COP27 fails to turn off the oil tap as global production hits all-time high

The latest global climate summit has failed to even mention the reduction of fossil fuel usage, a key demand from India, in the final agreement text at Egypt

The just concluded COP27 Summit in Sharm El Shaikh, Egypt has been unable to finally agree on the need to phase down fossil fuels, a key proposal pushed by India. Instead, it called for accelerated efforts to phase out unabated coal power and inefficient fossil fuel subsidies, same as the 2021 summit in Glasgow.

However, global figures from the International Energy Agency (IEA) show oil production continues to reach all time highs.

According to the IEA's latest monthly Oil Market Report, global production will hit 99.9 million barrels per day in 2022. This constitutes an all time high level of