ABU DHABI, November 7. /TASS/. The actions by major oil producers, including Russia and Saudi Arabia, do not pose a threat to the global energy transition, Chair of the World Energy Council Adnan Amin said in an interview with TASS.
"I don’t think the actions of oil producers today represent a major threat to climate goals. They are responding to market signals — to demand. In fact, many of the same countries calling for reduced oil use continue to import both oil and gas. So, in a sense, this is something of a non-issue," he said on the sidelines of the ADIPEC conference in Abu Dhabi.
The energy transition is not linear, while global demand for oil and gas will continue to rise until renewables become an increasingly dominant part of the energy mix, Amin believes. "What we’re seeing now are new technologies, such as advanced battery systems that improve grid stability for intermittent renewables, with battery prices coming down. We’re also seeing electric vehicles entering new markets, which will affect oil demand in the coming years as adoption accelerates," he said.