On the margins of this year’s United Nations Climate Change Conference (COP28), IAEA Director General Rafael Mariano Grossi and OPEC Fund Director General Abdulhamid Alkhalifa signed Practical Arrangements on Cooperation in the Area of Climate Adaptation to enhance collaborative efforts by both entities to develop and implement joint projects on climate adaptation.

The nation’s plants processed 5.33 million barrels of crude a day in the first six days of the month, down about 81,000 barrels a day from the prior week’s average, according to a person with knowledge of industry data.

The declaration says the countries recognise the need for a tripling of nuclear energy capacity to achieve "global net-zero greenhouse gas/carbon neutrality by or around mid-century and in keeping a 1.5 degrees celsius limit on temperature rise within reach".

The United States is entering a period of severely constrained electric supply. Demand is rising — including anticipated electric load from artificial intelligence, the need to shutter all coal facilities, and the limits to transmission from the renewable resources (wind and sun) 0f the West — and it will overwhelm the system unless it is substantially augmented with new generation.

Brent climbed 1 cents to $77.21 a barrel, WTI were down 4 cents at $72.28 a barrel.

These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.

When Congress passed the IIJA in 2021, it authorized $1.2 trillion in spending over five years for the country’s critical infrastructure - transportation, energy- broadband, water, technology, healthcare, education and more. Currently, it is estimated that between $345 billion and $400 billion has been disbursed to date.

“Right now, we have 22.8 GW of renewable energy projects under different stages of development; 2.8 GW will be operational before the end of the year,” Muneef Al-Muneef, general director of renewable energy policies at the Saudi Ministry of Energy.

The Worldwide Rig Count for November was 1,794, up 17 from the 1,777 counted in October 2023, and down 96, from the 1,890 counted in November 2022.

Brent fell 15 cents, or 0.2%, to $82.95 a barrel, WTI rose 12 cents, or 0.2%, at $77.98 a barrel.