Indonesian President Joko Widodo names new trade minister after a three-week export ban sent shockwaves through global markets. Indonesian President Joko Widodo has sacked the trade minister following controversy over a series of policy reversals on palm oil exports, as he reshuffled his cabinet on Wednesday. Zulkifli Hasan, chairman of …
Read More »Yemen: UN launches crowdfunding campaign to head off decaying oil tanker threat
The goal is to raise funds to start the $80 million emergency operation to transfer oil from the FSO Safer to a temporary vessel. The FSO Safer is moored off Yemen’s Red Sea coast and contains more than a million barrels of oil. The tanker is beyond repair, and the …
Read More »UK hits oil and gas companies with $6 billion windfall tax | CNN Business
London CNN Business — The UK government is introducing a £5 billion ($6.3 billion) tax on the windfall profits of its oil and gas companies, bowing to pressure from campaigners to raise money to help millions of people struggling with the worst cost-of-living crisis in decades. Finance Minister Rishi Sunak …
Read More »A glimmer of hope for food prices? Indonesia lifts palm oil export ban
President Joko Widodo said in a statement on Thursday that he had made the decision “based on the current supply and price of cooking oil” and in consideration of the 17 million workers employed in the Indonesian palm oil industry. Indonesia accounts for nearly 60% of global palm oil production. …
Read More »Oil Business Burns Enough Gas to Power the Whole Sub-Sahara or Two Thirds of Europe
Global gas flaring increased to 144 billion cubic metres (bcm) in 2021 from 142 bcm in 2020. It is estimated that each cubic metre of associated gas flared results in about 2.8 kilograms of CO2-equivalent emissions. Credit: public domain by Baher Kamal (madrid) Wednesday, May 18, 2022 Inter Press Service MADRID, …
Read More »Oil falls as China’s COVID restrictions threaten fuel demand
West Texas Intermediate dropped 3.58 percent while global benchmark Brent slid 3.2 percent. By Grant Smith and Heesu LeeBloomberg Published On 2 May 20222 May 2022 Oil declined in tandem with equities as China’s stringent measures to curb Covid-19 threatened a further hit to economic activity and fuel demand. West Texas …
Read More »Video: Fires Break Out at Russian Oil Depots Near Ukrainian Border
Large fires ripped through oil depots in Bryansk, Russia, a key logistical hub in the country’s war effort.
Read More »Why India can buy Russian oil, and still be friends with the US
Not only was the South Asian country refusing to condemn Moscow’s brutal assault on Ukraine, but its purchases of discounted Russian oil — said critics — were flying in the face of sanctions aimed at crippling the Kremlin’s finances. And the White House was making its displeasure clear, calling New …
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