Western sanctions have turned the world’s oil and gas markets upside down and disrupted supplies from Russia. Now the world is facing an all-time problem, said Mike Wirth, head of the US energy giant Chevron.
Sanctions and a price cap on Russian oil and oil products have made the market and logistics tough and vulnerable to any unexpected disruption, Chevron Corp chief executive Mike Wirth told the CERAWeek conference, Reuters reports.
“There’s not a lot of balancing capacity, not a lot of storage capacity. There are a lot of constraints today and an unexpected event would instantly create a different balance,” the head of the US energy giant said.
According to Wirth, maintaining a secure and affordable supply and at the same time managing the energy transition to a low-carbon economy is “one of the biggest challenges of all time”.
A messy energy transition can be “painful and chaotic”, says Mike Wirth.
“We have to be very careful about prematurely shutting down System A while another system is not yet in place and has not proven itself,” said the Chevron chief executive.
680 total views, 2 views today
