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For context: World oil output in September was an average of 101.6 million barrels per day, according to estimates from the International Energy Agency. Oil prices had surged to almost $98 per barrel in mid-September after Saudi Arabia and Russia extended their voluntary production cuts through the year-end.
The World Bank also states that countries can strengthen their energy security by accelerating the transition to renewable energy sources, which can help mitigate the effects of oil-price shocks. Read the full report here. Combined, the strikes involved more than 45,000 workers at eight assembly plants and at least 38 parts distribution facilities that spanned roughly two dozen states, the Washington Examiner’s Zachary Halaschak reports.
COP28 HEAD CALLS FOR TRIPLING RENEWABLE POWER BY 2030: The head of COP28 called on leaders today to triple their renewable energy capacity by 2030, in line with new recommendations from the IEA and other agencies that called for the urgent phasing out of fossil fuels in order to limit warming to the 1.5C target set in the Paris climate agreement.
“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us,” IEA director Fatih Birol said in a statement. A 24-member, international “transitional committee” had been tasked with making a list of recommendations for the fund ahead of COP28. But members have butted heads over key issues such as who should lead it, who should benefit, and crucially, who must contribute to the funds—tensions that have reached a fever pitch in recent weeks, threatening to blow up progress completely.