Crude oil (CL=F, BZ=F) prices dip following reports that OPEC+ member countries have agreed to cut oil production output by 1 million barrels per day in 2024. Yahoo Finance Senior Reporter Ines Ferré monitors energy market trends on these headlines, including commentary from various analysts and what this may mean for gas prices (RB=F) For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Vietnam's Prime Minister Pham Minh Chinh said on Friday that his country has forged a plan with G7 governments and lenders for how it would use an agreed multi-billion dollar cash injection to reduce its coal use. He announced the launch of the so-called Resource Mobilisation Plan, a critical milestone in landing the funds, alongside European Union partners on the sidelines of the COP28 international climate summit in Dubai. Under an agreement reached last year with foreign investors, mostly from G7 members, Vietnam would receive $15.5 billion, largely in commercial loans at market rates, over three to five years to boost the use of renewables and cut dependence on coal.
Japan will stop building new coal power plants that do not have emission reduction measures in place, Prime Minister Fumio Kishida told the COP28 climate summit in Dubai on Friday. "In line with its pathway to net-zero, Japan will end new construction of domestic unabated coal power plants, while securing a stable energy supply," Kishida said. The pledge comes as energy-scarce Japan grapples with balancing its carbon emission reduction target of 46% by 2030 from 2013 levels with its increased reliance on fossil fuels after suspending many of its nuclear power plants following the Fukushima nuclear disaster.