China signs 27-year gas deal with QatarEnergy to secure supply | Business and economics news

QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG) in its longest deal to date as volatility prompts buyers to seek long-term supplies. Since Russia’s invasion of Ukraine in February, competition for LNG has become fierce, with Europe in particular needing huge quantities to help replace Russian pipeline gas, … Read more

Goldman Sachs lowers oil forecast to $100 a barrel

Crude oil storage tanks at the Juaymah Tank Farm at Saudi Aramco’s Ras Tanura Oil Refinery and Oil Terminal in Saudi Arabia, in 2018. Simon Dawson| Bloomberg | Getty Images Goldman Sachs cut its oil price forecast by $10 to $100 a barrel for the fourth quarter of 2022, citing rising Covid concerns in China … Read more

Europe is rushing to fill up on Russian diesel before the ban kicks in

LONDON, Nov. 21 (Reuters) – European traders are scrambling to fill tanks in the region with Russian diesel before an EU ban takes effect in February as alternative sources remain limited. On February 5, the European Union will ban the import of Russian oil products, on which it heavily depends for its diesel. That follows … Read more

New budget from the Italian government to increase spending to fight the energy crisis

First comprehensive budget of Meloni’s new government Most of the money is earmarked to help tackle high energy bills Energy tax windfall, benefit restrictions expected ROME, Nov 20 (Reuters) – Italy’s new right-wing government plans to announce some €30 billion in new spending on Monday in a budget for next year, aimed primarily at mitigating … Read more

Sweden says explosives have been found at the site of Russian pipelines

Climate scientists described the shocking images of gas spewing to the surface of the Baltic Sea as a “reckless release” of greenhouse gas emissions that, if intentional, “amounts to an environmental crime”. Anadolu Agency | Anadolu Agency | Getty Images Sweden’s prosecutor’s office said Friday that an investigation into gas leaks from two submarine pipelines … Read more

Oil flows on Druzhba pipeline suspended in parts of Eastern Europe

BUDAPEST/PRAGUE, Nov 15 (Reuters) – Oil supplies to parts of eastern and central Europe via part of the Druzhba pipeline have been temporarily halted, according to oil pipeline operators in Hungary and Slovakia. The extent of the disturbance was not immediately clear and it coincided with an explosion in a village in eastern Poland near … Read more

Oil Falls on China’s COVID Spike and Firmer Dollar

Brent and WTI prices fall after Friday’s gains Major Chinese cities are reporting record numbers of COVID-19 cases US Fed is not softening the fight against inflation, says the governor LONDON, Nov. 14 (Reuters) – Oil prices fell on Monday, dragged along by a firmer US dollar as rising coronavirus cases in China dashed hopes … Read more

‘Vaccination-like’ intervention needed for UK energy crisis: CEO of Ovo

Gas prices have risen to record highs over the past year as global demand in Europe has increased. Sean Gladwell | Even | Getty Images LISBON, Portugal – According to the boss of gas and electricity supplier Ovo Energy, the UK should embark on a “vaccine-like” effort to tackle rising energy prices and prevent future … Read more

The G-20 summit starts on Tuesday. Here’s what to expect.

Indonesia’s Finance Minister Sri Mulyani (front C) attends the meeting of G20 finance ministers in Nusa Dua, on the Indonesian holiday island of Bali, on July 16, 2022. SONY TUMBELAKA | SWIMMING POOLS | AFP via Getty Images World leaders will begin a meeting on Tuesday on the resort island of Bali, Indonesia, as the … Read more

Global debt will rise ‘significantly’ in 2021, World Bank president says

WASHINGTON, Nov 12 (Reuters) – The debt levels of low- and middle-income countries will rise sharply in 2021, with China accounting for 66% of loans from official bilateral creditors, said World Bank President David Malpass, underscoring the need to debt of poorer countries. The World Bank’s annual report on global debt statistics, due next month, … Read more