Russian oil producer Lukoil has warned of impending oil and gas supply shortages due to chronic underinvestment as governments and industries around the globe chase ambitious emissions-reduction targets. Fossil fuel companies have scaled back spending amid the transition to greener energy production and low oil prices caused by a slump in global demand amid the coronavirus. “For… a long time, the oil and gas industry has been experiencing difficulties in attracting investments into greenfield and exploration projects to identify new reserves,” Lukoil president Vagit Alekperov said on a conference call on Thursday. Even in the company’s most optimistic scenario, forecasting that wind and solar will account for 40% of global energy consumption by 2050, the lack of sufficient available capital for existing and new oil and gas projects will see supply struggling to meet demand, he contended. Alekperov claimed there is a risk of global oil and gas supply […]