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The oil “price cap” of $60 per barrel for Russian oil is a controversial move by the European Union and G7. The price cap prohibits Western insurers and shipping companies, which account for more than 90 percent of the marine insurance industry, from servicing vessels that carry Russian oil above …

Green hydrogen is all the rage these days. During November’s United Nations Climate Change Conference (COP27) in Egypt, German Chancellor Olaf Scholz announced that Germany will invest more than €4 billion in developing a market for it. In the United States, President Joe Biden’s administration has made “clean” hydrogen a …

A full two-thirds of senior corporate and business leaders meeting at the 2023 World Economic Forum (WEF) in Davos, Switzerland, expect a global recession in the current year. The experts have warned that geopolitical tensions including Russia’s war in Ukraine will continue to weigh negatively on the global economy and …

Europe is set for the warmest January in decades, easing an energy crunch that has hammered the region for months. Mild conditions are likely to persist across the region until the end of the month, with a strong polar weather system inhibiting cold outbreaks, according to forecaster Maxar Technologies Inc. …

As Europe is struggling to reduce its dependence on Russian gas, seeking to secure gas from the Middle East, China beat Europe to the punch and at the end of last November sealed the largest ever liquefied natural gas (LNG) deals with Qatar at the staggering amount of US$ 60 …

For several years, oil and gas companies have found themselves the target of attacks from investors, the non-governmental sector, and governments for their alleged lead role in climate change. From shareholder resolutions pushing for greater commitments to reducing greenhouse gas emissions to lawsuits to force oil and gas operators to …

Despite successfully filling its gas storage ahead of winter this year, Europe’s energy crisis is far from over. The situation for Europe could, in fact, be worse next winter when Russian pipeline gas supply will be down to a trickle, at best. European households and businesses have already seen a …

China’s plan to expand use of its currency for oil trading with six Middle Eastern countries will elevate use of the yuan in global commerce among friendly countries and futures traders drawn by its stable exchange rate, market analysts forecast. But while that may lead to more yuan-for-oil deals – …

China’s president Xi Jinping mentioned on his trip to Riyadh last week that the Shanghai Petroleum and Natural Gas Exchange would be “fully utilized in RMB settlement in oil and gas trade.” Most commodities including crude oil are traded in US dollars. The renminbi trade was part of several “priority …

On December 2, EU member states unanimously agreed to introduce a price cap at $60 per barrel on Russian seaborne oil, as well as an EU-imposed embargo on Russian crude oil shipped by sea. Both initiatives would go into effect on December 5. The EU’s price cap is also joined …