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Javier Blas

Biden’s Nod to Enduring Oil Demand Sets Stage for COP28

The US president has energy security front of mind, and that’s something we’ll see from major economies across the world this year.

State of the Union address at the US Capitol in Washington.

State of the Union address at the US Capitol in Washington.

Photographer: Bloomberg

Welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Javier Blas takes a look at President Joe Biden’s State of the Union address and his admission that the world will need oil for years to come. Meanwhile, Turkey resumed crude flows to a key Mediterranean port following two devastating earthquakes, and A.P. Moller-Maersk A/S called for a radical restructuring of shipping lines amid volatility in global supply chains. If you haven’t yet signed up to get Elements sent to your inbox, you can do that here.

US President Joe Biden went off-script Tuesday night during his annual State of the Union address, acknowledging a reality that the White House had long sidestepped: Even under the most aggressive climate policy, demand for oil will remain strong for some time yet.