Price of oil threatens Climate Conference | MENAFN.COM – MENAFN.COM

Price of oil threatens Climate Conference | MENAFN.COM – MENAFN.COM

(MENAFN- Newsroom Panama) Scotland has begun to fill with technical and diplomatic delegations, as well as scientists, activists, and business leaders, from practically every country in the world, who must comply with a prior quarantine, which in a matter of days, with the start November, it will become the 26th Conference of the Parties (COP 26) of the United Nations Framework Convention on climate change. COP 26 is the most important environmental and economic conclave of the 21st century to date. The international expectation is that the vast majority of countries will commit to make significant cuts in the emission of greenhouse gases, which cause climate change and reach consensus on the transition to a low-carbon economy, as quickly as possible. The scourge of high oil prices and its derivatives has impacted consumers around the world and may have consequences on the scope and ambition of what is agreed in Scotland. Just this past week, the prices of a barrel of oil reached levels not known since 2018, The Organization of the Petroleum Exporting Countries (OPEC) and Russia have been highly disciplined in the cuts to crude oil production, in order to reduce the excesses of an international market that