent a record-high $7 trillion in subsidies to oil, gas and coal last year, according to an IMF analysis.
"We're taking to the streets to demand that African leaders phase out on fossil fuels and focus on investing in community-led renewable energy, to meet the energy demand for the 600 million Africans who do not have access to electricity," said Eric Njuguna, a climate activist based in Nairobi, Kenya.
https://www.reuters.com/business/environment/global-climate-protests-demand-world-leaders-phase-out-fossil-fuels-2023-09-15/
