Russia and SA are friendly to O&G long-termAs long as SA and Russia continue to invest in Oil and Gas renewables will take a lot longer to make any meaningful impact. Simple supply and demand with pricing. This is good for O&G and BTE long-term.
Speaking to CNBC on Thursday, Novak said Abdulaziz had once again reaffirmed Riyadh's commitment to invest in oil at a SPIEF panel earlier that day.
Novak said it was Moscow's intention to do the same.
"I can assure you that the Russian Federation, its plans, its strategy [is to] continue to invest in both oil and gas and in coal. But we also invest in renewables as well, in hydrogen, in electric cars and electric charging stations, so we see the coming decade as using a mix of renewables and fossils fuels," Novak said.
Reference https://www.cnbc.com/amp/2021/06/04/climate-russia-saudi-arabia-reject-calls-to-end-oil-and-gas-spending.html