With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.
Take Norway. It leads the world in the adoption of electric cars, installation of heat pumps and also electricity – 98 per cent of which comes from hydro and other renewables. In those senses it is the country that our government wants us to be. Yet last month the Norwegian government approved an $18 billion investment programme by the state oil company to develop 19 new oil and gas fields.
The Supreme Court is hearing a case today that, if successful, could mean the end of new fossil fuel projects in the UK on climate grounds.
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