Hopes are running high ahead of a UN climate conference that opens in Paris on Monday to finalize a new treaty to drive down global emissions of greenhouse gases. However, it remains to be seen whether the gathering will deliver a pact with real teeth. Depending on how much substance it contains, and how seriously it is taken by the signatory countries in the years ahead, the agreement that emerges from the gathering in Paris could significantly tame growth of oil demand while initially boosting demand for natural gas but reducing it sharply further down the line.
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