Russia’s Rosneft projects global oil shortages during “hasty” energy transition

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By Olga Tanas and Dina Khrennikova on 6/6/2021



Rosneft CEO Igor Sechin

MOSCOW (Bloomberg) –Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition.

“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.”

His comments echo those of Russian Deputy Prime Minister Alexander Novak, who this week rejected calls for a rapid shift away from oil and gas, saying starving the industry of investment would harm the…

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