Category Archives: Commodities

Revealed: Saudi Arabia’s grand plan to ‘hook’ poor countries on oil

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Climate scientists say fossil fuel use needs to fall rapidly – but oil-rich kingdom is working to drive up demand

Saudi Arabia is driving a huge global investment plan to create demand for its oil and gas in developing countries, an undercover investigation has revealed. Critics said the plan was designed to get countries “hooked on its harmful products”.

Little was known about the oil demand sustainability programme (ODSP) but the investigation obtained detailed information on plans to drive up the use of fossil fuel-powered cars, buses and planes in Africa and elsewhere, as rich countries increasingly switch to clean energy.

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Shell to face human rights claims in UK over chronic oil pollution in Niger delta

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More than 13,000 Nigerian villagers can bring legal claims against oil firm, rules high court

Thousands of Nigerian villagers can bring human rights claims against the fossil fuel company Shell over the chronic oil pollution of their water sources and destruction of their way of life, the high court in London has ruled.

Mrs Justice May ruled this week that more than 13,000 farmers and fishers from the Ogale and Bille communities in the Niger delta were entitled to bring legal claims against Shell for alleged breaches to their right to a clean environment.

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‘Breakthrough battery’ from Sweden may cut dependency on China

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Northvolt says new lithium-free sodium-ion battery is cheaper, more sustainable and doesn’t rely on scarce raw materials

Europe’s energy and electric vehicle industries could reduce their dependency on scarce raw materials from China after the launch of a “breakthrough” sodium-ion battery, according to its Swedish developer.

Northvolt, Europe’s only large homegrown electric battery maker, has said it has made a lower cost, more sustainable battery designed to store electricity which does not use lithium, nickel, graphite and cobalt.

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North Sea oil and gas: what is the new licensing scheme, and will it cut bills?

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Rishi Sunak signalled changes in the king’s speech that create a policy divide with Labour

The government has confirmed its plans to grant new North Sea oil and gas licences every year at the opening of parliament, deepening a political fault line between the Conservatives and Labour, and angering environmental campaigners who argue it undermines efforts to reach net zero. Here, we examine the move.

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Beef, soy and palm oil products linked to deforestation still imported into UK

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Campaigners accuse government of failing to stick to promises made at Cop26 climate summit in 2021

Beef, soy and palm oil products driving deforestation are still being imported into the UK, despite government promises this practice would end, data has revealed.

Campaigners have criticised the Department for Environment, Food and Rural Affairs (Defra) for failing to put practices in place to stop the import of goods from areas with high deforestation rates. This is despite the government having promised at the Cop26 climate conference in 2021 to implement the rules.

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Chevron to buy oil and gas producer Hess in $53bn all-stock deal

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Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry

Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.

The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.

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Petrol prices spiked 7% in September quarter and there’s more pain to come, Australian treasurer suggests

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Costs could rise as conflict between Israel and Hamas in the Middle East worsens, Jim Chalmers warns

Australians are feeling the impact of inflation at the petrol pump with the latest data expected to show fuel prices rose by more than 7% in the three months to the end of September.

Treasury estimates the latest consumer price index data for the September quarter, to be released on Wednesday, will reveal the soaring cost of petrol brought on by global factors including the war in Ukraine, supply constraints and the weaker Australian dollar.

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Chinese ship is focus of investigation into damaged pipeline, Finland says

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Police focusing on Newnew Polar Bear cargo ship that was in the area when gas pipeline was damaged

Finnish police have said a Chinese ship whose movement coincided with the time and place of the suspected sabotage of a pipeline between Finland and Estonia that was damaged this month is now the focus of their investigation.

After a leak led to the shutdown of the Balticconnector pipeline on 8 October, Finnish authorities have been investigating the damage they say was caused by “external” activity.

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Undersea pipeline damage appears to be deliberate, says Finland

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Media cites intelligence sources saying Russian sabotage suspected after unusual drop in pressure

Extensive damage to an undersea gas pipeline and communications cable connecting Finland and Estonia “could not have occurred by accident” and appears to be the result of a “deliberate … external act”, Finnish authorities have said.

“It is likely that the damage to both the gas pipeline and the communication cable is the result of external activity,” the Finnish president, Sauli Niinistö, said on X, formerly Twitter, on Tuesday, adding that the cause of the damage was not yet clear.

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UK cost of diesel soars as RAC says petrol is ‘overpriced by about 7p a litre’

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Diesel up by more than 8p to 163p in September and petrol by 4.5p to 152p amid global oil production cuts

The price of diesel in the UK has shot up at one of its fastest rates in more than 20 years – while retailers have been accused of charging “unjustifiably” high petrol prices.

Diesel prices rose by more than 8p a litre to 163p in September, the fifth biggest monthly rise since 2000, and on top of another 8p rise the previous month, the RAC said. Petrol prices rose by 4.5p a litre to 152p, the fourth consecutive monthly increase.

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UK go-ahead for North Sea oil and gas field angers environmental groups

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Campaigners including Greta Thunberg had called for halt to Rosebank project involving Oslo-listed Equinor

Britain has given the go-ahead to develop the UK’s biggest untapped oilfield off Shetland, sparking outrage from environmental campaigners.

The UK oil and gas regulator’s decision to grant the Oslo-listed Equinor and the British firm Ithaca Energy permission to develop the Rosebank oil and gas field in the North Sea was condemned by the Green party MP Caroline Lucas as “the greatest act of environmental vandalism in my lifetime”.

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Russia temporarily bans export of petrol and diesel to stabilise domestic market

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Four ex-Soviet states excepted from ban, which has been prompted by railway bottlenecks and weak rouble

Russia has temporarily banned exports of petrol and diesel to all countries outside a circle of four ex-Soviet states with immediate effect, in order to stabilise the domestic market.

“Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers,” the Kremlin said in a statement.

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EU moves to cut dependency on China for battery and solar panel materials

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Parliament votes to cut mining red tape and diversify its supplies of raw materials such as lithium and silicon

The EU has voted in a plan to secure more of the critical materials needed to make solar panels, electric car batteries and other key elements of its green transition.

The European parliament agreed on Thursday to diversify its supplies of critical raw materials and cut red tape for mining companies. In an attempt to reduce its dependency on China, it plans to ensure that by 2030 it does not rely on a single country for more than 65% of its supply of any strategic raw material.

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Petrol prices expected to rise as oil cost climbs above $90 a barrel

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Motorists could be hardest hit after Russia and Saudi Arabia extend cuts to supplies

Motorists are braced for higher pump prices after the cost of oil climbed above $90 a barrel for the first time this year as Russia and Saudi Arabia extended cuts to supplies.

Oil jumped to its highest price since last November, after the two oil-rich nations said they would prolong a plan to withhold supplies from the global market until December.

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African leaders at odds over climate plans as crucial Nairobi summit opens

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Oil-producing African nations argue they should be able to use fossil fuel resources for economic growth

African leaders and campaigners are at odds over the way forward for the continent as a critical climate summit begins in Nairobi.

Some countries, such as Ethiopia, Kenya, Egypt and South Africa, have been expanding their renewable energy access and leading transition efforts on the continent, according to the International Renewable Energy Agency.

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EU imports of Russian liquified gas leap by 40% since Ukraine invasion

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Pipeline flows from Russia have fallen to historic lows, but shipments of LNG from all over the world have surged

EU imports of Russian liquified natural gas (LNG) have increased by 40% since the invasion of Ukraine despite efforts to cut down supplies.

Member states have bought more than half of Russia’s LNG on the market in the first seven months of this year, according to analysis of data by Kpler, which tracks marine and tanker traffic.

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Inflation spiral: food prices could yet rise higher and may never come down

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Concerns are growing over the effects of a warming climate on production and the danger of high grocery prices getting embedded into Australia’s economy

Food prices have been rising rapidly and there are reasons to fear they will push even higher. Economists warn some prices might never come down.

The ominous outlook is linked to drought conditions wilting crops in major grain-producing nations, disrupted grain deliveries out of Ukraine and moves by governments to ban food exports to protect their own supplies.

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Scottish public spending deficit falls as oil revenues hit record high

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Both sides of constitutional debate use Gers data to argue case for and against independence

Scotland’s public spending deficit has fallen from a record peak last year, as oil and gas revenues reached their highest-ever level after a global rise in oil prices.

The government expenditure and revenue Scotland (Gers) report calculated a per-person deficit – the gap between the amount raised through all tax and spending on all public services – as £1,521 in the 2022-23 financial year, down from £2,184 the previous year.

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UK basic wage growth hits record high; Russia’s central bank lifts rates to 12% – as it happened

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UK regular pay growth highest since 2001 while unemployment rate rises unexpectedly; rouble recovers afters Bank of Russia raises rates at extraordinary meeting

The statement doesn’t mention the rouble, which dropped to its lowest level in nearly 17 months yesterday. The Russian currency has been boosted by the central bank’s move.

It now takes 95 roubles to buy a dollar, whereas yesterday the exchange rate was at 102 roubles per dollar at one stage.

The decision is aimed at limiting price stability risks.

Inflationary pressure is building up. As of 7 August, the annual rate of inflation rose to 4.4% while current price growth rates continue to increase. Over the last three months current price growth amounted to 7.6% on average in annualised terms on a seasonally adjusted basis. The same core inflation measure went up to 7.1%.

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Amazon leaders fail to commit to end deforestation by 2030

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Eight South American presidents including Brazil’s Lula say rich countries need to pledge more resources to help protect rainforest

Amazon leaders have called on rich countries to help them develop a Marshall-style plan to protect the world’s largest rainforest – but stopped short of committing to zero deforestation across the biome by 2030 amid divisions over oil extraction.

In a joint declaration at the end of a two-day summit in the Brazilian city of Belém on Wednesday, the eight South American countries that are home to the Amazon rainforest said ensuring its survival could not be solely up to them, as resources from the forest were consumed globally.

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