OPEC leaders make case for fossil fuels at Riyadh climate event | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
OPEC leaders make case for fossil fuels at Riyadh climate event

Global Economy

Reuters
09 October, 2023, 11:00 am
Last modified: 09 October, 2023, 11:03 am

Related News

  • Probable Hormuz channel closure: Bangladesh's fuel imports at risk
  • Oil jumps on Israel-Iran tensions – will Bangladesh's energy and exports suffer?
  • Oil gains while markets assess US-China trade talks outcome
  • Oil slips on rising OPEC+ output, despite Canadian supply concerns
  • OPEC+ oil producers stick to their guns with another big hike for July

OPEC leaders make case for fossil fuels at Riyadh climate event

Reuters
09 October, 2023, 11:00 am
Last modified: 09 October, 2023, 11:03 am
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

OPEC heavyweights said on Sunday oil and gas should not be stigmatised in the climate debate and that the industry had a role to play in an orderly energy transition.

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Organization of Petroleum Exporting Countries (OPEC), have gathered in the Saudi capital Riyadh for the U.N. MENA climate week.

"The three of us here as major hydrocarbon producers also have a responsibility to the world to provide the transition with enough hydrocarbon resources to make sure we are transitioning at a responsibly priced manner," UAE Energy Minister Suhail al-Mazrouei said on a panel that grouped the three countries.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov. 30 and Dec. 12.

The summit is an opportunity for governments to try to accelerate action to curb global warming to prevent the most devastating consequences of extreme weather following a year of record temperatures, wildfires and drought.

Reports so far show countries are off track to meet a U.N. target to keep the rise in global temperatures below 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels and pursue efforts to limit it to 1.5C.

"COP28 will deliver transformational outcomes for this region, and for the world," Sultan al-Jaber, COP28 president, said in his opening remarks on Sunday.

The choice of Jaber to lead the summit has draw criticism from environmental campaigners because his country is an OPEC member and a major oil exporter, and he is the boss of state oil giant ADNOC.

He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate and allows it to be part of the solution through decarbonisation initiatives.

Ahead of COP28, countries are divided between those demanding a deal to phase out planet-warming fossil fuels, and nations that say coal, oil and natural gas have a continued role combined with technology to capture their emissions.

"We have had 27 COPs, and you might be surprised to learn that 17 of them have been hosted in fossil fuel-producing nations," Jaber said.

"The fact is, energy is fundamental to everyone, everywhere."

Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons.

"There is a case for us to be in oil and gas," he told the audience.

Top News / World+Biz

OPEC / OPEC+ / Oil / Oil companies / Oil giant / Oil busines

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • People watch from a bridge as flames from an Israeli attack rise from Sharan Oil depot, following Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Iran says it will stop 'self-defence response' if Israel halts attacks
  • Representational image. Photo: Mehedi Hasan/TBS
    DSE index rises, but turnover remains low
  • The moment before Abu Sayeed was shot during a clash between police and protesters in front of Begum Rokeya University in Rangpur on Tuesday, 16 July 2024. Screengrab from video
    ICT extends deadline for Abu Sayed murder probe by one month

MOST VIEWED

  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Ahsan H Mansur. TBS sketch
    BB governor meets global litigation funders to mobilise $100m for tracing stolen assets
  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel

Related News

  • Probable Hormuz channel closure: Bangladesh's fuel imports at risk
  • Oil jumps on Israel-Iran tensions – will Bangladesh's energy and exports suffer?
  • Oil gains while markets assess US-China trade talks outcome
  • Oil slips on rising OPEC+ output, despite Canadian supply concerns
  • OPEC+ oil producers stick to their guns with another big hike for July

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

6d | Features

More Videos from TBS

Iran-Israel conflict heats up at G7 summit

Iran-Israel conflict heats up at G7 summit

1h | TBS World
Is Regime Change in Iran Israel's Goal?

Is Regime Change in Iran Israel's Goal?

1h | TBS World
Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

3h | TBS Today
Israel asked US to join military campaign against Iran, but US rejects request

Israel asked US to join military campaign against Iran, but US rejects request

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net