Oil and Gas

OPEC Summit Statement to Stress on Climate: Delegates


A statement to be issued at a meeting of OPEC leaders this weekend will emphasize the role of the exporter group in helping to combat climate change, delegates from the producer group said on Friday.

Oil Barrels

Heads of state from the Organization of the Petroleum Exporting Countries are holding a summit in Riyadh on Nov. 17-18. Oil ministers have said the meeting will not decide short-term oil output policy, which will be discussed when they meet in Abu Dhabi on Dec. 5.

OPEC oil, finance and foreign ministers were expected to meet later on Friday to decide the wording of the draft declaration.

"It will emphasize the role of OPEC countries and oil producers in mitigating global warming," said one delegate who has seen the draft. "It is not about short-term issues."

Oil ministers attending forums ahead of the summit have said the group, which pumps more than a third of the world's oil, is concerned about climate change and is willing to take part in efforts to reduce emissions.

The group's Secretary General, Abdullah al-Badri, said on Thursday that carbon capture and storage (CCS) technology could be a solution and that OPEC would be willing to play its part to develop the technology.

CCS may be one of the best ways to cut emissions of man-made heat-trapping gases blamed for global warming, but development has been slowed by high costs and legal and safety risks, a United Nations study said.