DAVOS (Jan 22): The world needs to more than double oil production, US Energy Secretary Chris Wright said on Thursday, while criticising the European Union and the US state of California for wasting money on what he described as inefficient green energy. In recent years, the World Economic Forum's discussions on energy have centred on ways to boost lower-carbon policies. But during Wright's discussionwith energy company Occidental's CEO Vicki Hollub in Davos, they emphasised that the world will depend on oil for decades to come. "These regulations could threaten you (US producers) liability-wise to send gas to Europe," Wright said. After months of pressure from companies and governments, the European Union agreed last month to sharply scale back two flagship laws, the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive.

Source: The Edge Markets January 22, 2026 11:25 UTC