Energy crisis is wake up call for more investment, forum hears | Reuters
The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told a conference on Wednesday.
The oil minister of India, the world's third biggest oil consumer and importer, echoed Jaber's comments, while OPEC's secretary general said oil and gas needed to play a central role in the energy transition.
"Yes, a wake-up call. That there is not enough investment. In addition to that is also the fact that the transition to green energy is also imposing a cost," said the Indian minister, Hardeep Singh Puri, at the CERA Week India Energy Forum.
India is facing its worst power crisis in years and has been hit hard by rising oil prices, with local fuel prices surging to record highs and its trade deficit ballooning to the highest in at least 14 years. read more
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