Russia’s invasion of Ukraine will cause their economies to contract this year by about 10% and 20%, respectively, the region’s leading development bank said Thursday in one of the most Continue Reading
Russia’s economy will shrink by 10 percent this year as the war in Ukraine and western sanctions inflict the deepest recession since the early 1990s, according to the European Bank Continue Reading
Russia’s demand that Europe pays for gas in rubles has been written off as “unacceptable.” European leaders agree that changing the currency of the payments would be a breach of Continue Reading
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of Continue Reading
Oil rose as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine and any potential impact on crude output. Futures in New York climbed near $107 Continue Reading
Secretary-General of the International Energy Forum McMonigle: Oil prices could spike to $150 per barrel. Current IEF projections point to an impact of around 1.5 million barrels per day (bpd) Continue Reading
Global oil supply disruptions are approaching 5-6 million barrels per day (bpd), according to Reuters’ calculations, as sanctions, conflicts and infrastructure failures hit supply just as demand is recovering close Continue Reading
The IEA recently released a 10-point plan that it estimated could cut global oil demand by 2.7 million barrels per day in just four months. While the timeline and some Continue Reading
Mobility levels in California have seen only meager growth in recent weeks despite a seasonal uptick taking place across the country, indicating that a prolonged period of high fuel prices Continue Reading
Wind and solar installations grew at pace in 2021 Wind and solar-generated 10% of global electricity for the first time in 2021, a new analysis shows. Fifty countries get more Continue Reading
Solar and wind power can grow enough to limit global warming to 1.5C if the 10-year average compound growth rate of 20% can be maintained to 2030, independent climate think Continue Reading
Satellite imagery shows the collapse of the Conger ice shelf from February 22 – March 21, 2022. A heat wave in Antarctica earlier this month was so extreme that it Continue Reading
Rising temperatures caused by climate change have forced the U.K.’s weather agency to raise the threshold for what counts as a heatwave. The government-backed Meteorological Office currently uses historical weather Continue Reading
The move follows a series of drone and rocket attacks by Houthi Rebels against Saudi Arabia in the past week. The Saudi-led Coalition has announced a military operation to neutralize Continue Reading
May force India to rely on imports of oilseeds, pulses Current fertilizer stocks at sharply low levels Global prices high India’s farmers are likely to face a sharp rise in Continue Reading
Diesel imports have surged in dollar terms Price controls are discouraging importing more Imported diesel is sold at 30% below its import price Argentina’s service stations have started rationing diesel, Continue Reading
Oil Pares Losses After Dipping Below $100 OPEC and its allies are expected to rebuff calls this week to fill in the supply gap left by falling oil exports from Continue Reading
India has cut coal supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories, even Continue Reading
March 30 (Reuters) – Coronavirus infections in Asia passed 100 million on Wednesday, according to a Reuters tally, as the region records a resurgence in cases, dominated by the BA.2 Continue Reading
Lockdown restrictions in Shanghai have resulted in residents thronging supermarkets to stock up on essential supplies. Residents in Shanghai are scrambling to stock up on supplies while thousands quarantine in Continue Reading
Two weeks after Russia invaded Ukraine, Brazil’s agriculture minister was on a plane to Canada to head off a potential crop crisis. Brazil, one of the world’s largest agricultural producers, Continue Reading
A closely watched recession signal flashed red on Tuesday, as investors fretted that the Federal Reserve’s efforts to tame inflation will bring about a sharp slowdown in US economic activity. Continue Reading
The U.S. shale industry is racing to ramp up production, “but it won’t be quick.” Supply chain bottlenecks are putting a cap on short term output growth. At this rate, Continue Reading
Last year, bankruptcies in the U.S. shale patch hit record levels. Now, dozens of companies have been successfully emerging from Chapter 11 bankruptcy protection, with M&A their preferred modus operandi. Continue Reading
FOB Gulf Coast cargo values gain week on week Lake Charles LNG inks deals; Driftwood LNG begins work US LNG export terminals churned near full capacity during the week ended Continue Reading
Russian gas deliveries to Europe on three key pipeline routes showed a slight upward tick on Wednesday morning including the resumption of westward flows on the Yamal-Europe pipeline to Germany, Continue Reading
Russia’s top lawmaker warned the European Union on Wednesday that if it wanted Russian natural gas then it would have to pay in roubles, and cautioned that oil, grain, metals, Continue Reading
Germany triggered an emergency plan to manage gas supplies in Europe’s largest economy on Wednesday, an unprecedented move that could see the government ration power if there is a disruption Continue Reading
German Economy Minister Robert Habeck on Wednesday said if Russia insisted that existing contracts be paid in roubles rather than the agreed euro and dollar denominations, it would be in Continue Reading
Russia said it would work out practical arrangements by Thursday for foreign companies to pay for its gas in roubles, raising the probability of supply disruptions as Western nations have Continue Reading
Foreign consumers of Russian natural gas should simply acquire roubles to pay at the Moscow Exchange and no change in the law is required, a senior Russian lawmaker was quoted Continue Reading
Germany triggered an emergency plan to manage gas supplies in Europe’s largest economy on Wednesday, an unprecedented move that could see the government ration power if there is a disruption Continue Reading
Some Russian units suffering heavy losses in Ukraine had been forced to return home and to neighboring Belarus, British military intelligence said a day after Russia promised to scale down Continue Reading
Germany has activated the first stage of an emergency plan to manage gas supplies in Europe’s largest economy in preparation for a possible disruption or stoppage of natural gas flows Continue Reading
Poland will strive to stop all Russian oil, gas and coal imports this year, as moves to wean Europe off its dependence on energy supplies from the country over its Continue Reading
Saxo Bank expects a “dramatic change of policy” from the ECB this year. Sign up for the New Economy Daily newsletter, follow us @economics, and subscribe to our podcast. European Continue Reading
Europe’s already high gas prices have gyrated since Russian President Vladimir Putin announced plans to have importers pay for Russian natural gas in rubles instead of dollars and euros. Here’s Continue Reading
The German government has taken the first formal step towards gas rationing as it braces itself for a potential halt in deliveries from Russia due to a dispute over payments. Continue Reading
The UK’s natural gas industry is struggling to boost production, and this will likely make the country more reliant on imports, industry association Offshore Energies UK said this week, as Continue Reading
Highlights First of three stages of emergency plan: BMWK Comes amid threat from Russia to cut supply Germany rejects payment in Rubles demand Germany has declared a first early warning Continue Reading
Transneft, the Russian oil pipeline operator, has informed local oil companies that it would be capping the intake of yet-to-be-sold crude because of full storage as buyers in the West Continue Reading
Russian steel market was expected to grow 2%-3% on year prior to the war Logistical challenges make rerouting steel volumes to Asia costly Eastern railway network overburdened, Northern Sea route Continue Reading
Russian pipeline operator Transneft is restricting oil intake into its network as storage levels build, Reuters reported on March 29. Transneft declined to comment on the report when contacted by Continue Reading
Oil prices rose on Tuesday, recovering some of the previous session’s losses as Kazakhstan’s supplies continued to be disrupted and major producers showed no sign of being in a hurry Continue Reading
Oil is continuing to fall in the Asia trading session, as the lockdown in Shanghai increases concerns about global demand. Oil rose, recovering some of its losses after a virus Continue Reading
This weakness is expected to persist. Global oil demand has been showing signs of weakness in March and this weakness is expected to persist through April and May due to Continue Reading
Shipping containers and gantry cranes at the Kwai Tsing Container Terminals in Hong Kong on March 14. Global supply strains that started to ease in early 2022 are worsening again Continue Reading
The effects of the war in Ukraine are already being felt across the world, from rocking world energy markets to spurring a growing refugee crisis in Europe. But the conflict Continue Reading
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Continue Reading
A Turkey-Israel gas pipeline is being discussed behind the scenes as one of Europe’s alternatives to Russian energy supplies, but it will take complicated maneuvering to reach any deal, government Continue Reading
