Saudi Arabia and the United Arab Emirates warned on May 10, that their spare energy capacity is decreasing in all energy sectors as key producers reduce investment in fossil fuels, pushing oil, diesel, and natural gas to trade at near-record highs. Brent oil was trading at around $102 a barrel as of the afternoon of…
Gulf State OPEC Members Sound Alarm About Dwindling Global Energy Capacity
‘No New Investment in Fossil Fuel Expansion’: UN Chief
May 9, 2022
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Antonio Guterres, current head of the United Nations and former president of Socialist International, has asserted there must be “no new investment in fossil fuel expansion” and that private finance must totally divest from coal. “For too long, the financial services sector has enabled the world’s fossil fuel addiction. It is now time for financial…
US and World Gripped by Fertilizer Crisis
May 7, 2022
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“Fertilizer shortages are real now.” Uttered by USAID’s Samantha Power in a May 1 ABC interview with former Democratic advisor George Stephanopoulos, the words briefly drowned out the din of the news cycle. They were not unexpected to some. Power, who served as U.N. ambassador under Obama, mentioned fertilizer shortages after weeks of hints from…
Shell CEO Warns About Impossibility of Tracing Refined Russian Oil
May 6, 2022
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Even though the West is taking every measure to limit the use of Russian oil in their regions, it may be difficult to enforce these sanctions absolutely due to the impossibility of tracing Russian oil refined and resold by other nations, according to a major oil executive. During a first quarter webcast with reporters on…
Fuel Prices in US Rising Faster Than Crude Amid Increased Exports to Europe
The price of fuel across the United States surged faster than crude oil prices in the last month, leaving Americans still paying more at the pump. The skyrocketing price of fuel comes as the United States has shipped more refined products like gasoline, diesel, and fuel oil, abroad to supply European markets following Russian President Vladimir Putin’s…
Oil Prices Jump Amid Persistent Supply Concerns, EU Proposal to Ban Russian Imports
Oil prices continued to rise on Friday amid concerns about tightened supplies ahead of the European Commission’s (EC) proposal to ban Russian oil by the end of the year. Brent futures rose 84 cents, or 0.8 percent, to $111.74 a barrel by 0306 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7…
Shell Posts Record Profit on High Energy Prices and Trading Boost
LONDON—Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The last of the energy majors to report results, Shell joins sector rivals, including BP and TotalEnergies in making big profits from the commodity price volatility…
European Commission President Proposes Complete Ban on Russian Oil Imports
May 4, 2022
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European Commission President Ursula von der Leyen has called on the European Union’s 27 member states to ban the import of Russian oil as part of the sixth package of sanctions against Moscow following Russia’s invasion of neighboring Ukraine. “Let us be clear: it will not be easy. Some member states are strongly dependent on…
Why Airplane Ticket Prices Are Flying High, While Your Wallet Might Be Grounded
If you think filling your car’s gas tank is expensive, how about filling the tanks for a Boeing Co. 737-800? A 737-800 has a fuel capacity of 6,875 gallons and as of April 25, according to the U.S. Gulf Coast Jet Fuel Spot price, jet fuel costs $4.27 a gallon, holding steady between this price…
Russian Retailers in Talks to Import Goods via Kazakhstan: Report
May 4, 2022
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ALMATY—Russian retailers Magnit and Lenta are in talks with their suppliers and other parties about importing goods via Kazakhstan, Russia’s southern neighbor and close partner, a Kazakh official was quoted as saying on Tuesday. Rouble volatility and supply chain disruptions have hit the Russian market since President Vladimir Putin sent troops into Ukraine on Feb….
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