Author: omc_admin
Aerial view of a ship at sea.Suriyapong Thongsawang | Moment | Getty ImagesThe European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels.Within a year of Russia’s 2022 invasion of Ukraine, the G7 and EU restricted the price at which non-G7 countries could continue purchasing Moscow’s crude and oil products while using shipping and logistical services from G7 companies.The measures aimed to limit Russia’s oil revenues — the backbone of its economy and war coffers — while retaining the country’s supplies in the market to avoid…
The fossil fuel industry pumped an extra 389m tonnes of carbon pollution into the atmosphere last year by needlessly flaring gas, a World Bank report has found, in an “enormous waste” of fuel that heats the planet by about as much as the country of France.Flaring is a way to get rid of gases such as methane that arise when pumping oil out of the ground. While it can sometimes keep workers safe by relieving buildups of pressure, the practice is routine in many countries because it is often cheaper to burn gas than to capture, transport, process and sell…
European Union states have approved a fresh sanctions package on Russia over its war against Ukraine including a revised oil price cap, new banking restrictions, and curbs on fuels made from Russian petroleum. The package, the bloc’s 18th since Moscow’s full scale invasion, will see about 20 more Russian banks cut off the international payments system SWIFT and face a full transaction ban, as well as restrictions imposed on Russian petroleum refined in third countries. A large oil refinery in India, part-owned by Russia’s state-run oil company, Rosneft PJSC, was also blacklisted. The cap on Russian oil, currently set at…
European Union states have approved a fresh sanctions package on Russia over its war against Ukraine including a revised oil price cap, new banking restrictions, and curbs on fuels made from Russian petroleum. The package, the bloc’s 18th since Moscow’s full scale invasion, will see about 20 more Russian banks cut off the international payments system SWIFT and face a full transaction ban, as well as restrictions imposed on Russian petroleum refined in third countries. A large oil refinery in India, part-owned by Russia’s state-run oil company, Rosneft PJSC, was also blacklisted. The cap on Russian oil, currently set at…
India can arrange alternative supplies if Russian oil exports are sanctioned, petroleum minister Hardeep Singh Puri said on Thursday in what is seen as the first official reaction to the US and EU threat of secondary sanctions for buying those barrels.”I don’t feel any pressure in my mind (about sanctions on Russian oil). And I don’t think my boss’s (PM’s) mind is wired to feel any pressure. That’s where I draw my strength (from). India has diversified the sources (of oil). I am not worried at all. If something happens, we will deal with it. There is sufficient supply available,”…
Oil prices were ticking up slightly but largely flat in Asian trading Friday as supply losses from Iraqi pipeline disruptions were offset by renewed demand concerns tied to U.S. tariff threats against key Asian economies. Brent crude edged up to $69.78 and WTI was trading at $67.75 at 2.25 a.m. ET, with both benchmarks holding narrow gains despite broader market uncertainty.Multiple drone strikes near oil infrastructure in Iraqi Kurdistan this week forced the suspension of production at several fields. The attacks disrupted operations and prompted a temporary halt in output. No group has claimed responsibility, but the incidents mark the…
Netflix used generative AI to save money on a recent production — and the company’s co-CEO said he was “thrilled” with the results.Ted Sarandos revealed on Thursday that the streamer used the technology when making “The Eternaut,” an Argentine production based on a popular sci-fi comic.Sarandos said the show is the first Netflix title to use fully AI-generated shots in its final footage, with a sequence that shows the collapse of a building in Buenos Aires. Without AI, Sarandos said, such an effect would not have been cost-effective for a production the size of “The Eternaut.””In fact, that VFX sequence…
U.S. solar manufacturers have filed a formal trade petition seeking new anti-dumping and countervailing duties on solar panel imports from India, Indonesia, and Laos, citing sharp price undercutting and rapid volume growth. The petition, submitted Tuesday to the U.S. International Trade Commission (ITC), alleges that imports from India and Indonesia have increased by more than 400% since 2021, often selling at prices 40% to 50% below U.S.-produced equivalents.The American Alliance for Solar Manufacturing Trade Committee, which includes leading domestic producers, contends these imports are causing material injury to the U.S. solar sector. The group argues that heavily subsidized foreign supply is…
When it comes to the climate crisis, how do you negotiate with an autocracy?It is the case today, and it is almost certain to remain so for the dwindling number of years in which we can hope to stave off the worst of climate breakdown, that the bulk of the world’s greenhouse gas emissions come from countries that are not democratic. Add to that, many of the major suppliers of oil and gas – the Gulf petrostates for instance, plus Russia, Venezuela and a few others – are likewise authoritarian.Their outsize impact puts autocratic nations in the spotlight when it…
Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in US tariff policy. Brent crude futures eased 4 cents, or 0.06 per cent, to $69.48 a barrel as of 0239 GMT, US West Texas Intermediate crude futures edged down 3 cents, or 0.04 per cent, to $67.51 a barrel.Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the region’s output have supported prices, pushing both contracts up $1…