Oil storage An Iranian energy expert has warned that the policy pursued by Saudi Arabia-led OPEC might end in an environmental disaster. More specifically, according to Mohammed Sadegh Djoukar, if Saudi Arabia continues to pump crude at record levels, even a freeze won’t help with prices, and if prices remain low the reduction of CO2 emissions will become a real challenge for some countries. There have been numerous warnings from environmental groups and energy industry observers that low crude oil prices are putting a wrench into the wheels of renewable energy, hampering its development as a viable alternative to fossil fuels. An output freeze at the current production levels in Saudi Arabia and the Gulf states, not to mention Russia, would be close to meaningless, as has been noted by most industry watchers. However, the implications for climate change have not been discussed in that much depth. The energy […]