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Oil CEO warns that high prices jeopardize Bloomberg’s energy transition

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© Bloomberg. Lights illuminate the Novokuibishevsk oil refinery operated by Rosneft PJSC in Novokuibishevsk, Samara, Russia.

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(Bloomberg)-High fossil fuel prices could jeopardize the switch to cleaner renewable energy sources, the leader of one of Europe’s largest oil companies warned.

Patrick Pouyann, CEO of TotalEnergies SE, told the World Oil Conference on Monday.

“Some Asian countries trying to switch from coal to gas can be discouraged because energy prices are too high,” he said.

Puyanne’s remark came the same morning Saudi Aramco (SE :) CEO Amin Nasser said at a conference in Houston that the supply of renewable energy is not robust enough to put fossil fuels aside. Aramco will raise oil prices on Sunday and will ship next month with a signal that the world’s largest oil exporters are bullish on demand.

Meanwhile, the chief of Norwegian oil giant Equinor ASA (NYSE :) reiterated some of Puyanne’s concerns. The recent rise in energy prices from China to Europe indicates the risk of “faced with an imbalanced transition,” CEO Anders Oppedal told the conference.

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Oil CEO warns that high prices jeopardize Bloomberg’s energy transition

Source link Oil CEO warns that high prices jeopardize Bloomberg’s energy transition

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