China’s crude oil imports from Russia soared by 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine. Imports of Russian oil, including supplies pumped via the east Siberia Pacific pipeline and seaborne shipments, totalled nearly 8.42m tonnes, according to data on Monday from the Chinese general administration of customs. The shipments are equivalent to almost 2m barrels per day (bpd) and up a quarter from…
Tag: Oil
Oil prices climb to fresh highs, UK petrol price hits record – business live
More reaction is coming in from trade unions, economists and analysts to the increase in the national living wage and the minimum wage from next April. Frances O’Grady, general secretary of the Trades Union Congress (TUC) said a boost to the minimum wage was vital “in the middle of a cost-of-living crisis” But the government must set its sights higher. We need a £10 minimum wage now, and we need ministers to cancel the cut to universal credit. This increase won’t come into effect until next spring by which time…
UK bond yields soar as investors anticipate interest rate rise; China’s growth slows – business live
Some economists fear that raising interest rates at this point would be a blunder. It would tighten monetary policy at a time when households and businesses are already being squeezed by higher energy costs, and as government Covid-19 support measures, such as the universal credit uplift, are withdrawn, hurting vulnerable families. A rate hike might calm inflation expectations; policymakers worry that workers will seek higher wages to match rising prices in the shops (although not every employee has as much leverage as, say, a qualified HGV lorry driver). But it…