Risk consultancy firm Verisk Maplecroft said that Saudi Arabia, Iraq and Nigeria are among the oil- and gas-producing countries with the highest risk of climate-related events disrupting their supply.
Between them, these three countries account for nearly 19 per cent of commercially recoverable oil and gas.
Furthermore, climate-related supply threats to the sector have already begun to manifest, such as recent freezing conditions in Texas that knocked US oil and gas output to a three-year low, while Hurricane Ida caused a record 55 spills in the Gulf of Mexico and created historic disruptions to the supply of both crude oil and refined products.
Record heat in Russia accelerated the melting of permafrost, a trend that has damaged 40 per cent of buildings and infrastructure in northern regions heavily reliant on oil and gas production.
The report finds that these types of events are going to become more frequent and more extreme, creating even greater...