The COP26 according to Financial Times (5-november-2021)
First of all, we have to know that the COP26 is the most important environment meeting in the world. On the last COP26, that began on Sunday, Joe Biden, the `president of the US, hinted a unspecified revenge against Russia and Saudi Arabia if they didn't increase il output soon. The members in this conference rejected the Biden's petition and they said that they want to add 400.000 barrels a day. The oil prices right now, are already 80$ a barrel, this is the highest price in the last seven years. In April 2020, the US oil price below zero for the first time and last weekwas close to 85$ a barrel. Pioneer's boss, a japanese technology company said that they decided to stop investing in oil, but nobody told this to the consumers. A lot of people think that the world needs to be prepared for triple digit oil prices, this means that they think that the price will surpass the 100$. A year away from midterm elections, the danger of more inflation oil price is evident for Biden. In reality, this broken market it has nothing to do with policy. There are most a result of a golbal oil industry responding to the last year's price crash because of pandemic. Doubts about the future of oil in a low-carbon world are stopping the investment. The international Energy Agency said that the world had no more need for oil projects if it wanted to fulfill the Paris climate goals. Arjun Murti, a veteran energy analyst said that the price is going to stay high for a long time to motivate some changes. Other people said that Nobody is reacting to the higher oil prices, he afirms that people aren't going to say, "I won't have a holiday for two years but I'm not going to fly because oil's price is 95$ a barrel". The demand for oil in the US in the last month fell a 2% than the same period in two years ago. The oil demand increases because the natural gas prices provoked to buy oil. There is a lot of pressure on oil companies to not invesr says Murti and the Biden's request for more oil from Saudi Arabia and its partners confirms as much, say different analysts
My opinion
In my opinion, it is a big problem that so much oil is consumed, that the numbers are so high and that its price is getting higher and higher. The big problem of oil is that its use pollutes the environment a lot in all aspects, another problem is the war between the countries that indirectly affects more countries and if they do not try to reduce its use, we will have a big problem in a few years and it will be too late to act.