Crude oil prices have dropped 7.49 per cent since the United Nations Climate Change Conference of the Parties (COP28) kicked off in Dubai, the United Arab Emirates.
Data analysed by THE WHISTLER showed that Brent Crude which is the benchmark oil price fell by $6 or 7.49 per cent from $80.86 per barrel sold on November 30, 2023, when the conference started to $74.80pb as of December 7, 2023.
West Texas Intermediate oil price also dropped from $75.96pb on November 30, 2023 to $70.05pb on December 7, 2023 which is a 7.7 per cent fall.
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Nigerian crude variant, Brass River fell from $84.96pb on November 30, 2023, to $76.89pb on December 7, 2023, reflecting a 9.5 per cent slide.
Bonny Light fell from $80.18pb traded on November 30 to $75.03pb on November 7, 2023.
The development is coming amidst scramble by low- and middle-income countries to benefit from the newly established climate loss and damage fund.
The fund was hailed as a breakthrough for developing country negotiators COP27 climate talks in Egypt.
Over 100,000 delegates travelled to Dubai as Nigeria took 1,411 delegates for the climate conference.
THE WHISTLER reported that the UAE pledged $100m towards the capitalisation and operation of the fund, Germany pledged $100m, EU and its member states announced an aggregate of €225m ($245.5m) while the UK pledged £60m among others.
“The initial pledges of $700m pale in comparison to the colossal need for funding, estimated in the hundreds of billions annually. The over 30-year delay in establishing this fund, coupled with the meagre contributions from affluent nations, particularly the US, the biggest historical polluter, signals a persistent indifference to the plight of the developing world,” the Head of Global Political Strategy at Climate Action Network International, a coalition of almost 2000 climate groups, Harjeet Singh, said.