It is crucial for oil producing countries to diversify their economies © 123RF
It is crucial for oil producing countries to diversify their economies © 123RF

Biggest oil producers facing 'existential threat'

posted by Lucy Patchett
8 January 2019

A professor has warned the biggest oil producing countries face an “existential threat” that could lead to “economic and political turmoil” if the transition to clean energy is not carefully managed.

In a research paper Michael Bradshaw, professor of global energy at Warwick Business School (WBS) in the UK, said the oil and energy market has been shaken up by fracking and the rise of low-carbon energy sources, such as liquefied natural gas and molten carbonate fuel cell technology, which uses hydrogen. Pressure is also mounting to move away from carbon fuels to meet global climate change targets.

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