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Petrostates See Dire Consequences If World Rejects Oil Too Fast

  • Crude will hit $200 if investments in new fields stop: Novak
  • Saudi Arabia says it will keep expanding its oil capacity
Downtown Doha. 

Downtown Doha. 

Photographer: Marina Lystseva/TASS/Getty Images

The world’s largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.

If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak.