Energy

Oil nations tipped for political instability if fossil fuels abandoned

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The Egina floating production storage and offloading vessel, the largest of its kind in Nigeria, is berthed in Lagos harbor on February 23, 2017.

Stefan Heunis | AFP | Getty Images

LONDON — Algeria, Chad, Iraq and Nigeria will be among the first countries to experience political instability as oil producers feel the effects of a transition to low carbon energy production, according to a new report from risk consultancy Verisk Maplecroft.

In its 2021 Political Risk Outlook, published Thursday, the firm cautioned that countries that had failed to diversify their economies away from fossil fuel exports faced a “slow-motion wave of political instability.”

With the move away from fossil fuels…



Source cnbc.com

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