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What does the Opec+ approach to the global energy mix say about the oil sector’s direction of travel?

Issue 497 - 18 Dec 2023 - By Jon Marks | 7 minute read

The final COP28 communiqué included – for the first time – a commitment to eventually phase out fossil fuels, going beyond previous declarations that focused on coal.

However, there are few signs that Organisation of the Petroleum Exporting Countries (Opec) members and their Opec+ allies, led by Russia, have any intention of allowing their core source of revenues to disappear anytime soon.

So what can we learn from recent statements by oil producers – including Opec+’s quota commitments at a meeting on 30 November – and from leaks and comments made during COP28?

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