State oil firms risk wasting $400 billion as energy transition speeds up

-governmental organization said on Tuesday.

Major oil companies like BP, Total and Royal Dutch Shell have already progressively lowered their long-term price estimates, now in the $50-60 a barrel range, while some analysts see even lower levels depending on the energy transition scenario. “State oil companies’ expenditures are a highly uncertain gamble,” David Manley, senior economic analyst at NRGI and report co-author, said.

The report said that producers in the Middle East, such as Saudi Arabia, would be less impacted as their break-even levels were much lower but African and Latin American countries would have more trouble.

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