India raises concerns over high oil prices, urges for more production by Opec+
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) "This industry can change the global debate... It is time to silence the skeptics by applying scale, capital, and technology to deliver outcomes," said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC.
However, the oil company heads in Abu Dhabi underlined the dependence of the economy on fossil fuels and the rise in prices which, according to them, was induced by a drop in investments in the sector over the past few years. TotalEnergies will pursue its projects in oil and gas, with a predicted growth rate of two to three percent per year, while investing $40 billion in energy transition and decarbonisation projects, said its CEO Patrick Pouyanne. The CEO of Shell, Wael Sawan, said there would be a package of $10 billion to $15 billion over the next three years for low-carbon solutions.
Oil fell for a fourth straight day on Tuesday as macroeconomic concerns overshadowed physical market tightness to cloud the demand outlook. West Texas Intermediate traded near $88 a barrel after declining by 2.2% in the previous session. Oil has now dropped almost 6% since last Wednesday’s close on fears over the global economy.
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