Oil markets are on edge as the next OPEC+ meeting and the “X date” when the U.S. government may default on its debt loom. 

As debt ceiling negotiations seem to be entering the home stretch, fears of a US government shutdown have been subsiding this week, easing some of the pressure on oil prices. Consequently, WTI and Brent have been trending sideways, at $72 and $76 per barrel, respectively. 

Pressure builds on COP28. More than 130 politicians from the European Union and the United States have called for the removal of the UAE’s Sultan al-Jaber, CEO of national oil company ADNOC and also President of the COP28 conference, arguing that the oil industry “obstructs” stronger climate action. 

Solar power spending to surpass oil investments. According to the IEA’s World Energy Investment 2023 report, global spending on renewable energy will surge to $1.7 trillion this year with solar investments rising to $650 billion and overtaking oil for the first time in history.