Oil companies blame clean energy transition for market volatility

Representatives at industry gathering in Houston launch attack on the speed of transition to clean energy

Leaders of the world's biggest oil companies have used an industry gathering in Houston to launch an attack on the speed of transition to clean energy, claiming a badly managed process could lead to insecurity, rampant inflation and social unrest".

Executives from oil companies including Saudi Aramco, the world's biggest oil producer, and US oil giants ExxonMobil and Chevron publicly described the shift towards clean energy alternatives as deeply flawed". They called for fossil fuels to remain part of the energy mix for years to come despite global efforts for an urgent response to the climate crisis.