Here i present the summary of the COP26
First of all, we have to know that the COP26 is the most important environment meeting in the world. On the last COP26, that began on Sunday, Joe Biden, the `president of the US, hinted a unspecified revenge against Russia and Saudi Arabia if they didn't increase il output soon. The members in this conference rejected the Biden's petition and they said that they want to add 400.000 barrels a day. A lot of people think that the world needs to be prepared for triple digit oil prices, this means that they think that the price will surpass the 100$. A year away from midterm elections, the danger of more inflation oil price is evident for Biden. Doubts about the future of oil in a low-carbon world are stopping the investment. The international Energy Agency said that the world had no more need for oil projects if it wanted to fulfill the Paris climate goals. There is a lot of pressure on oil companies to not invesr says Murti and the Biden's request for more oil from Saudi Arabia and its partners confirms as much, say different analysts.
The big problem of oil is that its use pollutes the environment a lot in all aspects, another problem is the war between the countries that indirectly affects more countries and if they do not try to reduce its use, we will have a big problem in a few years and it will be too late to act.