IEA sees oil surplus in 202

By Gavin Maguire, Global Energy Transition Columnist

Hello Power Up readers! Oil markets look set to end the week on the defensive after the IEA published a fresh downbeat outlook calling for global supplies to exceed demand next year even if OPEC+ output cuts remain in place. This follows a crude oil price decline earlier in the week due strength in the US dollar, which is trading near a one-year high against major currency peers. In the power sector,  U.S. gas prices have also retreated on expectations for a rise in inventories ahead of winter.

Meanwhile, UN climate talks are underway in Baku, Azerbaijan, where delegates are grappling with the prospect of a U.S. withdrawal from major climate agreements under the upcoming Trump administration as well as the massive financial needs of developing economies to cope with climate change. More on that and more below:

People walk in front of the venue of the United Nations climate change conference COP29, in Baku, Azerbaijan November 14, 2024. REUTERS/Aziz Karimov

Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic rows.

Reaching a deal is likely to be especially hard at a summit where the mood has been soured by disputes and pessimism about shifts in global politics, according to the Reuters team covering the event.

So far, the Dutch Prime Minister, the French climate minister and Argentina\s government delegates to the talks have all either skipped or withdrawn from the event for various reasons, leaving the remaining attendees saddled with the task of maintaining progress without key stakeholders.

That said, many key attendees are still planning to make big climate-related deals and investments, including billions of dollars pledged by major development banks, financial firms and insurers already this week. Find more reporting from the Reuters team covering the conference here.

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