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A transition away from fossil fuels finally found a global consensus in Dubai, but the UN climate conclave’s success depends on what gets implemented and whether rich countries help the rest.
OPEC+ countries were scheduled to meet on November 26 but the meeting has been pushed to November 30, when the oil cartel might extend or deepen supply cuts to support crude prices.
Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500,000 barrels per day (bpd) until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.
Was the timing of the recent China and the five Central Asian countries’ summit (C5) a mere coincidence? It took place almost simultaneously with the G7 event in Hiroshima, making similar headlines all over.
Oil prices rose more than 5% following announced additional production cuts by a number of OPEC+ countries, trading data showed.