The European Union reached a deal in the early hours of Wednesday morning on a law to track and reduce methane emissions in the oil and gas sector, the Spanish Presidency of the Council of EU said.

After all-night talks, negotiators from EU member states and the European Parliament agreed to a law which introduces new requirements for the oil, gas and coal sectors to measure, report and verify methane emissions, the Spanish Presidency said.

The law will now be put to the European Parliament and EU countries for final approval. That step is usually a formality that waves through pre-agreed deals.

(Reporting by Akanksha Khushi in Bengaluru)