Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts
Eight years after the Paris Agreement, the oil industry is thriving, with rising profits and record production levels, especially in the United States. Despite global efforts to combat climate change, the oil and gas sector continues to grow, benefiting from factors such as higher fuel prices due to geopolitical events and challenges in scaling up cleaner technologies like wind turbines and electric cars. Oil companies are making significant investments in fossil fuels, while some are walking back their commitments to reduce carbon emissions. However, pressure for climate action remains, as the world grapples with the consequences of climate change.
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Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.