Via the New York Times (gated) comes the news on BPO backtracking on previous promises to cut productions (made in response to climate demands).
- BP’s chief executive, Bernard Looney, said on Tuesday that the company would pare back its plans to reduce oil and gas production in the coming years, a move that would result in higher-than-expected carbon emissions.
- With oil and gas so profitable, BP now says it will increase investment in the production of fossil fuels by about $1 billion a year above previous plans for the rest of the decade. It will also increase spending by a similar amount on low-carbon businesses.
- Mr. Looney said in an interview that much had changed over the three years since he made what were considered industry-leading commitments to cut back on oil and gas output and reduce emissions.
- “The conversation three or four years ago was somewhat singular around cleaner energy, lower-carbon energy,” he said. “Today there is much more conversation about energy security, energy affordability.”
Oil update:
This article was originally published by Forexlive.com. Read the original article here.