{"id":55244,"date":"2020-10-08T06:59:48","date_gmt":"2020-10-08T11:59:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55244"},"modified":"2020-10-08T06:59:48","modified_gmt":"2020-10-08T11:59:48","slug":"u-s-european-oil-majors-could-create-supply-crisis-with-renewables-push-russias-rosneft","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55244","title":{"rendered":"U.S., European Oil Majors Could Create Supply Crisis With Renewables Push \u2013 Russia\u2019s Rosneft"},"content":{"rendered":"
\n

U.S., European Oil Majors Could Create Supply Crisis With Renewables Push \u2013 Russia\u2019s Rosneft<\/a><\/h3>\n<\/header>\n
Rosneft is looking to double down on hydrocarbons and extract up to 5 billion tons of light-quality oil in the Arctic.<\/span>Alexander Rumin \/ TASS<\/span><\/figcaption><\/figure>\n
\n
\n
\n

U.S. and European oil majors\u2019 commitment to moving away from fossil fuels toward renewable energy threatens oil supplies and prices, Russia\u2019s state-run oil giant Rosneft has\u00a0said<\/a>, according to the Financial Times.<\/p>\n

BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell and Total have to varying degrees laid out strategies they say are compatible with the Paris climate treaty. They have announced measures over the past year that include reducing the carbon intensity of their products, transitioning into renewable energy, storing “captured” CO2 underground and offsetting emissions through reforestation.<\/p>\n<\/div>\n

\n

Rosneft criticized these moves in a sign of what the FT described as \u201ca growing divide\u201d between state-backed oil companies and the energy companies that helped shape today\u2019s oil industry.<\/p>\n

\u201cIt is an existential threat for supply. It is an existential threat for price volatility,\u201d it quoted Rosneft first vice president Didier Casimiro as saying at the newspaper\u2019s commodities summit.<\/p>\n

\u201cWe will have a [supply] crunch, price volatility and, yes, higher prices,\u201d Casimiro said.<\/p>\n

The oil majors\u2019 move away from their core business, he added, means other players \u201cwill need to step in\u201d and \u201ctake that responsibility.\u201d<\/p>\n

Meanwhile, Rosneft is looking to double down on hydrocarbons and extract up to 5 billion tons of light-quality oil in the Arctic through its Vostok Oil project. Rosneft CEO Igor Sechin has\u00a0described<\/a>\u00a0the project as the biggest in the history of the modern global oil industry.<\/p>\n

The U.S. Treasury earlier this year sanctioned Casimiro and Rosneft\u2019s Geneva-based trading arm, where he is chairman of the board and president, for allegedly propping up Venezuela\u2019s oil sector.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S., European Oil Majors Could Create Supply Crisis With Renewables Push \u2013 Russia\u2019s Rosneft Rosneft is looking to double down on hydrocarbons and extract up to 5 billion tons of light-quality oil in the Arctic.Alexander Rumin \/ TASS U.S. and European oil majors\u2019 commitment to moving away from fossil fuels toward renewable energy threatens oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[281,3163,596,674,3122,694,30391,827],"class_list":["post-55244","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-europe","tag-oil-majors","tag-oil-supply","tag-renewable-energy","tag-rosneft","tag-russia","tag-the-moscow-times","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55244"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55244\/revisions"}],"predecessor-version":[{"id":55245,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55244\/revisions\/55245"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}