Saudi Arabia, along with key oil-producing allies, is arguing that any calls for lower investment in new oil and natural gas development endorsed at a U.N. climate summit could lead to higher prices and widen the gap between rich and poor countries
climate talks
that start later this month and oppose rising calls for a reduction in fossil-fuel investment, according to people familiar with the strategy, arguing that such a move could further push up energy prices. The kingdom, along with key oil-producing allies, including the Organization of the Petroleum Exporting Countries, is arguing publicly and privately that any calls for lower investment in new oil and natural gas development endorsed at a United Nations climate summit that kicks off on Oct. 31 in Scotland could lead to higher prices and widen the gap between rich and poor countries.
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