Back in January, with Donald Trump’s campaign promises to end the war in Ukraine “within 24 hours” still fresh in the memory, there was genuine unease in Moscow over the US president’s intentions. When Mr Trump mused that “high levels of Taxes, Tariffs, and Sanctions” on Russia might be necessary, one high-profile and pro-war Moscow commentator wrote: “It’s better to prepare for the worst. Soon, we’ll look back on Biden’s term with nostalgia, like a thaw.” How wrong can you be? Since then, the US president has repeatedly talked the talk…
Tag: Oil
Trump ‘ready’ to impose sanctions on Russia if Nato nations stop buying its oil
In Truth Social post, US president also suggests members consider imposing tariffs of 50% to 100% on China Donald Trump has said he is ready to impose sanctions on Moscow, but on the condition that all Nato allies agree to completely halt purchases of Russian oil and implement their own sanctions. He also suggested members of the transatlantic alliance consider imposing tariffs of 50% to 100% on China for its purchases of Russian petroleum as a way to help end the war. Continue reading… The Guardian
China drilling for oil and gas inside Taiwan’s exclusive economic zone
China is drilling for oil and gas inside Taiwan’s exclusive economic zone (EEZ), a move that analysts believe is likely part of Beijing’s unilateral grab for disputed territory that could also aid a future invasion of Taiwan. During July and August at least 12 oil and gas vessels and permanent structures were detected inside Taiwan’s EEZ – including one within 50km of the restricted-waters border of the Taiwan-controlled Pratas Islands – as well as several steel supports for fixed offshore drilling platforms, called jackets. Their presence inside Taiwan’s EEZ have…
UK ‘helping Russia pay for its war on Ukraine’ via loophole on refined oil imports
The UK has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries processing Kremlin fossil fuels. Government data analysed by the environmental news site Desmog shows that imports of refined oil from India, China and Turkey amounted to £2.2bn in 2023, the same record value as the previous year, up from £434.2m in 2021. Russia is the largest crude oil supplier to India and China, while Turkey has become one of the biggest importers of Russian oil…
World’s renewable energy capacity grew at record pace in 2023
Global renewable energy capacity grew by the fastest pace recorded in the last 20 years in 2023, which could put the world within reach of meeting a key climate target by the end of the decade, according to the International Energy Agency (IEA). The world’s renewable energy grew by 50% last year to 510 gigawatts (GW) in 2023, the 22nd year in a row that renewable capacity additions set a new record, according to figures from the IEA. The “spectacular” growth offers a “real chance” of global governments meeting a…
Greenhouse gas emissions soar – with China, US and India most at fault
Electricity generation in China and India, and oil and gas production in the US, have produced the biggest increases in global greenhouse gas emissions since 2015, when the Paris climate agreement was signed, new data has shown. Emissions of methane, a greenhouse gas 80 times more powerful than carbon dioxide, have also risen, despite more than 100 countries signing up to a pledge to reduce the gas, according to data published on Sunday by the Climate Trace project. The data shows that countries and companies are failing to report their…
Oil prices drop as aid arrives in Gaza; major Apple supplier faces China tax inquiry – business live
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US behind more than a third of global oil and gas expansion plans, report finds
The US accounts for more than a third of the expansion of global oil and gas production planned by mid-century, despite its claims of climate leadership, research has found. Canada and Russia have the next biggest expansion plans, calculated based on how much carbon dioxide is likely to be produced from new developments, followed by Iran, China and Brazil. The United Arab Emirates, which is to host the annual UN climate summit this year, Cop28 in Dubai in November, is seventh on the list. The data, in a report from…
Economic ‘headwinds’ lead IEA to cut global oil demand forecast
Global oil demand will reach an all-time high this year, but “persistent macroeconomic headwinds” mean it will not grow as quickly as had previously been expected, the International Energy Agency (IEA) has said. The Paris-based global energy watchdog said that demand was expected to rise by 2.2m barrels a day in 2023, leading to an average of 102.1m barrels a day. But that prediction is 220,000 barrels a day lower than its previous expectations – the first time the agency has lowered its forecast for growth this year. China, boosted…
Global oil demand on course for record as China’s economy rebounds
Global demand for oil this year is on track to rise to a record 101.9m barrels per day as China leads an economic surge among developing nations, the world’s leading energy body has forecast. The International Energy Agency’s predicted daily average for 2023 is 2m bpd higher than last year’s figure. The price of a barrel of oil rose from $85.62 (£68.44) to $86.10 on Friday morning after the IEA’s report was published. The agency warned that a recent decision by the world’s biggest oil exporters to cut their production…