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☆ Iran's attack on Israel: OPEC+ isn't close to 'panic stage,' Argus Media editor says
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIran's attack on Israel: OPEC+ isn't close to 'panic stage,' Argus Media editor saysNader Itayim, Mideast Gulf editor at Argus Media, says "so long as we don't see an impact on physical supply, I'd say we shouldn't expect much from OPEC+ even if prices do rise a little bit and we do get closer … to that $100 per barrel mark."

Persons: Nader Itayim Organizations: Argus Media Locations: Israel, Mideast, OPEC

REUTERS/Yves Herman/File Photo Acquire Licensing RightsDUBAI, Dec 5 (Reuters) - Global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fuelling more destructive extreme weather, scientists said. The Global Carbon Budget report, published on Tuesday during the COP28 climate summit, said that overall CO2 emissions, which reached a record high last year, have plateaued in 2023 due to a slight drop from uses of land like deforestation. Countries are expected to emit a total 36.8 billion metric tons of CO2 from fossil fuels in 2023, a 1.1% increase from last year, the report by scientists from more than 90 institutions including the University of Exeter concluded. When land use emissions are included, global CO2 emissions are set to total 40.9 billion tons this year. China produces 31% of global fossil fuel CO2 emissions.

Persons: Yves Herman, India's, Pierre Friedlingstein, Friedlingstein, Kate Abnett, Alexander Smith Organizations: REUTERS, Rights, University of Exeter, 1.5C, IPCC, Research, Energy, Clean, European, Thomson Locations: Dunkirk, France, India, China, Paris, COP28, Helsinki, U.S, European Union, Europe

U.S Secretary of State Antony Blinken speaks during the Transforming Food Systems in the Face of Climate Change event on the sidelines of the COP28 climate summit at Dubai Expo, in Dubai, United Arab Emirates December 1, 2023. SAUL LOEB/Pool via REUTERS Acquire Licensing RightsSummary COP 'side deals' have boomed in recent yearsVoluntary climate pledges yield mixed resultsSome have led to tougher CO2-cutting policiesDUBAI, Dec 2 (Reuters) - While the world's climate diplomats huddle over draft decisions to be made at the end of this year's U.N. climate summit, governments at COP28 are firing off a flurry of new promises for action. Among the expected pledges at COP28 are a goal to triple renewable energy capacity and initiatives on methane and coal power. These voluntary side deals have proliferated in recent years, even as global temperatures and greenhouse gas emissions continue to rise. "They go much further than what you can do multilaterally," said Marc Vanheukelen, a former EU official who led the bloc's work on an international methane emissions pledge launched at the COP26 climate summit in 2021.

Persons: Antony Blinken, SAUL LOEB, Marc Vanheukelen, Jonathan Banks, Laurie van der, OCI, It's, Erin Matson, Luiz Inácio Lula da Silva, Matson, Kate Abnett, Tommy Wilkes, Katy Daigle, Jon Boyle Organizations: Food Systems, United Arab Emirates, REUTERS Acquire, EU, Global, Air Task Force, Reuters, Bank, U.S, Change, WWF, Rainforest Alliance, Climate, Thomson Locations: Dubai, United Arab, DUBAI, COP28, Glasgow, U.S, Nigeria, Canada, The U.S, China, Russia, COP26, Britain, France, United States, Italy, Germany, Brazil

☆ The World’s Key Canal Is Clogged Up. Winter Fuel Prices Could Get Wacky.
▼ + stars: | 2023-12-01 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The Panama Canal is running out of water, threatening the global supply chains and industries that depend on it. WSJ takes you inside the canal’s operations to understand what this means for the future of this vital shipping route. It could make your winter heating bills more unpredictable too, particularly if you live at the end of long and vulnerable fuel supply chains. Prices for Brent crude, the main global benchmark, are down about $9 a barrel, or about 10%, since mid-September. But Asian propane LPG prices are lower only by 3%, data from Argus Media shows, trading around $665 per metric ton in late November.

Organizations: Brent, Argus Media Locations: Panama, Asia

The assessment could become politically divisive as it sets the stage for the next few years of global action in cutting planet-warming emissions. Based on the results, countries may be pressed to set more ambitious climate policies or to contribute more financing to help developing countries adopt clean energy. In September, the United Nations offered an early stocktake assessment that revealed countries were far behind in meeting climate goals. HOW WILL THE STOCKTAKE DRIVE CLIMATE ACTION? What then needs to be decided... what do we then do from here," Dan Jorgensen, Denmark's Global Climate Policy Minister, told Reuters.

Persons: Alex Flores, Claudia Morales, Dan Jorgensen, Kate Abnett, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, United Nations, European Union, Policy, Reuters, Thomson Locations: Lake Titicaca, Bolivia, Rights DUBAI, Dubai, Paris

If General Atlantic decided to sell its stake, a deal could now garner more interest from investors, the sources said. A deal could value the company, which assesses global oil prices and provides industry news, at north of 4 billion pounds ($5.08 billion), Reuters previously reported. Deliberations remain at an early stage and General Atlantic and Hg may decide not to proceed with a transaction, two of the people said. Argus Media, Hg and General Atlantic declined to comment. Hg bought half of General Atlantic's 50% stake in Argus in 2019, valuing the business at more than 2 billion pounds then.

Persons: Adrian Binks, Amy, Jo Crowley, Victoria Farr, Mark Porter Organizations: Argus Media, Reuters, Private, Investments, Atlantic, Atlantic's, Argus, Astorg, Thomson Locations: GIC, London, Argus, Frankfurt

Here are some of the main players and negotiating blocs involved in the COP28 conference starting Nov. 30 in Dubai. In climate negotiations, Beijing argues that wealthy developed countries like the United States, the biggest historical CO2 emitter, should move first and fastest in climate policy and finance. Despite having the world's second largest economy after the United States, China considers itself as a developing nation in the climate talks. But U.S. delegates will face pressure for climate finance after Washington pledged no new climate cash to the United Nations this year. AFRICAN GROUP OF NEGOTIATORSAfrican countries will be pushing at COP28 for climate finance and financial mechanisms to speed up green energy projects.

Persons: Rula, Kate Abnett, Katy Daigle, Josie Kao Organizations: Abu Dhabi Sustainability, REUTERS, UNITED, Washington, United Nations, EU, GROUP, Marshall, European Union, Thomson Locations: UAE, Abu Dhabi, Dubai . CHINA China, China, Beijing, United States, U.S, Union, United, United Kingdom, London, Brazil, South Africa, India, Saudi Arabia, CHINA, Kenya, Ethiopia, Senegal, Mozambique, Vanuatu, Costa Rica

The United States, European Union and many climate-vulnerable countries are insisting on a final COP28 deal that commits countries to phase out fossil fuels. While the International Energy Agency says these emissions-abatement technologies are crucial for meeting global climate goals, they are also expensive and not currently used on a large scale. But the EU and some climate-vulnerable countries insist on pairing this pledge to boost renewables with phasing out fossil fuels, setting up a clash. FINANCING FOR THE COSTS OF CLIMATE CHANGETackling climate change and its consequences will take an astonishing amount of investment - far more than the world has budgeted so far. At COP28, countries will be tasked with setting up a "loss and damage" fund to help with this, which developing nations say should unlock at least $100 billion by 2030.

Persons: Sultan al, Jaber, Kate Abnett, Katy Daigle, Josie Kao Organizations: European, COP28, International Energy Agency, European Union, EU, U.S, United Arab Emirates, Thomson Locations: Dubai, Paris, COP26, United States, European Union, Russia, UAE, EU, China, COP28

The world-first climate "loss and damage" fund is set to be launched during the United Nations COP28 climate summit to be held Nov. 30-Dec. 12 in Dubai in the United Arab Emirates. "The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28," the European Commission and the UAE's incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra. Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million U.S. dollars for it by the end of the event. He said he was "hopeful" that the COP28 host, the UAE, would also make a contribution. Countries agreed at last year's U.N. climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.

Persons: Stephanie Lecocq, Wopke Hoekstra, Adnan Amin, Amin, John Kerry, Washington, Kate Abnett, Bart Meijer, Gareth Jones, Mark Heinrich Our Organizations: Environmental, Republique, New Global Financial, REUTERS, Rights, European Union, United, EU, European Commission, Finance, Reuters, Bloomberg, Economy, Thomson Locations: Paris, France, Rights BRUSSELS, United Nations, Dubai, United Arab Emirates, COP28, EU, UAE, Singapore

The EU's proposed "Euro 7" law would tighten limits on health-harming pollutants from combustion engine cars. The European Commission, which drafts new EU laws, has said the health benefits would far outweigh the costs. However, EU countries and lawmakers - which are in charge of negotiating the final law in the coming months - have each agreed to weaken the rules. Green lawmakers criticised the vote as a missed chance to reduce the roughly 70,000 premature deaths per year in Europe attributed to vehicle pollution. "The EU is missing the opportunity to be the future leader in green technology," Green EU lawmaker Bas Eickhout added.

Persons: Yves Herman, Alexandr Vondra, Bas Eickhout, Adolfo Urso, Kate Abnett, Alvise Armellini, Sharon Singleton Organizations: REUTERS, Rights, New, European Commission, Commission, Italy's Industry, EU, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, Union, Europe, Italy, Czech Republic

☆ Green Steel Is Coming. Europe Is Leading the Charge Thanks to New Carbon Taxes.
▼ + stars: | 2023-10-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +7 min

The need for conversion to low-carbon steel production is greater in Europe, where 57% of steel is produced in coal-fired blast furnaces. Swedish-based startup H2 Green Steel has signed deals to supply low-carbon steel to IKEA, Mercedes-Benz , BMW and Scania. Customers of H2 Green Steel have been willing to support the project based on their own green targets and their end-customers’ willingness to pay a green premium, he said. H2 Green Steel said it would charge a €150 premium, while Swedish steelmaker SSAB expects to charge double that. Research from the Rocky Mountain Institute suggests the IRA will encourage green steel investments that would, by 2030, produce about eight million tons of low-carbon steel, or nearly 10% of U.S. steel demand.

Persons: fabian strauch, ”, Colin Richardson, incentivizing, CBAM, Nicola Davidson, Davidson, Henrik Henriksson, Mikael Sjoberg, ” Henriksson, Gunnar Güthenke, SSAB, Europe ”, Simone Tagliapietra, Paul Lim, ” Lim, Yusuf Khan Organizations: Leadership Group, Industry, Argus Media, Rocky Mountain Institute, U.S ., Business, International Energy Agency, Investments, Steel, IKEA, Mercedes, Benz, BMW, Scania, H2, Bloomberg, Research, Europe, Bruegel, U.S Locations: Europe, U.S, Brussels, London, European, Lakes , Texas, Pacific, China, Asia

But even EU countries clashed over how ambitious to be - and their ministers were locked in talks into the evening on Monday. The faultlines tended to fall between wealthier EU members seeking rapid climate action, and poorer economies concerned about the cost of quitting fossil fuels. Another submission, by Saudi Arabia, did not explicitly mention a fossil fuel phase-out. 'NOT VERY HOPEFUL'The resistance shows how hard it will be to strike an ambitious climate deal at COP28. "I am not very hopeful," Carlos Fuller, U.N. climate negotiator for Belize, said of the fossil fuels phase-out - which Belize supports.

Persons: Wolfgang Rattay, Carlos Fuller, COP28, Jennifer Morgan, Natalie Jones, Kate Abnett, Glwadys Fouche, Katy Daigle, Barbara Lewis Organizations: REUTERS, Rights, Diplomats, Reuters, African Group, International Institute for Sustainable Development, Thomson Locations: Niederaussem, Germany, Rights BRUSSELS, Poland, Czech Republic, COP28, Russia, Saudi Arabia, Belize, COP27, China, Japan, United States, Colombia, Norway, U.N, Paris, Oslo

The EU is typically one of the most ambitious negotiators at the annual United Nations climate talks, where nearly 200 countries negotiate efforts to fight global warming. A central decision will be whether countries at the COP agree for the first time to phase out fossil fuels. EU countries must agree their negotiating position unanimously, meaning one government can block it. EU countries opposing a full phase-out include poorer nations who fear the impact of weaning their economies off fossil fuels. The brackets around "unabated" indicate EU countries have not yet agreed on the word.

Persons: Rula, EU's, Kate Abnett, Jan Strupczewski, Emelia Organizations: Abu Dhabi Sustainability, REUTERS, Union, EU, United Nations, Reuters, Thomson Locations: UAE, Abu Dhabi, BRUSSELS, United, Dubai, Denmark, France, Germany, Ireland, Netherlands, Slovenia, Czech Republic, Hungary, Italy, Malta, Poland, Slovakia, Saudi Arabia

In particular, lawmakers want assurances that the European Commission is not planning to shelve green measures that it promised but has not yet delivered - including restrictions on harmful chemicals, microplastics pollution and animal welfare. The shake-up in Europe's green leadership comes as climate policies face mounting pushback from politicians warning of the large investments required. Some EU officials are wary of pushing through new green measures before EU Parliament elections in June. Recent EU proposals - including a landmark law to restore nature - have faced resistance from some lawmakers and governments arguing Brussels is tangling industries in red tape. But Sefcovic and Hoekstra also need backing from green and left-leaning lawmakers demanding urgent action to tackle the CO2 emissions fuelling extreme weather across Europe, and reverse the decline of nature.

Persons: Wopke Hoekstra, de, Maros Sefcovic, Pascal Canfin, Sefcovic, Canfin, Hoekstra, Robert Fico, Kate Abnett, Bart Meijer, Christina Fincher, Josie Kao Organizations: Ministers, REUTERS, Rights, European Commission, EU, Thomson Locations: The Hague, Netherlands, Rights BRUSSELS, Dutch, Brussels, Europe, Slovak, Ukraine, Russian Slovak

☆ Q3 will be better for Saudi Aramco as oil price is expected to rebound
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThird quarter will be better for Saudi Aramco as production cut extension will balance demandAzlin Ahmad of Argus Media shares her views on Saudi Aramco after the earnings and says the market is going to be "fairly balanced" in the third quarter.

Persons: Azlin Ahmad Organizations: Saudi Aramco, Argus Media Locations: Saudi

☆ Russian oil tops price cap set by Western countries for first time
▼ + stars: | 2023-07-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. “This is the first real test of the price cap sanctions,” Matthew Wright, a senior freight analyst at Kpler, told CNN. “High interest rates, declining economic activity in China, and a potential recession in the West,” have depressed oil prices globally. The smaller gap shows that the G7 price cap is “having a diminishing impact on Russian oil revenues,” Richard Bronze, co-founder and head of geopolitics at Energy Aspects, told CNN. Despite rising oil prices, buyers like India are unlikely to turn their backs on Russian oil, said Wright at Kpler.

Persons: ” Matthew Wright, Wright, “ It’s, Russia —, That’s, ” Richard Bronze, Natalia Kolesnikova, “, Tim Lister Organizations: London CNN, Group, Moscow, Argus Media, European Union, Argus, EU, CNN, Organization of, Petroleum, Gazprom, US Treasury, International Energy Agency, IEA Locations: China, India, Europe, Russia, OPEC, Ukraine, Brent, Moscow, AFP, Western, Kpler, Russian, Saudi Arabia

How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

☆ Russian oil sanctions appear to be working - crude still flows even as Moscow's pulling in less money. But there's more to it than that.
▼ + stars: | 2023-04-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

I spent much of yesterday parsing through pages of data on where Russian oil is heading and how much buyers are paying for barrels. Today we're unpacking two less obvious observations about Russian oil. That said, researchers pointed out that most of the Western companies still facilitating Russian oil shipments don't actually abide by the $60-a-barrel price cap that the EU and G-7 imposed. Ships carrying Russian oil, according to Argus, indeed make a premium for doing what they do, but that premium has shrunk over the last month. In effect, the "sanctions premium" isn't what it was a month ago.

☆ Russian Oil Prices Surge, Put Sanctions to Test
▼ + stars: | 2023-04-26 | by ( Joe Wallace | Andrew Duehren | ) www.wsj.com time to read: 1 min

Illustration: WSJU.S.-led sanctions designed to throttle Moscow’s fossil-fuel income face a new challenge: a big jump in the price Russia gets for its oil. Booming demand in India and China has pushed the price of Urals crude, Russia’s main grade of oil, up to about $55 a barrel from a daily low of $35 in January, according to commodities-data firm Argus Media. The rally contrasts with a retreat in broader oil markets driven by weakening demand in the U.S. and Europe as economies there slow.

☆ We have almost a problem of 'too much gas around' for this summer, analyst says
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have almost a problem of 'too much gas around' for this summer, analyst saysNatasha Fielding of Argus Media discusses the "significant risks" for the coming winter.

☆ Steelmaking Is Trying to Make Itself Greener and Researchers May Have Found a Way
▼ + stars: | 2023-01-25 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

Steelmaking is one of the most carbon-intensive industries in the world, but researchers may have found a way to make it greener. Newsletter Sign-up WSJ Pro Sustainable Business A weekly look at environmental, social and governance issues and strategies for corporate decision makers. The system essentially creates a closed loop where the carbon split using the perovskite is put back into the system. “After five years, this system would save the U.K. steel industry £1.28 billion [equivalent to $1.57 billion], while reducing UK-wide emissions by 2.9%,” Ms. Kildahl said. For example, H2 Green Steel in Sweden is looking to cut carbon emissions by using hydrogen as a fuel source.

☆ An oil historian explains China's impact on a key Russian oil product — which is now trading far below the EU's price cap
▼ + stars: | 2023-01-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In December, a $60-per-barrel price cap was established to limit how much cash Moscow could pull in from oil exports. But the country's key oil product is trading far below that level, which in one sense makes the cap moot. Russian President Vladimir Putin, center, speaks to workers while visiting the Rosneft oil refinery in the Black Sea port of Tuapse, southern Russia. But to Gregory Brew, a Kissinger Visiting Scholar at Yale, rather than being a direct consequence of any sanction measure, the steep discount reflects the easing global market. It isn't about what Russia can produce or how badly it's revenue is impacted by sanctions, but instead the focus should be on what kind of market Russia will be operating in.

☆ U.S. urges caution on low-quoted Russian oil prices as EU debates price cap
▼ + stars: | 2022-12-01 | by ( David Lawder | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 30 (Reuters) - The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. The U.S. official cited concerns over using prices that represent a subset of Russian oil sales. A price cap of $65 a barrel on Russian crude would represent a meaningful price reduction from recent prices, citing an estimated average of $78 per barrel since March 2022. The cap was conceived as a way to limit Moscow's oil revenues while keeping Russian crude on the global market to avoid a massive spike in oil prices. The price cap will be enforced by denying insurance, shipping and other maritime services provided by G7 democracies and Australia to shipments priced above the cap.

☆ Russian oil is now 20% below the proposed price cap as EU nations remain split in talks
▼ + stars: | 2022-11-28 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

That's 20% lower than the European Union's proposed price cap of $65 per barrel, though some nations want it lower. EU member countries are resuming talks on Monday over the Russia oil price cap. Last week, reports said a price cap of $65-$70 was under discussion. The price cap will coincide the EU's December 5 embargo on seaborne Russian crude imports and ban on related services for deliveries worldwide. But because Russian oil is already selling below the proposed price cap level, analysts have noted that it wouldn't be low enough to weaken Moscow's revenue.

☆ Europe now has so much natural gas that prices just dipped below zero
▼ + stars: | 2022-10-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Europe has more natural gas than it knows what to do with. Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas (LNG) are lining up at ports, unable to unload their cargoes, and prices are tumbling. The price of benchmark European natural gas futures has dropped 20% since last Thursday, and by more than 70% since hitting a record high in late August. Prices turned negative because of an “oversupplied grid,” Tomas Marzec-Manser, head of gas analytics at the Independent Commodity Intelligence Services (ICIS), told CNN Business. The bloc has ramped up imports of LNG from the United States and Qatar as natural gas imports from Russia plummeted.

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