BLACK GOLD BULLETIN

 Delegates wrapped up the COP28 conference in Dubai on Wednesday, December 13, with an agreement to shift away from fossil fuels by 2050.  The concluding document encourages nations to discontinue the use of fossil fuels, stopping short of specifying a phased-out approach. nairametrics.com    At the time of the final text presentation, COP28 president Sultan Ahmed Al-Jaber said: “Together we have confronted realities and we have set the world in the right direction. Many more oil and gas companies are stepping up for the first time on methane and emissions. And we have language on fossil fuels in our final agreement for the first time.” Within this framework, the term "fossil fuels" includes coal, traditional biomass, oil, and gas. It's noteworthy that at COP28, leaders pledged to intensify actions in alignment with the objectives of the Paris Agreement. Over 100 countries committed to tripling renewable energy output, launched the Loss and Damage fund, and prominent...

The energy minister of Saudi Arabia has firmly rejected the idea of phasing down fossil fuels during the COP28 climate talks at the UN, paving the way for challenging negotiations in Dubai. www.rigzone.com Energy Minister Prince Abdulaziz bin Salman, a half-brother of de facto ruler Crown Prince Mohammed bin Salman, told Bloomberg that Saudi Arabia, the world's biggest oil exporter, would not agree. "Absolutely not," he said in an interview in Riyadh. "And I assure you not a single person -- I'm talking about governments -- believes in that." Two weeks ago, during an interview with AFP, United Nations Secretary-General Antonio Guterres urged for a complete elimination of fossil fuels, cautioning that humanity faces a "complete disaster" if the current trajectory persists. But Prince Abdulaziz said: "I would like to put that challenge for all of those who comes out publicly saying we have to phase down, I'll give you their name and number, ...

Fitch, the rating agency, has adjusted its 2024 crude oil forecast to $80.0 per barrel, up from the previous estimate of $75.  www.google.com However, it anticipates a decrease in crude oil prices in 2025 to $70 per barrel, aligning with its initial projection. Currently, the global market price for crude oil is $76 per barrel.  If these forecasts prove accurate and considering the stability of the cedi, minimal changes in fuel prices at the pumps are expected in 2024.  The 2024 assumptions for Brent and WTI oil benchmarks have been raised, supported by ongoing efforts from OPEC to bolster oil prices. Several members, including Saudi Arabia and Russia, have decided to implement additional cuts in the first quarter of 2024. The UK-based firm suggests that the market is expected to face a deficit of around 1.2 million barrels per day in the second half of 2023, as per the International Energy Agency.  OPEC+'s additional cutbacks indicate that the deficit might continue...