Oil

The climate battle: Fuels vs emissions

Protestors highlight the divide at a global climate conference around fossil fuels.
Activists at the COP24 UN Climate Change Conference 2018. Photo:Omar Marques/SOPA Images/LightRocket via Getty Images

KATOWICE, Poland— Getting off fossil fuels or reducing greenhouse gas emissions is a central sticking point emerging here at a conference to hash out details of the 2015 Paris Agreement to combat climate change.

Why it matters: Nations rich with fossil-fuel resources say the focus should be on reducing emissions whatever way possible, including feasible but expensive technology enabling those fuels to burn without emissions.

The U.S. joins Russia and Saudi Arabia at the top of the new oil order

President Trump, Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin. Photos: Getty Images

In the near-term, the new OPEC+ deal may have steadied the volatile market; while in the long-term, the U.S. influence on global markets is now massive.

The big picture: The International Energy Agency's latest oil market analysis is a CliffsNotes look at how the U.S. has joined Russia and Saudi Arabia as entrenched members of the super-producers club. The U.S. pumps well over 11 million barrels of crude per day and climbing.

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