OPEC chief says renewable energy shift increasing gas prices
Gas prices are rising due to the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC.
"I have talked about a new premium that is emerging in the energy markets that I term the transition premium," Barkindo told the financial news network at the Gastech conference in Dubai.
Gas prices in Europe have surged as much as 280% so far this year and are threatening to push up winter fuel bills, hurt consumption, and exacerbate a near-term spike in inflation.
Environmental groups and governments around the world have been advocating turning away from fossil fuel and using cleaner forms of energy to cut carbon emissions.
(Reporting by Sahil Shaw in Bengaluru; editing by Uttaresh.V)
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April 1, 2021 10:00 AM CDT