Petrobras chief hits out at G8

The chief executive of Petrobras, Brazil’s state-owned energy group, on Friday criticised the group of eight industrialised countries for failing in their quest to enhance world energy security.

“I think the developed countries are failing on both ends,” Jose Sergio Gabrielli de Azevedo told the FT.

“We need to increase [oil and gas] supply. You need to develop unconventional oil, deep water, ultra-deepwater. On the other hand, you need to find substitutes on the demand side, for example biofuels.”
Financial Times