Oman Warns Of $200 Oil In Dig At IEA Climate Advice
Faizan Hashmi 10 days ago Thu 09th September 2021 | 06:40 PM
Paris, Sept 9 (UrduPoint / Pakistan Point News - 9th Sep, 2021 ) :Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency's ambitions of halting new fossil fuel projects to combat climate change.
But Oman's energy minister, Mohammed al-Rumhi, said such "unilateral recommendations" were not helpful.
"Recommending that we should not invest in new oil... I think that's extremely dangerous," he said at a conference jointly organised by his country with the IEA on energy transition in the middle East and North Africa.
"If we stop investing in fossil fuel industry abruptly there will be energy starvation and the price of energy will just shoot" higher and "in the short term we could see a 100 or 200 per barrel scenario," said al-Rumhi.
Crude oil prices have been fluctuating around $70 per barrel recently.
"It's very easy to sit in your comfort zone and talk about efficiency and solar and renewables... and then we forget a third of the world population is suffering from a lack of energy," said al-Rumhi.