Bloomberg ¨C The immediate reaction to a surprise decision by OPEC+ to cut production was straightforward enough ¡ª oil prices surged the most in more than a year. How that will impact the global campaign to end the use of planet-warming fossil fuels is less clear.
In the past year, soaring energy prices and Russia¡¯s invasion of Ukraine have been accelerants and a curse for the transition away from dirty fuels. While they¡¯ve underscored the downside of relying on commodities controlled by a handful of countries, the sudden crunch has pushed even the most climate-progressive nations to turn to coal and gas as a backup.
The latest OPEC-driven price shock is no different.
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