Energy

Russia, Saudi Arabia reject calls to end oil and gas spending

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Russia’s Deputy Prime Minster Alexander Novak (L) and Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al Saud attend a session as part of the 24th St Petersburg International Economic Forum (SPIEF 2021) at the ExpoForum Convention and Exhibition Center.

Donat Sorokin | TASS | Getty Images

LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate crisis.

It comes at a time when policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark…



Source cnbc.com

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