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Bloomberg: The conflict in Ukraine leads to an accelerated abandonment of oil and gas – Rosbalt

This material (information) was produced, distributed and (or) sent by a foreign agent of RS-Balt JSC or relates to the activities of a foreign agent of RS-Balt JSC. 18+

The conflict in Ukraine will accelerate the phase-out of oil and gas as countries around the world prioritize their own renewable energy sources to improve supply security and reduce carbon emissions. This opinion is expressed in the report of the oil and gas company BP, writes Bloomberg.

The company expects a sharper decline in fossil fuel demand by 2035 than previously forecast. According to BP Chief Economist Spencer Dale, “increased focus on energy security <…> could potentially accelerate the energy transition.”

The BP report includes three potential scenarios for reducing carbon emissions. All of them assume a decrease in demand for oil and gas as renewable energy sources increase, as well as the electrification of transport in the coming decades, but the pace of such changes, according to the company’s analysts, may be different. At the same time, in all scenarios, the world will rely on OPEC, since by 2050 the organization’s share in oil supplies will range from 45% to 65%. The cartel will be sustainable because its member countries have lower production costs than rivals like the US, BP said.

Source: Rosbalt


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