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Wealthy nations agreed to a $300 billion funding proposal to assist developing countries in transitioning away from polluting fuels, but the deal faced significant criticism for being insufficient. Many poorer nations, including the LDCs and small island states, expressed disappointment over their lack of consultation and the perceived inadequacy of the financial support. The agreement also included provisions for emerging economies like China to contribute, reflecting a complex dynamic between rich and developing nations amid ongoing climate challenges.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
Brent crude oil prices are projected to remain around $75 per barrel for the next few months due to weak demand from China and increased supply from the US and other producing nations. Experts anticipate a bearish trend, with prices potentially dropping further as OPEC+ countries ramp up production. As of November 15, Brent was trading at approximately $71 per barrel, significantly lower than the $90 peak in April amid geopolitical tensions.
Petroleum Minister Hardeep Singh Puri stated there is no global oil shortage and prices are expected to decline soon, despite recent increases influenced by geopolitical tensions and production cuts. He emphasized stable prices over the last three years and highlighted India's expanded oil procurement from 39 suppliers to enhance energy security.
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wealthy nations offer 300 billion to aid developing countries in climate shift
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02:27 24.11.2024
COP29 talks on fossil fuel transition face challenges amid divided nations
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17:16 18.11.2024
crude oil prices expected to remain low amid weak demand and rising supply
12:23 15.11.2024
oil prices expected to decline as global supply remains stable
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12:33 22.10.2024
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