Guyana citizens to receive £370 each in payouts from ‘mind-boggling’ oil wealth

Country has been enjoying historic growth in economy, which has tripled since it started crude oil extraction in 2019

Hundreds of thousands of Guyana citizens living at home and abroad will receive a payout of around £370 each after the country announced it was distributing its “mind-boggling” oil wealth.

The grant of 100,000 Guyanese dollars will be available to any citizen of the South American country over the age of 18 with a valid passport or ID card. Guyanese citizens who normally live abroad will be eligible but must be in Guyana to collect the payment.

Continue reading...

G7 vows to clamp down on Russia’s oil sanctions evasion

Group commits to unspecified measures to enforce price cap on Russian exports in response to Ukraine war

Finance ministers of the G7 nations vowed on Saturday to step up efforts to prevent Russia from evading sanctions imposed after its invasion of Ukraine.

“We remain committed to taking further initiatives in response to oil price cap violations,” the group said in a statement after a meeting in Washington. Those further steps were not spelled out in detail.

Continue reading...

Cop29 host Azerbaijan set for major fossil gas expansion, report says

Exclusive: Those with ‘interest in keeping world hooked on fossil fuels’ should not oversee climate talks, say report authors

Azerbaijan, the host of the Cop29 global climate summit, will see a large expansion of fossil gas production in the next decade, a new report has revealed. The authors said that the crucial negotiations should not be overseen by “those with a vested interest in keeping the world hooked on fossil fuels”.

Azerbaijan’s state-owned oil and gas company, Socar, and its partners are set to raise the country’s annual gas production from 37bn cubic metres (bcm) today to 49bcm by 2033. Socar also recently agreed to increase gas exports to the European Union by 17% by 2026.

Continue reading...

Oil price slides amid China slowdown and easing Middle East fears

Brent crude slides by almost $3.50 a barrel to below $74 after Opec cuts forecasts for demand growth

Global oil prices have tumbled by almost $3.50 a barrel amid ongoing concerns about a slowdown in China and as fears ease about the possibility of an attack by Israel on Iran’s energy facilities.

The Israeli prime minister, Benjamin Netanyahu, has reportedly offered assurances to the White House that its retaliation against Iran for its missile attack at the start of October would not target oil export terminals or nuclear facilities, which could send market prices soaring.

Continue reading...

UK ‘risks repeat of surging energy bills’ amid continued reliance on gas

Energy crisis panel warns country is ‘dangerously unprepared’ and must shift away from gas quickly

Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders.

The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating.

Continue reading...

Russia’s shadow fleet of oil tankers grows despite western sanctions

Poorly maintained and uninsured vessels transporting up to 70% of country’s seaborne oil, says report

Russia’s shadow fleet of oil tankers is expanding, according to research, transporting up to 70% of the country’s seaborne oil despite western efforts to curb Moscow’s wartime energy revenues.

The volume of Russian oil being transported by poorly maintained and underinsured tankers has almost doubled in a year to 4.1m barrels a day by June, according to a report published on Monday by the Kyiv School of Economics (KSE).

Continue reading...

Biden says US ‘discussing’ possible Israeli plans to attack Iran’s oil industry

President’s off-the-cuff remark outside White House over possible retaliation triggers global oil price rise

Joe Biden has said that his administration has been “discussing” possible Israeli plans to attack Iran’s oil industry in retaliation for the Iranian ballistic missile attack on Tuesday.

Biden’s off-the-cuff remark did not make clear whether his administration was holding internal discussions or talking directly to Israel, nor did he clarify what his attitude was to such an attack.

Continue reading...

Financial markets could still avoid panic amid oil price risk in Middle East crisis

Oil prices rose by more than 4% as Israeli troops moved into Lebanon and Iran launched missiles on Israel

As Israeli troops moved into Lebanon and Iran launched a missile attack on Israel, the risk of a jump in oil prices that could trigger another global inflation shock appeared to be materialising.

Oil prices rose by more than 4% to about $75 a barrel on Tuesday.

Continue reading...

UK imposes sanctions on 10 ships in crackdown on Russia’s shadow oil fleet

Tankers believed to be at heart of illicit operation transporting gas and oil to fund Moscow’s war effort

The UK has taken new steps to clamp down on Russia’s shadow fleet exporting oil and funding Moscow’s war machine, with the Foreign Office announcing sanctions on 10 ships that it believes to be at heart of the operation.

Russia has a large fleet of often unseaworthy and ageing tankers that transport Russian gas and oil products around the globe. Oil exports are Vladimir Putin’s most critical revenue source for funding the war in Ukraine, accounting for about a quarter of the Russian budget in 2023.

Continue reading...

Sanctioned Russian oligarchs allowed to invest in UK North Sea oil producer

Critics say Labour ‘should have run a mile’ from LetterOne after it is acquires 15% of Aberdeen-based Harbour Energy

The government faces growing criticism after a company backed by two sanctioned Russian oligarchs was allowed to become a part-owner of the UK’s largest North Sea oil producer.

Critics of the decision to allow LetterOne, the investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, to acquire almost 15% of Aberdeen-based Harbour Energy, warned that oligarchs should have no place owning critical national assets.

Continue reading...

Shell to cut hundreds of jobs in oil and gas exploration operations

Reduction of about a fifth of workforce in two subdivisions part of plan to slash up to $3bn in costs by end of 2025

Shell is to cut hundreds of jobs from its oil and gas exploration operation in the latest move by the chief executive, Wael Sawan, to slash up to $3bn (£2.3bn) in costs by the end of next year.

The energy company is to cut about a fifth of its workforce in two subdivisions of its oil and gas business responsible for exploration strategy and developing its oil and gas finds.

Continue reading...

Gold prices hit record high amid prospect of US interest rate cuts

Spot price increases to $2,522.99, with record run meaning standard gold bar is worth more than $1m

Gold prices have hit a fresh high as increasing hopes of US interest rate cuts from the Federal Reserve prompted investors to buy more of the precious metal.

The spot price of gold rose to a record $2,522.99 (£1,941.69) on Tuesday morning, up 0.7% on the day. Gold bars generally weigh 400 troy ounces (12.4kg), so a standard gold bar is now worth more than $1m.

Continue reading...

Ukrainian team blew up Nord Stream pipeline, claims report

Spokesperson for Volodymyr Zelenskiy denies WSJ claims and again accuses Russia of carrying out the sabotage

The Nord Stream gas pipeline was blown up by a small Ukrainian sabotage team in an operation that was initially approved by Volodymyr Zelenskiy and then called off, but which went ahead anyway, according to claims in a report in the Wall Street Journal.

A spokesperson for the Ukrainian president has denied the claims.

Continue reading...

Investors push Glencore to scrap spin-off of heavily polluting coal division

More than 95% of investors urged commodities firm to keep highly profitable fossil fuel arm to help maximise shareholder cash

Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.

The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.

Continue reading...

Royal Mint opens factory in south Wales to recover gold from e-waste

‘Pioneering’ facility will extract precious metal from up to 4,000 tonnes of scrap circuit boards a year

The Royal Mint has unveiled a “pioneering” factory that will recover gold from electronic waste, creating a more sustainable source of the precious metal for the coin manufacturer’s luxury jewellery line.

The factory in south Wales, which has been under construction since March 2022, is designed to extract gold from up to 4,000 tonnes a year of circuit boards sourced in the UK from electronics including phones, laptops and TVs.

Continue reading...

Wood Group suitor pulls out of takeover, blaming market turmoil

Shares in FTSE 250 company slump 37% in early trading after Dubai-based Sidara cites geopolitical risk

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

Continue reading...

Former Lib Dem leader Vince Cable testifies at inquiry into Post Office Horizon scandal – business live

Cable was business secretary from 2010-15 when the government privatised the Post Office

Cable has agreed with a description of Post Office management as “thugs in suits”, and had a goal of rebalancing the relationship between bosses and subpostmasters during his time in post.

He recounted a story about challenging 8 Post Office closures in his constituency, before he entered government, and being treated poorly by the organisation’s “middle management”.

Mr Bates has, I believe, described them as ‘thugs in suits’ and I recognise the description,” said Cable in his witness statement. “And [the Post Office] dealt with us in an arrogant way when we campaigned against closures.


In my first meeting with Paula Vennells [Post Office chief executive] I suggested this is what the Post Office should do,” he said. “We perhaps should have been more modest and had postmasters on the board, which would have achieved some of our aims, which I think has now happened.

Problems with Horizon barely came across my desk,” he said. “When they did it was usually in a very uncontroversial way and not drawn to my attention as an issue I should focus on. General reason is that the officials who were briefing me and ministers on the subject hadn’t seen it as a particular problem.

In hindsight, I should have been told at the outset what Horizon was,” he said. “That competent people … were suggesting there was a risk factor and I should have been told about Mr Bates and the justice group. I never heard his name until I’d been in the job five years. I wasn’t briefed on them.

Continue reading...

Zelenskiy to attend UK cabinet meeting in effort to disrupt Russian oil sales

Ukraine’s president will ask for more help to block Putin’s growing ‘shadow fleet’ of tankers carrying sanctioned crude to buyers

The Ukrainian president, Volodmyr Zelenskiy, will attend an extraordinary meeting of the British cabinet on Friday to bring fresh impetus to efforts to stop Russia evading sanctions on its oil exports.

Zelenskiy will be the first foreign leader to visit Downing Street since Keir Starmer was elected prime minister two weeks ago and the first foreign leader to address cabinet in person since the US president Bill Clinton in 1997.

Continue reading...

Shell to take hit of up to $2bn on Rotterdam and Singapore sites

Oil firm’s warning comes after it had to halt work on Europe’s largest biofuel project and sell refinery in Asia

Shell has warned investors that it will take an impairment charge of up to $2bn (£1.6bn) in its next set of results after it was forced to halt work on Europe’s largest biofuel project and sell off a Singapore refinery.

The oil company told investors to expect a non-cash writedown of between $600m and $1bn when it publishes its second-quarter results next month because of trouble at a major biofuel project in Rotterdam in the Netherlands.

Continue reading...

Orange-juice makers consider using other fruits after prices go ‘bananas’

Global industry ‘in crisis’ as fears about Brazilian harvest help push wholesale prices to record highs

Orange-juice makers are considering turning to alternative fruits such as mandarins as wholesale prices have “gone bananas” amid fears of poor harvests in Brazil.

Prices of the citrus drink reached a new high of $4.95 (£3.88) a lb on commodity markets this week after growers in the main orange producing areas of Brazil said they were expecting the harvest to be 24% down on last year at 232m 40.8-kg boxes – worse than the 15% fall previously predicted.

Continue reading...