Saudi Arabia Adjusts Expectations: Oil Prices Unlikely to Reach $100 Again, Impacting Global Climate Efforts

Saudi Arabia no longer expects oil prices to reach $100 per barrel, a shift that could have significant environmental implications. With prices stable around $70 due to abundant supply, especially from the U.S., the use of fossil fuels for gasoline, diesel, and jet fuel is likely to remain high. This reduces the financial pressure to invest in renewable energy alternatives like solar and wind. As long as oil remains cheap, the global push for clean energy could slow, posing challenges for climate change mitigation efforts.