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ADNOC say Underinvestment a "Recipe for Disaster"

OIL

Underinvestment in fossil fuels is a “recipe for disaster” according to Sultan Al Jaber, CEO of ADNOC.

  • Al Jaber said spare crude capacity is currently less than 2% of global demand giving producers limited ability to respond to disruptions. “That doesn’t give a lot of room to manoeuvre. In fact, it’s a recipe for disaster,” Al Jaber said.
  • He said much more spending is also needed to boost the transition to cleaner energy alternatives. Sectors such as manufacturing, construction and agriculture need “sensible” regulation, tax incentives and “substantial government funding” to support the transition.
  • Adnoc has invested $50 billion in renewables including solar over the past two decades and plans to spend a similar amount in coming years.

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