The oil and gas sector has been rocked by corporate developments in recent weeks, with ExxonMobil and Chevron receiving sharp environmental criticism from shareholders and Shell facing a court order to slash absolute carbon emissions by 45% by 2030. But as IOCs struggle to adapt to the uncertainties of the energy transition, Opec kingpin Saudi Arabia sees only opportunity.
Speaking to reporters after the Opec meeting on 1 June, Saudi Energy Minister Prince Abdulaziz bin Salman said that the kingdom’s abundant low-cost natural resources mean it will remain a dominant supplier of many forms of energy for the foreseeable future. “I urge the world to accept this as a reality. Because we are going to be winners.” (CONTINUED - 973 WORDS)