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MANCHESTER, England (AP) — Britain’s Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. The right-of-center Tories, in power since 2010, are lagging far behind the center-left opposition Labour Party in opinion polls. Truss, whose plan for billions in unfunded tax cuts spooked the financial markets, is calling for the party to “revive Conservative values” such as “cutting red tape, lower(ing) taxes and trusting that markets will find the solutions we all want.”

Persons: Jeremy Hunt, Hunt, ” Hunt, “, Rishi Sunak, Sunak, Liz Truss, Boris Johnson, pocketbooks, Suella Braverman, Kemi Badenoch, James, Truss, ” Organizations: —, Treasury, Conservative Party, Conservatives, Low, Commission, U.K, Sky News, Labour Party, European Union Locations: MANCHESTER, England, Ukraine, Britain, Manchester

Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap. Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq's oil minister has said it was anticipated, without elaborating.

Persons: Sultan al, Jaber, al, Al, “, he's, it’s, ” al, Haitham, Ghais, Alparslan Bayraktar, ”, Bayraktar Organizations: United, United Arab Emirates, Abu Dhabi Oil Co, Abu, Abu Dhabi International Petroleum Exhibition, Conference, Brent, United Arab, Turkish Energy, Kurdish Locations: ABU DHABI, United Arab, United Nations, Abu, Abu Dhabi, Russia, United Arab Emirates, Jaber, OPEC, Iraqi, Turkish, Turkey, Ceyhan

☆ Climate target walk-backs highlight 'overzealous' policy pledges, OPEC chief says
▼ + stars: | 2023-10-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023. Asked about the impact of high oil prices on consumers, al-Ghais said this "depends on the state of the global economy" and noted increases in oil demand. We're seeing historically high, phenomenally high growth figures for oil demand," he said. An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week's JMMC meeting will lead to policy adjustments.

Persons: Haitham, CNBC's Dan Murphy, Ghais Organizations: Organization of Petroleum Exporting, Energy Asia Summit, Bloomberg, Getty, OPEC, Organization of, Petroleum, Abu Dhabi International Progressive Energy Congress, European Union, Brent, International Energy Agency, CNBC, COP28 Locations: OPEC, Europe, Ukraine, Paris

The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.

Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran

☆ Britain’s PM seeks to rally his party ahead of an election they are tipped to lose
▼ + stars: | 2023-10-01 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

London CNN —Rishi Sunak will gather with members of his governing Conservative Party on Sunday for what is likely to be their final party conference before the UK’s next general, which Sunak is currently projected to lose. Party conference season is an important date fixture in the annual British political calendar. For the governing party, conference is typically a time when members rally around the leadership and unite against the opposition, insulated from whatever is happening in the wider world of politics. Boris Johnson and Rishi Sunak led the UK government through much of the Covid pandemic. Prime Minister Rishi Sunak speaking in June on his plan to "stop the boats."

Persons: Rishi Sunak, Sunak, Boris Johnson, Dan Kitwood, Priti Patel, Margaret Thatcher, Johnson, Rishi, Reuters Johnson, He’s, ”, Yui Mok, “, Will Jennings, it’s, Brexit, Jeremy Corbyn Organizations: London CNN, Conservative Party, Conservatives, Labour Party, for Fiscal Studies, Party, Conservatives ’, British, Conservative, Daily Mail, Greenpeace, Reuters, University of Southampton, Labour Locations: tacking, Sunak, France, “, Manchester

Mining operations account for some 4%-7% of global greenhouse gas emissions, according to global consulting firm McKinsey & Company. But some miners are moving to reduce use of fossil fuels in extracting and refining, partly due to pressure from downstream customers that want more sustainable supply chains. Located beside a crystal-blue lake in the lush jungle of Sorowako, South Sulawesi, Vale Indonesia — a subsidiary of Vale international — runs its smelters entirely from hydroelectricity. Other companies and countries around the world also are reducing use of fossil fuels in their mining operations. But now, having that infrastructure means big savings at a time when global energy prices are high.

Persons: Michael Goodsite, “, Joko Widodo, Widodo, “ Ford, ” Christopher Smith, Febriany Eddy, Eddy, it’s, ” Eddy, Aimee Boulanger, there’s, they’ve, ” Goodsite Organizations: McKinsey & Company, Vale, Companies, University of Adelaide, Volvo, Mercedes, Hyundai, Apple, Ford Motor Co, Vale Indonesia, Associated Press, Initiative for, Mining Assurance, —, AP Locations: SOROWAKO, Indonesia, Indonesian, Sulawesi, Sorowako, South Sulawesi, Indonesia —, Chile, Raglan, Canada, Australia, ” Indonesia, Vale Indonesia, China, United States

☆ Oil up $1 on tight U.S. supply, China demand
▼ + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.

Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St

☆ Oil prices near $100 per barrel raise questions over demand destruction
▼ + stars: | 2023-09-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.

Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing

☆ Oil prices fall as Russia, Saudi Arabia expected to boost supply
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Oil prices had eased about 1% on Thursday, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. "Oil prices recent rally paused overnight," National Australia Bank said in a note. Russia has not discussed a possible crude oil supply increase to compensate for Moscow's fuel exports ban with OPEC+, the Kremlin has said. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ Research said in a note.

Persons: Brent Organizations: Brent, . West Texas, National Australia Bank, Aramco, Organization of, Petroleum, Russian, JPMorgan, Kremlin, ANZ Research Locations: New Mexico, U.S, Russia, Saudi Arabia, China, OPEC, Turkey, Brazil, Morocco, Tunisia

☆ India increases windfall tax on petroleum crude
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsSept 29 (Reuters) - The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees. On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees. India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: Amit Dave, refiners, Nikunj Ohri, Chandni Shah, Shilpi Majumdar Organizations: REUTERS, Thomson Locations: Vadinar, Gujarat, India, Bengaluru

☆ The world needs cheap electric cars. That spells trouble for Big Auto
▼ + stars: | 2023-09-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.

Persons: Henry Ford’s, carmaking, Jeff Kowalsky, ”, Gene Munster, Tesla, — Tesla, —, Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America

☆ Russian oil sold to India at 30% above Western price cap, traders say
▼ + stars: | 2023-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below $60 per barrel. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said.

Persons: Tatiana Meel, Brent, HPCL Mittal, Nidhi Verma, Alexander Smith, Elaine Hardcastle Organizations: REUTERS, Moscow, Board, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries Ltd, Nayara Energy, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Ukraine MOSCOW, DELHI, India, Moscow, Saudi Arabia, Baltic, Mangalore, Russian, Turkey, China, Bulgaria, Brazil, New Delhi

☆ Extreme fear is haunting stock markets again. Here's why investors are running scared
▼ + stars: | 2023-09-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The S&P 500 index (SPX) has risen 11% since the start of the year, the tech-heavy Nasdaq (NDX) 33%, and the Stoxx Europe 600 (STOXX) 5%. The Stoxx Europe 600 has fallen 3.3%. ‘Higher for longer’ interest ratesThe world’s major central banks have spent the past two years hiking borrowing costs in a bid to control runaway inflation. High interest rates typically put pressure on stocks, since investors tend to favor bonds when they offer comparable returns as they are safer. An ailing ChinaA slew of disappointing economic data out of China has also put pressure on stocks.

Persons: Michael Hewson, —, Cushing, Strategic Petroleum Reserve —, Goldman Sachs, Giovanni Staunovo, Brent, stoking Organizations: London CNN —, CMC, CNN, Nasdaq, Federal Reserve, Brent, Strategic Petroleum Reserve, UBS, country’s National Bureau of Statistics, Evergrande Group Locations: United States, Europe, Saudi Arabia, Russia, OPEC, Cushing , Oklahoma, Ukraine, Saudi, China, Hong Kong

☆ Russia's fuel export ban will not be lifted soon, TASS reports
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Sept 28 (Reuters) - Russian Energy Minister Nikolai Shulginov said on Thursday that the ban on fuel exports will not be lifted soon and will remain in place until the domestic market stabilises, TASS news agency reported. Shulginov also said that some additional measures could be taken in order to tackle the fuel shortages, according to the news agency. "I will say one thing - expectations of a quick lifting of the fuel export ban are futile - the measure will last as long as necessary to stabilise fuel supply and prices," he was quoted as saying by TASS. The government last week introduced a temporary ban on exports of gasoline and diesel to all countries beyond four ex-Soviet states to try to stem an increase in domestic fuel prices and tackle fuel shortages. Analysts have predicted the restrictions will last for a few weeks during Russia's harvest season, when fuel demand increases.

Persons: Nikolai Shulginov, Shulginov, Vladimir Putin, Vladimir Soldatkin, Jane Merriman Organizations: Russian Energy, TASS, Wednesday, Thomson Locations: MOSCOW

☆ Trump is attacking electric vehicles. Automakers already bet their future on them
▼ + stars: | 2023-09-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Legacy automakers are pivoting to electric vehicles in response to expected strong consumer demand, tougher environmental regulations both from US states and foreign countries, and a push from Wall Street. Electric vehicles have outpaced growth of traditional internal combustion engine (ICE) cars in recent years. But automakers bucked Trump and agreed to meet tougher standards set by California rather than the Trump administration’s rules. At a Detroit battery plant Wednesday, Trump said America didn’t need what the factory produced“This plant, we just walked through this plant and the electric vehicles are gonna put [automakers] out of business,” Trump said. Trump’s proposals could undermine US companies’ EV investments and hand over control of an increasingly EV future to foreign manufacturers.

Persons: Donald Trump, Donald Trump’s, “ don’t, Trump, ’, ”, Barry Rabe, EVs, Brian Kemp, Ford, Rabe, Biden’s, Tesla, Jon McNeill, McNeill, ” McNeill, EVs Trump, bucked Trump, ” Trump, “, Biden, Rishi Sunak, Lisa Brankin Organizations: New, New York CNN, Detroit, Cox Automotive, Biden, Environmental Protection Agency, University of Michigan, Hyundai, Kia, EV upstarts, Republican Gov, Environmental Defense Fund, Nissan, Mercedes, Benz, Wall, Investors, ICE, General Motors, GM, Biden’s EV, Legacy, DVx Ventures, Tesla, Obama, Trump, America, ” Ford, Fiat, Peugeot Locations: New York, Georgia, South Carolina, Alabama, United States, California, Detroit, Michigan, China

☆ 'Narwhal' ship: Taiwan unveils first domestically built submarine as China threat grows
▼ + stars: | 2023-09-28 | by ( Eric Cheung | ) edition.cnn.com time to read: +9 min

“It is also important equipment for our naval forces in developing asymmetric warfare strategies.”“In the past, many people thought building an indigenous submarine would be an impossible task. Taiwan's president gives a speech at the launch ceremony of Taiwan's first domestically built submarine, in Kaohsiung on September 28. Tsai said the indigenous submarine project was “a top priority” of her administration. Video Ad Feedback Taiwan's military is preparing in case China attacks. But Taiwan’s indigenous military procurement program remains a lynchpin of its defense strategy, particularly when it comes to systems like anti-ship missiles that could defend against a potential invasion.

Persons: Tsai Ing, Kun, ” Tsai, “, Tsai, Taiwan's, Eric Cheung, Sandra Oudkirk, Washington’s, Admiral Huang Shu, kuang, Huang, ” Huang, Collin Koh, ”, Admiral Huang, Joe Biden, Donald Trump, Xi Jinping, Nancy Pelosi, Lee Teng Organizations: Taiwan CNN, Taiwan, CNN, National Security Council, Rajaratnam, of International Studies, PLA Navy, Party, US Pacific Fleet Locations: Kaohsiung, Taiwan, Taipei, Beijing, China, ”, Philippines, Japan, Singapore, Philippine, United States, Taiwan Strait, South Korea, India

☆ The top superyachts at Monaco Yacht Show 2023
▼ + stars: | 2023-09-27 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +7 min

“It shows the evolution of yacht design and the use of a yacht,” says Pizzardini. The Monaco Yacht Show’s Sustainability Hub, which showcases what are touted as sustainable solutions and eco-friendly projects, is returning to the show for its second year. RossinaviThere were 5,695 superyachts over 30 meters in operation in mid-August, according to the Monaco Yacht Show Market Report 2023 published by SuperYacht Times. The report goes on to state that new yacht sales were behind by 34% at the start of September, while used yacht sales were down by around 25%. There are lots of expectations for this year.”Monaco Yacht Show 2023 begins on September 27, and ends on September 30.

Persons: Julien Hubert, Marcela Royer, ” Johan Pizzardini, Royer, ”, they’re, Guillaume Plisson, Tecnomar –, “, – it’s, Vitruvius, Francesco Paszkowski, Maurizio Paradisi, Amels, Amare, Aurelia, Lara, Pizzardini, superyachts, it’s Organizations: CNN, Monaco, Tankoa Yachts, CNN Travel, Monaco’s, Amels, Italian, Group Yachts, “, Rossinavi, SuperYacht Times Locations: Monaco, Netherlands, London, Carinthia

The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Alexey Malgavko, Vortexa, JP Morgan, said.Turkey, FGE, Edmund Blair Organizations: Traders, Kremlin, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Omsk, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Oil prices climb as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Sept 27 (Reuters) - Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25. "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end. "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole.

Persons: Tatiana Meel, Cushing, Leon Li, Neel Kashkari, Arathy Somasekhar, Emily Chow, Sonali Paul 私 Organizations: Rights, Brent, U.S, West Texas, Organization of, Petroleum, ANZ Research, Russian Railways, Minneapolis Federal Reserve Bank, of England Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, Oklahoma, Cushing, Saudi Arabia, Europe, United States, Minneapolis, Houston, Singapore

LONDON (AP) — British regulators on Wednesday approved new oil and gas drilling at a site in the North Sea, a move environmentalists say will hurt the country’s attempt to meet its climate goals. The U.K.'s North Sea Transition Authority said it had approved the Rosebank Field Development Plan, “which allows the owners to proceed with their project.”Britain’s Conservative government argues that drilling in the Rosebank field, northwest of the Shetland Islands, will create jobs and bolster the U.K.’s energy security. One of the largest untapped deposits in U.K. waters, Rosebank holds an estimated 350 million barrels of oil. The field is operated by Norway’s Equinor and the U.K. firm Ithaca Energy, which say they plan to invest $3.8 billion in the first phase of the project. The government says it still aims to reduce the U.K.’s carbon emissions to net zero by 2050.

Persons: ”, Norway’s Equinor, Caroline Lucas, Rosebank, Rishi Sunak’s, Sunak, Claire Coutinho Organizations: —, Transition, Conservative, Ithaca Energy, Green Party, Energy, Rishi Sunak’s Conservative Locations: North, Shetland, Ukraine

☆ Rosebank: Britain approves huge, controversial oil and gas field in the North Sea
▼ + stars: | 2023-09-27 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —The British government approved the development of a huge oil and gas field in the North Sea Wednesday, sealing its commitment to keep producing fossil fuels for decades to come. “We have today approved the Rosebank Field Development Plan which allows the owners to proceed with their project,” said a spokesperson for oil and gas regulator the North Sea Transition Authority in a statement. The spokesperson added the decision had been made “taking net zero considerations into account throughout the project’s lifecycle.” Net zero is where the world removes at least as much planet-heating pollution as it emits. UK Prime Minister Rishi Sunak recently said he wanted to “max out” oil and gas developments in the North Sea and issue hundreds of new licenses. “Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas.

Persons: “, ”, Rishi Sunak, Sunak, we’ve, ” Sunak, Tessa Khan, Lyndsay Walsh, Rosebank, Claire Coutinho Organizations: CNN, Transition, International Energy Agency, Oxfam, Shell Locations: Shetland, Scotland, Norwegian, North, Rosebank

☆ Oil prices edge higher as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices ticked up in early trade on Wednesday, as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 33 cents, or 0.4%, to $94.29 a barrel by 0015 GMT, while U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.3%, to $90.70. Industry data released on Tuesday showed U.S. crude oil stockpiles rose last week by about 1.6 million barrels, against analysts' expectations for a drop of about 300,000 barrels. However, markets continued to worry about U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub falling below minimum operating levels.

Persons: Cushing, Neel Kashkari Organizations: Brent, U.S, West Texas, Organization of, Petroleum, Russian Railways, Minneapolis Federal Reserve Bank, of England, Senate, Republicans Locations: Cushing , Oklahoma, U.S, Oklahoma, Cushing, Russia, Minneapolis

☆ Abrams tanks were 'built to kill' Russian armor, but Ukraine has its work cut out for it keeping them in the fight
▼ + stars: | 2023-09-27 | by ( Chris Panella | Ryan Pickrell | ) www.businessinsider.com time to read: +12 min

Ukraine has received a first batch of US-provided M1A1 Abrams tanks. It's heavy-duty, combat-proven armor that was built with a very specific mission in mind: killing Russian tanks. The promise to deliver American-made Abrams tanks to Ukraine followed plans from the UK, Germany, and other European partners to provide Ukraine with Challenger and Leopard tanks. AdvertisementAdvertisement"The Abrams was built, A1 and A2 alike, knowing we had to kill many more Russian tanks. AdvertisementAdvertisementUS M1A1 Abrams tanks needed for training the Armed Forces of Ukraine arrive by rail at Grafenwoehr, Germany, May 14, 2023.

Persons: Abrams, it's, —, Robert Greenway, Volodymyr Zelenskyy, Biden, M1A1 Abrams, Lance Cpl, Scott Jenkins, Joe Biden, M1A1s, Pat Ryder, Gian Gentile, RAND's, Gentile, Leo, Challenger, Allan Tannenbaum, Greenway, Charlie Company ,, Brendan Mullin, there's, It's, Tylon Chapman, Douglas R, Bush, we've Organizations: US Army, Service, Ukraine, Soviet, Hudson Institute, Army, New York Times, M1A1, Iraq's, Special Forces, Marine Corps M1A1, 2nd Tank Battalion, 2nd Marine Division, Marine Expeditionary Force, US Marine Corps, Kyiv, Pentagon, Challenger, Leopard, Leopards, RAND's Arroyo Center, US, Charlie, Charlie Company , 1st Tank Battalion, 1st Marine Division, United Arab Emirates, Armed Forces, US Air National Guard, Honeywell, Abrams, Acquisition, Logistics, Technology, M1 Abrams Locations: Ukraine, Soviet, Pohjankangas, Niinisalo, Finland, Scott Jenkins Ukraine, Germany, RAND's Arroyo, Russian, Iraq, Soviet Union, U.S, Kuwait, Grafenwoehr

☆ Goldman Sachs warns US energy policy is backfiring
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.

Persons: Goldman Sachs, Daan Struyven, Biden, ”, Jennifer Granholm, Saudi Arabia’s, “, ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, ”, Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC

☆ Copper is critical to energy transition. The world is falling way behind on producing enough
▼ + stars: | 2023-09-27 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

watch nowIn the meantime, copper customers, in anticipation of shortages, are either delaying clean energy projects or reducing their need for copper, an economic principle known as demand destruction. Among other actions, it would dismantle most of the clean energy projects initiated by the Biden Administration. At that point, the consensus was that there would be a major copper supply response. That's presented the industry with a whole new era of copper demand, Adkerson said. China's economy has slowed, while those in the U.S. and Europe are striving to transition to clean energy.

Persons: Wood Mackenzie, Nick Pickens, we've, we're, Tesla, eyeing, Rishi Sunak, Richard Adkerson, he's, Adkerson, That's, Clayton Walker, Matt Murphy, Murphy, Walker Organizations: Polska Miedz SA, Bloomberg, Getty, EV, P, International Energy Agency, Heritage Foundation, Republican, Biden Administration, Phoenix, Resources, Freeport, Afp, Rio, Barclays, Rio Tinto, Caterpillar Locations: Glogow, Poland, Wood, EVs, McMoRan, Freeport, China, U.S, Europe, Papua, Freeport's Indonesia, Rio Tinto, Mongolia, Salt Lake City , Utah, Indonesia, Rio

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