UAE energy minister: People want more oil production but few want to finance the industry

• We are in an environment where everyone is saying to raise production
• But financial institutions are hesitant to finance many oil and gas projects globally
• Production is not like a tap that you can just open and close
• Energy transition will take time, need more investments first
• Need to be courageous to tell consumers that bills will double or triple in the future if we don't do anything about it

On the last line, we're already seeing the impact of over $100 oil on consumers. Add that to the surge in gas and energy prices as well. Whatever he is saying is not wrong to be honest. The topic of underinvestment in the oil industry is something that has been coming and it is also an issue we talked about at the end of last year here.

For now, geopolitical tensions have exacerbated all the underlying worries but the long-term dynamics haven't changed whatsoever.

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