OPEC Expresses Concern Over Possible Fossil Fuel Phase-Out Discussion at Cop28
The OPEC oil cartel has expressed concerns in leaked letters about the potential for a "fossil fuels phase out" being discussed at Cop28, the UN climate summit. The letters urged OPEC member countries to reject any proposal that targets energy, specifically fossil fuels, instead of emissions. More than 100 countries at Cop28 are advocating for a phase-out of fossil fuels, while the petrostates prefer to focus on emissions and carbon capture and storage (CCS) technology. However, experts have questioned the feasibility and economic viability of relying heavily on CCS to achieve climate goals.
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Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.