DAVOS, Switzerland (Reuters) - When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it had two key topics on its agenda - climate change and pressure from investors.
The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world’s biggest evils.
The answer? Lure investors with higher returns and raise the PR game.
“There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake,” said Mohammed Barkindo, secretary-general of oil producer group OPEC.
“The industry needs to come together and respond positively with facts and figures. We are not shying away from the fact that we have not been able to communicate well,” Barkindo said.
The industry gathered on the sidelines of the World Economic Forum, holding a series of closed-door meetings.
The chief of oil giant Chevron, Michael Wirth, held discussions with bosses from BP, Royal Dutch/Shell, Total and Aramco for the first time as U.S. companies joined European and Middle Eastern peers in debating climate change. Darren Woods, head of the biggest U.S. oil firm, Exxon Mobil, was absent.
The climate change debate has split the oil industry over the past decade.
While U.S. majors took an initially soft approach towards global warming, Shell had urged that the industry be held responsible not only for its own emissions, but also for those of consumers.
Linked to that debate was pressure from investors urging
