Sec Gen Calls On OPEC To Reject COP28 Text If Fossil Fuels Targeted-BBG

Bloomberg carryingexcerpts from an 'urgent letter' dated 6 Dec from OPEC Secretary General Haitham Al Ghais urging OPEC countries to 'proactively reject any COP28 deal text or formula that targets fossil fuels rather than emmissions.' Al Ghais writes, “It seems that the undue and disproportionate pressure against fossil fuels may reach a tipping point with irreversible consequences, as the draft decision still contains options on fossil fuels phase out,”

• Al Ghais: “It would be unacceptable that politically motivated campaigns put our people’s prosperity and future at risk,”
• Saudi Energy Minister Prince Abdulaziz bin Salman stated on 4 Dec that he would “absolutely not” accept a text that calls for a phase down of fossil fuels reports Bloomberg.
• Politically, the letter could place more pressure on OPEC and OPEC+ members, with the decision to host COP28 in Dubai in the first place having drawn criticism from environmentalists given the UAE's substantial hydrocarbon production.
• The clearing of the passage for O&G-rich Azerbaijan (an OPEC+ nation) to host next year's COP29 summit is likely to draw further international attention to OPEC's stance on fossil fuels extraction vs emission levels.