European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations'…
Yergin: The next 3-5 days will be critical for the global energy markets if Israel and Iran have a significant development.
The next three to five day developments in the Iran-Israel conflict will be crucial for global energy markets, even though the Gulf oil and gas supply has not been interrupted yet. This was the view of oil historian Daniel Yergin on Wednesday. Iran and Israel launched missile attacks on each other Wednesday…
Russian Oil Freight Rates to India Ease Further With Increased Tanker Availability
IFreight rates for Russian oil shipments from the Baltic ports to India eased further in the period from late May to early June, thanks to high tanker availability, but the trend may reverse if Europe's proposed lower price cap comes to fruition.The European Union has put forward…
Russian Urals Oil Prices Rise Above Western Price Cap
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes…
Most G7 Members Ready to Lower Russian Oil Price Cap Despite US Engagement
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022.
Fico: Slovakia can't support new EU sanctions on Russia without energy solutions
Robert Fico, Slovakia's Prime Minister, said that the country will not support the EU's 18th sanctions package against Russia until the European Commission offers a solution for the problems the country would face if the bloc were to phase out Russian energy according to plan.
Industry warns that high energy costs are a threat to the future of UK manufacturing
Make UK, an industry group, said that Britain must reduce its industrial energy bills which are among the highest in advanced economies to achieve its goal of a healthy manufacturing sector. The government of Keir starmer is developing an industrial strategy that will put British manufacturing…
IRENA: Global renewable energy capacity still falls short of target despite record growth in last year
The International Renewable Energy Agency's (IRENA) report on Wednesday showed that the global renewable energy capacity grew at a record rate in 2024, but still fell short of the 2030 target. Renewables will account for 92.5% (or 585 GW) of the new energy capacity in 2024, a record growth rate of 15.1%.
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s…
EU's von der Leyen announces 35 bln euro loan in Kyiv visit
Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy…
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels…
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels…
Russia is considering limiting metals exports to the West
In response to Western sanctions, Russian President Vladimir Putin suggested this week that Moscow limit exports of metals or other commodities in which Russia has a large share on global markets. Putin mentioned uranium and nickel as well as titanium, but suggested that other commodities could be restricted…
Indonesia seeks global assistance to accelerate the retirement of coal-fired power plants
Luhut Pandjaitan - Indonesia's senior mining minister - said that the Indonesian government was asking global leaders for assistance in negotiating with lenders for a faster coal power plant retirement as well as access to financing for energy transition. He told the Coaltrans…
Indonesia's President urges developed countries to invest in green economies
Joko Widodo, the Indonesian President on Thursday, urged developed countries to invest in energy solutions and climate change in Indonesia. He highlighted its enormous potential for renewable energy projects and carbon reduction. Jokowi (as the incoming president is known) said that the Southeast Asian country has over 3…
Indonesia relaxes rules on local content to allow foreign money for renewable energy projects
A government official revealed on Wednesday that Indonesia had relaxed the rules for electricity projects funded by foreign investors, which required them to use locally made parts. This was done to help unlock concessional loan offers from international development bank. Indonesia…
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries…
Oil, Gas Majors Join Blockchain Consortium
A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium…
Greens Urge Halt to G7 Nations' Funding for Overseas Coal
Environmental groups urged Group of Seven (G7) nations led by Japan and Germany to stop financing coal projects abroad, which they said amounted to $42 billion since 2007. Japan provided more than half of the total, with $22 billion between 2007 and 2015, a study released on Tuesday by groups including the U.S.
G7 Foreign Ministers discuss Nuclear, Maritime Issues
In a city obliterated by a U.S. atom bomb more than 70 years ago, Japan kicked off a gathering of foreign ministers from the Group of Seven (G7) advanced economies with a call to end nuclear weapons. Japanese Foreign Minister Fumio Kishida, who presides over the two-day annual meeting this year…
