Monday, 7 November 2016

Commodity Market News ; Oil Companies Invest $1 Billion to Tackle Climate Change

Ten major oil and gas firms have set up a USD 1 billion fund to support the development of new technology to combat greenhouse gas emissions. The Oil and Gas Climate Initiative, to which Saudi Aramco, BP, ENI and Statoil have all signed up, announced Friday a commitment to spend USD 1 billion over the next 10 years on initiatives to reduce carbon emissions. 

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The investment will be applied to carbon capture, use and storage technology as well as to cut methane emissions. However, it does not include support for renewable energies, such as solar and wind. Oil prices rose by over 1 percent on Monday, pushed up by a statement from the producers’ club OPEC that it was committed to a deal made in September to cut output in order to prop up the market.

Brent crude futures were trading at $46.29 per barrel at 0705 GMT, up 71 cents, or 1.56 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were up 730 cents, or 1.66 percent, at $44.80 a barrel. The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal made in Algiers to cut output.

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