Petroneft boss predicts spike in oil prices

The chief executive of the Irish exploration firm said the climate crisis has turned off the investment tap to the sector ahead of a switch to renewables

David Sturt: “The oil majors have their hands tied with the climate agenda. Some of them are accelerating their investment into renewable energy but it won’t be enough to make up the shortfall’

A sharp decline in new investment in production capacity by the major oil companies is going to lead to a short-term spike in oil prices, the head of an Irish oil exploration company has said.

“The major oil companies have stopped investing in new assets and production capacity due to the climate agenda and my fear is this will lead to a short-term spike in oil prices,” David Sturt, the chief executive of Petroneft Resources, told the Business Post.