OPEC Defends ‘Vilified’ Oil Industry on Eve of Climate Meeting
(Bloomberg) -- OPEC issued a strongly worded defense of the oil-and-gas industry days before the start of the biggest ever climate talks, pushing back against the International Energy Agency and highlighting the increasingly fractious debate over how best to tackle global warming.
The Organization of Petroleum Exporting Countries said that the IEA has “unjustly vilified” the industry over its role in the climate crisis, according to a Nov. 27 statement that took issue with a recent report from the Paris-based agency. The oil industry is embracing renewables, with major investments being made, and it is investing in technologies to reduce emissions, OPEC said.
“The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil-and-gas industry is undiplomatic,” OPEC Secretary-General Haitham Al-Ghais said. “OPEC itself is not an organization that would prescribe to others what they should do.”
COP28 begins on Thursday in Dubai, with the summit’s president, Sultan Al Jaber, also the head of the OPEC producer’s state oil company, making it one of the most controversial climate summits to date. On the same day, OPEC and its partners from outside the grouping including Russia are due to convene online in a delayed meeting to agree on production levels for 2024.
A framework proposed by the IEA to align company targets with net zero goals “is a tool intended to curtail the sovereign actions and choices of oil-and-gas producing developing countries, through pressurizing their national oil companies,” the group said. It also defended carbon capture technology.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
![BloomburgMedia_SFX15PDWLU6800_01-07-2024_08-58-33_638553888000000000.jpg](/media/u0geqquv/bloomburgmedia_sfx15pdwlu6800_01-07-2024_08-58-33_638553888000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642979132800000&format=webp)
Oil Gains With Focus on China’s Economy and Geopolitical Risks
Jul 01, 2024![BloomburgMedia_SFWNTDDWRGG000_01-07-2024_09-00-46_638553888000000000.jpg](/media/xbzlg5gk/bloomburgmedia_sfwntddwrgg000_01-07-2024_09-00-46_638553888000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642980469800000&format=webp)
Saudi Reserves Jump to 18-Month High Thanks to Aramco Dividends
Jul 01, 2024![BloomburgMedia_SFUQSRDWRGG000_30-06-2024_06-00-10_638553024000000000.jpg](/media/zdchwcsk/bloomburgmedia_sfuqsrdwrgg000_30-06-2024_06-00-10_638553024000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133642008106230000&format=webp)
Citgo Auction Planner Asks Delay of Sale Hearing Until September
Jun 29, 2024![BloomburgMedia_SFQDEFT1UM0W00_28-06-2024_07-22-19_638551296000000000.jpg](/media/wuyj2iv5/bloomburgmedia_sfqdeft1um0w00_28-06-2024_07-22-19_638551296000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133640329392130000&format=webp)
Oil Stuck in Tightest Trading Range Since 2021 Ahead of US Data
Jun 28, 2024![BloomburgMedia_SFOGH2T1UM0W00_27-06-2024_06-11-53_638550432000000000.jpg](/media/ostdbiro/bloomburgmedia_sfogh2t1um0w00_27-06-2024_06-11-53_638550432000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133639423131800000&format=webp)
Oil Stuck in Narrow Range Ahead of Key US Economic Figures
Jun 27, 2024![Oil Rig (2)](/media/cyvbjs40/oil-rig.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132938805898570000&format=webp)
Lamprell delivers second jackup rig for Saudi market
Jun 27, 2024![Totalenergies](/media/41ojyade/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132881916816700000&format=webp)
TotalEnergies to sell UK West of Shetland assets to the Prax Group
Jun 27, 2024![BloomburgMedia_SFMMAXT0AFB400_26-06-2024_06-00-10_638549568000000000.jpg](/media/00rfanvg/bloomburgmedia_sfmmaxt0afb400_26-06-2024_06-00-10_638549568000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133638552104000000&format=webp)
Oil Steadies as Industry Report Points to Rising US Stockpiles
Jun 26, 2024![Zephyr](/media/metnmkpp/zephyr.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133638742860270000&format=webp)
Zephyr Energy advances State 36-2R well testing and secures new financing
Jun 26, 2024![Totalenergies (3)](/media/2cjewaqv/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132844703590900000&format=webp)
TotalEnergies secures majority stake in offshore block in the coast of São Tomé and Príncipe
Jun 26, 2024![Setting the pace in decarbonising steel production-1863174552](/media/2iol3l0c/setting-the-pace-in-decarbonising-steel-production-1863174552.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618761586730000&format=webp)
Setting the pace in decarbonising steel production
Jun 03, 2024![BCG on making energy demand more efficient and sustainable-1863225347](/media/ogfnknhe/bcg-on-making-energy-demand-more-efficient-and-sustainable-1863225347.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869575430000&format=webp)
BCG on making energy demand more efficient and sustainable
Jun 03, 2024![OPEC's output cut extension: analysing the global impact-1863248865](/media/5ybfzlqp/opec-s-output-cut-extension-analysing-the-global-impact-1863248865.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133618869567770000&format=webp)
OPEC's output cut extension: analysing the global impact
Jun 03, 2024![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
May 27, 2024![Driving sustainability: the power of energy policies-1857914550](/media/0v0blfir/driving-sustainability-the-power-of-energy-policies-1857914550.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133610085546170000&format=webp)
Driving sustainability: the power of energy policies
May 23, 2024![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
Mar 06, 2024![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Jan 31, 2024![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
Jan 25, 2024![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Jan 08, 2024![BCG FERDINAND Thumbnail 01](/media/mhngslc2/bcg_ferdinand_thumbnail-01.png?anchor=center&mode=crop&width=540&height=300&rnd=133464907617530000&format=webp)
COP28: turning transition challenges into clean energy opportunities
Dec 08, 2023Partner content
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)
Positioning petrochemicals market in the emerging circular economy
![Spectrum](/media/esvgoqpk/spectrum.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524457491730000&format=webp)
Navigating markets and creating significant regional opportunities with Spectrum
![HEXAGON JOSEPH](/media/ybvjzlwk/hexagon-joseph.png?anchor=center&mode=crop&width=540&height=300&rnd=133473727370670000&format=webp)