Russia’s Kremlin-controlled oil company has warned that BP and Royal Dutch Shell are creating an “existential crisis” for oil supplies that will lead to higher prices, attacking their shift towards renewables when demand is still growing.
Didier Casimiro, one of the top executives at Russia’s state-backed Rosneft, said national oil companies would take a greater share of the market if energy majors cut investments as supply shortages were almost inevitable should demand return to pre-pandemic levels.
“I think that to go away from your core business, which is what they are doing, somebody will need to step in . . . somebody will need to take that responsibility,” Mr Casimiro told the Financial Times Commodities Global Summit.
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