Two weeks before the start of the COP28 summit in the United Arab Emirates, market watchers are bracing for tough talks as even the creation of a World Bank-led climate disaster fund turned out to be too difficult for participating states. In the Middle East itself, the energy transition is a distant dream as a mere 1% of power generation in Saudi Arabia, Qatar, or Oman comes from renewable sources. Even in the UAE the same metric stands at just 7%. Dependent on hydrocarbon revenue to fund their national budget,…
Read MoreOil Prices Move Higher As OPEC, IEA Forecast Demand Growth
