John Kerry said major oil-exporting countries’ willingness to acknowledge that the era of fossil fuels must come to an end underscored the “urgency” of the deal.
Russia the second largest oil producer is currently sanctioned rather heavily making it harder for them to buy high end oil equipment.
The Middle East sees Yemen attacking ships including tankers nowadays. The Middle East has a lot of oil and that might be cut off.
At the same time we know oil is bad and we have great alternatives mainly in transport with trains, bicycles and so forth and also worse ones like EVs. So if we see extraordinarily high oil prices, we can realistically reduce consumption. That is a big change.
Russia the second largest oil producer is currently sanctioned rather heavily making it harder for them to buy high end oil equipment.
The Middle East sees Yemen attacking ships including tankers nowadays. The Middle East has a lot of oil and that might be cut off.
At the same time we know oil is bad and we have great alternatives mainly in transport with trains, bicycles and so forth and also worse ones like EVs. So if we see extraordinarily high oil prices, we can realistically reduce consumption. That is a big change.