The author is the former CEO of Petrobras, a former Brazilian senator, and the current chair of Cerne, a Brazilian think-tank focused on energy, natural resources and the energy transition
The Iran conflict has handed national oil companies (NOCs) a substantial windfall. Governments are booking revenues they have not seen in years. But recent events are no case for doubling down on oil. In fact they are the strongest warning yet that dependence leaves countries exposed to shocks they do not control.
NOCs have long been the elephant in the room in the global energy debate, subject to far less scrutiny than their privately owned peers. As the former CEO of one, this has always struck me as perverse.
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