Russia's Sechin warns of 'acute' oil shortage amid drive for green energy

  • 8 months   ago
Russia's Sechin warns of 'acute' oil shortage amid drive for green energy

Igor Sechin, the head of Russian oil major Rosneft (ROSN.MM), said on Saturday the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise.

Russia, which heavily relies on revenues from oil and gas sales, has pledged to cut greenhouse emissions but lags behind many countries in the development of renewable energy sources, such as solar and wind power as well as hydrogen.

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