industrial nations attending a United Nations climate conference in Kyoto, Japan reach agreement on a protocol to control heat-trapping greenhouse gases. The protocol, if ratified, would commit nations to roll back emissions of six greenhouse gases (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride) below 1990 levels. Under the protocol, the United States would be required to reduce its greenhouse gas emissions by 7 percent below 1990 levels, while Europe and Japan would make cuts of 8 percent and 9 percent, respectively. Developing countries, including China and India, are exempt from the emissions ceilings for the time being. (DJ) Sources Energy Information Administration: Chronology of World Oil Market Events Commodity Research Bureau. The CRB Commodity Yearbook 1997, 1997. |- | width="30%" align="center" | previous year:1996 world oil market chronology | width="40%" align="center" | This article is part of theChronology of world oil market events (1970-2005) | width="30%" align="center" | following year:1998 world oil market chronology |- Oil market timelines World oil market chronology World Oil Market Chronology, 1997