OPEC, Russia seen gaining from climate activist wins
06/01/2021 | 12:27pm EDT
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LONDON (Reuters) -Climate activists who scored big wins against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia.
Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That s good news for the likes of Saudi Arabia s national oil company Saudi Aramco, Abu Dhabi National Oil Co, and Russia s Gazprom and Rosneft.
It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC).
Parisa Hafezi An offshore oil production complex in Iran - Credit: NIOC
Iran s oil output can easily reach 6.5 million barrels per day (bpd) when U.S. sanctions are lifted, Iranian Oil Minister Bijan Zanganeh said on Monday, according to the Ministry s SHANA website.
Zanganeh also said an increase in Iranian oil output would boost the country s political power, as Tehran and world powers pursue talks to lift the U.S. sanctions that have stopped it from pumping anywhere near capacity since 2018.
Former U.S. President Donald Trump ditched Iran s 2015 nuclear deal with six powers three years ago and reimposed sanctions that have crippled Iran s oil-reliant economy.
Sorry, Republicans: Joe Biden isn’t Jimmy Carter and these aren’t the 1970s Salon 1 hr ago President Jimmy Carter and Sen. Joe Biden in the 1970s. Bettmann Archive/Getty Images
Gasoline shortages erupted a few weeks across the Southeast and parts of the Eastern seaboard, reportedly caused by a cyberattack committed against the Colonial Pipeline stretching from Texas to New York. The shortfalls have spurred some of President Biden s political opponents to invoke comparisons to Jimmy Carter, who suffered politically while long lines of motorists tried to fill up their gas tanks in the late 1970s, and als struggled with several other major economic issues.