Tag

Oil Producers

All articles tagged with #oil producers

environment1 year ago

UN Plastic Treaty Stalls Amid Oil Producer Opposition

Negotiations for a UN treaty on plastic pollution stalled after oil-producing nations, led by Saudi Arabia and Russia, blocked efforts to limit new plastic production. The talks, held in Busan, South Korea, aimed to create a legally binding agreement to address the global plastic waste crisis. Despite support from 100 countries and major consumer groups for production limits, the opposition from oil producers highlighted geopolitical tensions and delayed the treaty's progress. The impasse reflects broader challenges in multilateral environmental agreements.

environment2 years ago

"Oil Producers Resist Fossil Fuel Phase-Out, Highlighting Climate Pledge Gaps at COP28"

None of the world's major oil and gas-producing countries, including Saudi Arabia, the United States, Russia, China, and the United Arab Emirates, have plans to phase out fossil fuel production despite pledging to reach net zero emissions, according to data from the Net Zero Tracker. Only three minor producers, Denmark, Spain, and France, have set out plans to eventually stop drilling. The findings highlight the gap between countries' climate change targets and their real-world plans to continue producing CO2-emitting energy. The data comes as governments at the COP28 climate summit debate whether to agree for the first time to phase out CO2-emitting fossil fuels.

energy2 years ago

Brazil's Entry into OPEC+ Marks a Significant Shift in Oil Producers' Alliance

Brazil is set to join the influential OPEC+ oil producers' alliance starting from January 2024, according to Brazilian Energy Minister Alexandre Silveira. The announcement was made during a postponed OPEC+ meeting discussing oil output strategy for 2024. Brazil's membership will increase the coalition's market share and potentially impact supply inventories and prices. It is unclear if Brazil will be required to implement production cuts as a result of joining.

energy2 years ago

Oil Producers at Crossroads: Green Investment or Fossil Fuel Dependency?

The International Energy Agency (IEA) has warned that oil producers are facing a "moment of truth" when it comes to green investment. The IEA emphasized the need for oil companies to shift their focus towards sustainable energy sources and reduce their carbon emissions in order to align with global climate goals. This comes as the world is transitioning towards cleaner energy alternatives and governments are implementing stricter regulations on carbon emissions. The IEA's warning highlights the urgency for oil producers to adapt to the changing energy landscape and invest in renewable technologies.

business2 years ago

Gas prices plummet across the US, reaching record lows in multiple states

Gas prices in California continue to decline, with the average price of a gallon of regular gas dropping to $5.29, 15 cents lower than last week. Prices in Los Angeles County decreased by 1 cent to $5.40, while Orange County saw prices at $5.22. This downward trend is also observed nationwide, and AAA predicts further drops as the holidays approach, although the situation in the Middle East could impact prices if major oil producers become involved.