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Oil industry executives on Wednesday said they more or less backed the agreement coming out of the United Nations climate summit in Dubai, despite its language calling for “transitioning away from fossil fuels.” “We support the outcome of COP28,” said a spokesman for Shell, Europe’s largest energy company. Eni, the Italian energy giant, praised the …
These are tricky times for the world’s major oil producers: Prices are lower, the health of the global economy is uncertain, and, even as the Organization of the Petroleum Exporting Countries tries to cut output, supplies from other producers, notably the United States, are growing. No wonder the group postponed its year-end meeting. Initially scheduled …