Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels
Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.
The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.
Continue reading...EU’s hopes of US increasing pressure on Kremlin have been dashed, and Hungary could yet make situation worse
European leaders – who have promised to impose “massive” new sanctions on Russia after Vladimir Putin’s rejection of a ceasefire in Ukraine – face the prospect of having to introduce their planned expansion of economic restrictions on the Russian war economy without the United States.
European hopes that Donald Trump might increase the pressure on the Kremlin were dashed after the US president’s two-hour inconclusive phone call with Putin on Monday. Trump did not follow through on previous threats to introduce “large-scale” sanctions on Russia if there was no ceasefire, but instead extolled the prospect of restarting trade with Moscow.
Continue reading...EU’s hopes of US increasing pressure on Kremlin have been dashed, and Hungary could yet make situation worse
European leaders – who have promised to impose “massive” new sanctions on Russia after Vladimir Putin’s rejection of a ceasefire in Ukraine – face the prospect of having to introduce their planned expansion of economic restrictions on the Russian war economy without the United States.
European hopes that Donald Trump might increase the pressure on the Kremlin were dashed after the US president’s two-hour inconclusive phone call with Putin on Monday. Trump did not follow through on previous threats to introduce “large-scale” sanctions on Russia if there was no ceasefire, but instead extolled the prospect of restarting trade with Moscow.
Continue reading...Fleet of tankers sailing under flags of convenience estimated to carry up to 85% of Russia’s oil exports
Calls to step up and coordinate the interdiction of the unflagged Russian “shadow fleet” of oil tankers in the Baltic Sea were made this weekend before the EU foreign ministers’ meeting on Monday, which is expected to impose sanctions on 180 ships, taking the total number of ships sanctioned by the EU to 350.
The efforts to stop the fleet, estimated to be carrying as much as 85% of Russia’s oil exports and so funding roughly a third of Russia’s budget, is seen as a critical proof of the EU’s determination to keep the economic pressure on Russia.
Continue reading...Rolling coverage of the latest economic and financial news
The takeover of UK food-delivery platform Deliveroo by US rival DoorDash has been agreed.
The two sides have reached agreement on DoorDash’s offer of 180p in case for each Deliveroo share, made last month.
Like DoorDash, Deliveroo is obsessively focused on their customers - consumers, merchants, and riders. They work day in and day out to improve their consumer value proposition, bring new services to local businesses, and offer flexibility and support to riders.
These efforts and attention to detail from Will and the team have had a tremendous positive impact in the communities where Deliveroo operates.
Continue reading...The energy secretary has accused Reform UK’s leader of peddling dangerous falsehoods about renewable power
• Tories and Reform use the steel crisis to knock clean energy. They’re wrong: it will secure all our futures
Ed Miliband has torn into Nigel Farage and the Tories for peddling dangerous “nonsense and lies” by suggesting the UK’s net zero target is responsible for destroying Britain’s businesses, including its steel industry.
Cabinet ministers are determined to fight back against the way Reform UK and the Conservatives have unceremoniously lambasted the climate crisis agenda for what they believe are nakedly political reasons before important local elections next month.
Continue reading...Exclusive: Absence of world’s biggest clean energy producer will be welcomed by US pushing oil and gas exports
China is to snub a major UK summit on energy security next week, the Guardian has learned, amid a growing row over the country’s involvement in UK infrastructure projects.
The US will send a senior White House official to the 60-country summit, to be co-hosted with the International Energy Agency. Leading oil and gas companies are also invited, along with big technology businesses, and petrostates including Saudi Arabia, Qatar and the United Arab Emirates.
Continue reading...Clean energy investors likely to pull back from US, but other countries may seize opportunity to speed transition
Donald Trump’s upending of the global economy has raised fears that climate action could emerge as a casualty of the trade war.
In the week that has followed “liberation day”, economic experts have warned that the swathe of tariffs could trigger a global economic recession, with far-reaching consequences for investors – including those behind the green energy projects needed to meet climate goals.
Continue reading...Many of the people displaced by Eacop project were inadequately rehoused or compensated, report says
People displaced from their homes alongside the site of an oil pipeline under construction in Uganda have complained of being inadequately rehoused or compensated.
When completed, the East African crude oil pipeline (Eacop) will transport oil from the Tilenga and Kingfisher oilfields in western Uganda to the port of Tanga in Tanzania.
Continue reading...King Okpabi, ruler of Ogale, says Shell has caused chronic pollution, while oil firm argues it is not responsible
His Royal Highness King Godwin Bebe Okpabi has carried bottles of water drawn from the wells of his homeland in the Niger delta to the high court in London.
It stinks. “This is the water that Shell has left for my people,” said the ruler of the Ogale community in Ogoniland, Nigeria. “This is poison, and they are spending millions of dollars to pay the best lawyers in the world so that they will not clean my land.”
Continue reading...Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan
BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.
The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.
Continue reading...Oil and gas interests coordinate campaign to stop local and state policies, putting climate at risk, new report shows
Oil and gas interests have waged a coordinated campaign to kill pro-electrification policies that ban gas connections in new buildings, putting the climate at risk, according to a new report.
Since 2019, utilities and fossil fuel trade groups, including the American Gas Association (AGA) and National Propane Gas Association (NPGA), have worked together to successfully thwart various local and state efforts.
Continue reading...The prospects of peace and the return of Russian gas looks likely to serve the interests of Donald Trump
The Kremlin’s invasion of Ukraine three years ago has reverberated through the global energy industry; unravelling Europe’s decades-long reliance on gas imported via pipelines from Russia, and triggering a global squeeze on gas markets that unleashed a cost of living crisis still felt today.
The prospect of a peace deal has many wondering whether the energy industry could be upended once again; this time giving way to a market serving the interests of the US president hoping to broker the deal.
Continue reading...Greenpeace protest draws attention to worsening typhoons and demands accountability from major polluters
For two days and two nights, Ronalyn Carbonel and her four children clung to the roof of their home as a huge storm raged around them. With the wind battering her village of Rizal, about 10 miles east of Manila in the Philippines, and water swirling through the rooms below them, they had no choice but to wait, hoping that someone would come to rescue them and hundreds of their neighbours.
“We did not have shelter, we did not have food … we just had to wait for the government for two days,” Carbonel said. “It is not easy, no electricity, no light, we just wait for the sun to rise. The children were scared, we had never experienced anything like this.”
Continue reading...Developing countries urge biggest polluters to act as Trump’s return to the White House heightens geopolitical turmoil
The vast majority of governments are likely to miss a looming deadline to file vital plans that will determine whether or not the world has a chance of avoiding the worst ravages of climate breakdown.
Despite the urgency of the crisis, the UN is relatively relaxed at the prospect of the missed date. Officials are urging countries instead to take time to work harder on their targets to cut greenhouse gas emissions and divest from fossil fuels.
Continue reading...Reform UK leader claims ‘industrial collaboration’ with EU will give UK ‘less flexibility’ to make deal with US
Nigel Farage has said the UK could be “friendly” with the EU but did not outline what kind of ties with the bloc his party would support, PA Media reports. PA says:
The Reform UK leader said that “industrial collaboration” with the EU will give the UK “less flexibility” to make a deal with the US.
His comments came in an interview on the Today programme after his party edged ahead of Labour to top a voting poll from YouGov for the first time.
Continue reading...Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies
It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.
But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.
This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.
In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.
Continue reading...Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions
The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.
The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.
Continue reading...Results from Shell and Exxon this week will be weaker – and Trump’s desire to drill may result in oversupply
Almost three years ago, Russia’s invasion of Ukraine wiped out Europe’s largest source of gas and shocked global energy markets, setting the stage for quarter after quarter of better-than-expected earnings for the fossil fuel producers ready to profit from the volatility. Now those returns are beginning to cool.
But as markets have reduced to a simmer, oil executives have warned that profits are also going off the boil. A glut of new oil and gas projects, stoked by a pro-fossil-fuel agenda from the White House, could mean weaker markets in the future too.
Continue reading...Iron ore billionaire says he is ‘personally delighted’ at lawsuit as fossil fuel giant has ‘opened themselves up to cross-examination’ in a US court
Australian mining magnate Andrew Forrest is among a group accused of orchestrating “smear campaigns and lawfare” against the global oil and gas sector “for politics, publicity, and private gain” in a dramatic defamation claim launched in US courts by fossil fuel company ExxonMobil.
But the iron ore billionaire, who is not himself a defendant in the case, said he is “personally delighted” at the court action and that “Exxon has walked themselves into the court and opened themselves up to cross-examination”.
Continue reading...