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☆ 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

☆ 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

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

Russian President Vladimir Putin chairs a government meeting via a video link at the Kremlin in Moscow, Russia, September 27, 2023. The impact on refined product supplies bolstered global oil prices , which rose to their highest since last November. Russian domestic fuel prices initially eased on the local commodity exchange, but began to creep up again after an easing of the restrictions was announced over the weekend. The government is also reconsidering a cut to damper payments, or subsidies to oil refineries, which began this month, he said. Wholesale fuel prices spiked, although retail prices are capped to try and keep them in line with the official rate of inflation.

Persons: Vladimir Putin, Mikhail Metzel, Novak, Putin, Alexander Novak, Vladimir Soldatkin, Jan Harvey, Kirsten Donovan, Barbara Lewis Organizations: Kremlin, Sputnik, REUTERS Acquire, Putin, Wednesday, Traders, Thomson Locations: Moscow, Russia, MOSCOW

☆ Milan Fashion Week: Stars and style align at the Spring-Summer 2024 shows
▼ + stars: | 2023-09-26 | by ( Marianna Cerini | ) edition.cnn.com time to read: +13 min

Milan CNN —Milan Fashion Week picked up where London left off last Wednesday, at least weather-wise. Both hit their strides with highly well received collections, as did a number of other familiar faces to Italy’s fashion capital. Overall, however, the festivities showed a consistency of form that continues to make the Italian city Paris’s greatest rival to the fashion scene throne. Cinematic sets and performative showsAlongside the clothes, many brands made their sets a main talking point at fashion week. Lodovico Colli di Felizzano/WWD/Getty ImagesRyan Gosling and Juila Roberts were among the star-studded crowd to pile into the Gucci show.

Persons: Milan, Gucci, Sabato de Sarno, Tom Ford’s, Peter Hawkings, Ford’s, Versace, Giulio Tanzini, Julia Roberts, Ryan Gosling, Gabrielle Union, Jessica Chastain, Paul Mescal, Jodie Comer, Emma Watson, Scarlett Johansson, Benedict Cumberbatch, Prada, Kate Moss, Linda Evangelista, Naomi Campbell, Anna Wintour, Kim Jones, Karl Lagerfeld, Rome, Tom Ford, georgette, Brigitte Bardot, Priscilla Presley, Lorenzo Serafini, Max Mara, Ian Griffiths, Carlyne Cerf, Dudzeele, Katie Grand, Lucia Liu, Gabriella Karefa, Johnson, Franco, Jeremy Scott, Cerf, Lucia Liu’s, Donatella Versace, Kendall Jenner, Gigi Hadid, Natalia Bryant, Precious Lee, Claudia Schiffer, lacy, Simone Bellotti, Francesca Murri, Matthieu Blazy, Blazy, Italy —, —, Paolo Fichera, Cavalli, Fendi, Shawn Kolodny, Pietro S, Beate Karlsson, Avavav, Sabato de Sarno's, Gregoire Avanel, Tom Ford's, Gaspar Ruiz, Pietro D'Aprano, Mattieu, Alfonso Catalano, Kim Jones nodded, Fendi Jones, Daniele Venturelli, Zakirova, Lodovico Colli di, Juila Roberts, Roberto Cavalli, Isidore Montag Organizations: Milan CNN — Milan, London, Bottega Veneta, Diesel, Prada, Britain’s Land Army, Dolce, Gabbana, Bally, Fondazione Prada, Accademia di Brera, Getty, Gucci Locations: British, Milan, Bottega, Hollywood, Fendi, organza, Los Angeles, Cannes, Bottega Veneta, Italy, French, Belgian, —, Missoni, Milan’s, Sunnei, Stockholm

☆ Net Zero Is Still Possible, but Clean Energy Spending Must Go Faster
▼ + stars: | 2023-09-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

At least $4.5 trillion a year in clean-energy investments will be needed by the start of the 2030s to reach net zero by 2050, the IEA said. “We have the tools needed to go much faster,” the report said. It estimates that 80% of the emissions reduction needed by 2030 can come from increasing renewable generation, energy efficiency and electrification, as well as from cutting methane emissions. The new report comes as policies toward green energy globally are at a crossroads, with politicians balancing green ambitions with energy security and a cost-of-living squeeze. “Without efforts to reduce methane emissions from fossil fuel supply, global energy sector CO2 emissions would need to reach net zero by around 2045,” the report said.

Persons: Ajit Solanki, “, Yusuf Khan Organizations: Press, International Energy Agency, IEA, Business Locations: Surendranagar, Gujarat, India, Paris, Ukraine, China

☆ Oil prices dip as high interest rate outlook outweighs tight supply
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped in early trade on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. The world's top economic policy makers, the U.S. Federal Reserve and the European Central Bank, have over the recent days reiterated their commitment to fight inflation, signalling tight policy may persist longer than previously anticipated. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. We expect oil to trade above $90 per barrel during the week," ANZ Research said in a note. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Moody's, Fitch, JP Morgan Organizations: Brent, . West Texas, U.S . Federal Reserve, European Central Bank, ANZ Research Locations: U.S, Russia, Saudi Arabia, Moscow

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

"The UK has been one of the real leaders in climate diplomacy and in their own emissions reductions," Ireland’s climate minister Eamon Ryan told Reuters. But according to the Climate Change Committee’s June 2023 progress report to parliament, to hit mid-way climate targets, Britain must quadruple its annual emissions reductions outside the electricity supply sector by 2030. He said he was changing the policy because previous governments had moved too quickly to set net zero targets, without securing the support of the public. Delaying net zero transition investments could prove politically popular, analysts observed, if an election was on the horizon. But "this framing only works if you think climate policy is a burden", said Bob Ward, a climate policy researcher at the London School of Economics and Political Science, adding that avoiding short-term costs was likely to lead to a greater bill for taxpayers down the road.

Persons: Eamon Ryan, Rishi Sunak, Bob Ward, Britain's, Simone Tagliapietra, Sunak’s, Philip Dunne, Susanna Twidale, Gloria Dickie, Kate Abnett, Elizabeth Piper, Ed Osmond, Alison Williams Organizations: Reuters, United Nations, London School of Economics, Political, Global, Thomson Locations: Britain, Ukraine, Poland, Slovakia, Netherlands, Brussels, U.S, London

Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. High interest rates are already curbing demand across Western economies, including for oil. The U.S. Federal Reserve on Wednesday pressed pause on interest rates, but did not rule out one more hike this year. President Joe Biden has already promised to cut prices, though has not said how, and in the short term the impact of autumn refinery maintenance on supplies could keep prices high.

Persons: Mike Segar, Brent, Jerome Powell, Morgan Stanley, Goldman Sachs, Goldman, PVM's Tamas Varga, I'm, Craig Erlam, Ajay Parmar, Joe Biden, Gordon Balmer, Natalie Grover, Robert Harvey, Mark John, Balazs Koranyi, Dan Burns, Simon Webb, Barbara Lewis Organizations: Exxon, REUTERS, . West Texas Intermediate, Reuters, Retail, Federal, International Energy Agency, Organization of, Petroleum, U.S . Federal Reserve, HSBC, Energy Information Administration, U.S, Diesel, Energy, Petrol Retailers, Thomson Locations: Edgewater , New Jersey, U.S, OPEC, Europe, Brazil, Guyana, United States, Russia, Saudi Arabia, Ukraine, Britain, France, London, Frankfurt, New York

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

REUTERS/Stringer Acquire Licensing RightsSept 25 (Reuters) - Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.

Persons: Stringer, Tony Sycamore, Vandana Hari, Baker Hughes, Goldman Sachs, Mohi Narayan, Florence Tan, Sonali Paul, Christian Organizations: REUTERS, Brent, . West Texas, IG, Northern, Vanda Insights, Thomson Locations: Heilongjiang province, China, Moscow, Saudi Arabia, Russia, United States, Florence

FRANKFURT, Germany (AP) — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel. Here are things to know about the recent increase — and where prices might be going:WHY HAVE OIL PRICES RISEN? “The last thing you want to do is fuel inflation again with much higher oil prices. Diesel prices have risen as well, along with higher oil costs and refineries facing shortages of the specific kinds of crude best for making diesel. HOW DO HIGHER OIL PRICES HELP RUSSIA?

Persons: Jorge Leon, That's, Leon, ” Leon, “, ”, Thu, Nguyen, Commerzbank, Gary Peach, Benjamin Hilgenstock, Joe Biden, Biden, Josh Boak Organizations: —, Saudi, Brent, Rystad Energy, Energy Intelligence, U.S, AAA, Diesel, Kremlin, Kyiv School of Economics, Policy Center, Union, Group, U.S . Energy Information Administration, Associated Locations: FRANKFURT, Germany, Russia, Saudi, OPEC, China, Europe, U.S, Ukraine, Moscow, Brussels, Washington

☆ Nissan says all new models launched in Europe will be fully electric
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Japanese carmarker Nissan announced Monday that all new models it launches in Europe will be fully electric, as it reaffirmed its aim for solely electric vehicle sales on the continent by 2030. "There is no turning back now," Makoto Uchida, Nissan president and CEO, said in a statement. Globally, Nissan plans to launch 27 electric and hybrid vehicles, which includes 19 all-electric models, by 2030. Nissan partner Renault , as well as rivals Ford and Stellantis, have all announced plans to make their European passenger ranges fully electric by 2030. In China, he said the company would look to launch cars more quickly and launch new models targeting specific consumers.

Persons: Makoto Uchida, Lisa Brankin, Uchida, CNBC's Arjun Khapal Organizations: Nissan, EV, Renault, Ford, Sunderland, Nissan Design Locations: Europe, Sunderland, London, China

☆ CNBC Daily Open: Summer discontent is spilling into the fall
▼ + stars: | 2023-09-25 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

UAW President Shawn Fain marches with UAW members through downtown Detroit after a rally in support of United Auto Workers members as they strike the Big Three auto makers on September 15, 2023 in Detroit, Michigan. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. This has turned market attention to how long rates will be held at current levels, amid strains on economic growth. CNBC screened FactSet data to examine what equities traders are betting on, or fleeing, as macroeconomic uncertainty continues.

Persons: Shawn Fain, Evergrande, Will Organizations: UAW, United Auto Workers, CNBC, Nasty, Nikkei, House Republicans, Thursday, Soviet, Economic Union, P500, Federal Reserve Locations: Detroit, Detroit , Michigan, Japan, Asia, Pacific, U.S, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moscow

☆ Oil climbs with tight supply back in focus
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts snapped a three-week winning streak to fall last week after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.

Persons: Tony Sycamore, Baker Hughes, Goldman Sachs Organizations: Brent, . West Texas, IG Locations: Moscow, Saudi Arabia, Russia, United States, China

Taiwan President Tsai Ing-wen attends a ceremony for the start of construction of a new submarine fleet in Kaohsiung, Taiwan, November 24, 2020. Admiral Huang Shu-kuang, Tsai's security adviser, who is leading the program, said a fleet of 10 submarines - which includes two Dutch-made submarines commissioned in the 1980s - will make it harder for the Chinese navy to project power into the Pacific. He called the submarines a "strategic deterrent" to Chinese warships crossing the Miyako Strait near southwestern Japan or the Bashi Channel that separates Taiwan from the Philippines. "If Taiwan is taken, Japan will definitely not be safe, South Korea will definitely not be safe." Eastern Taiwan is where planners have long envisioned the island's military regrouping and preserving its forces during a conflict.

Persons: Tsai Ing, Ann Wang, Admiral Huang Shu, Huang, Lockheed Martin, Chieh Chung, doesn't, Britain's, Yimou Lee, Gerry Doyle Organizations: REUTERS, Rights, Reuters, Lockheed, Lockheed Martin Corp, U.S ., Shandong, Foundation, Taiwan, Britain's Royal Navy, Thomson Locations: Taiwan, Kaohsiung, Rights TAIPEI, China, Beijing, U.S, Japan, Philippines, Borneo, South Korea, Eastern Taiwan, United States, India, Britain, Gibraltar

☆ A $120 million megayacht linked to a Russian billionaire was seized by authorities, and now residents of a small Caribbean nation are paying $28,000-a-week to maintain it, report says
▼ + stars: | 2023-09-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

A $120 million megayacht linked to a Russian billionaire has been docked in Antigua and Barbuda for 19 months. Now taxpayers in the small country are paying $28,000-a-week to maintain the idle vessel, per the WSJ. The Alfa Nero is a $120 million vessel that was raided by armed police and the FBI in August 2022, having been left in Antigua's Falmouth Harbor since Russia invaded Ukraine six months earlier. The US Treasury Department has linked the Alfa Nero to Andrey Guryev , a Russian oligarch who the department says is a "close associate" of Vladimir Putin. The Journal reports that the country's residents are paying $28,000-a-week in taxes to maintain the Alfa Nero, including the salary of an Italian captain and $2,000-a-day in diesel to keep its air conditioning running.

Persons: Nero, Alfa Nero, Andrey Guryev, Vladimir Putin, Eric Schmidt, Guryev's, it's, Joan Miró, Tom Paterson Organizations: Service, Street Journal, FBI, US Treasury Department, Bloomberg, Alfa, Guardian, Google Locations: Russian, Antigua, Barbuda, Caribbean, Wall, Silicon, Antigua's Falmouth Harbor, Russia, Ukraine, Falmouth Harbor, Italian

☆ The US is planning its first fusion plant, and it could generate pollution-free power by 2035
▼ + stars: | 2023-09-25 | by ( Associated Press | ) www.businessinsider.com time to read: +7 min

Nuclear fusion is a breakthrough technology that could help the US achieve pollution-free power. Calling nuclear fusion a pioneering technology, Granholm said President Joe Biden wants to harness fusion as a carbon-free energy source that can power homes and businesses. A successful nuclear fusion was first achieved by researchers at the Lawrence Livermore National Laboratory in California last December in a major breakthrough after decades of work. Nuclear energy is an essential component of the Biden administration's goal of achieving a carbon pollution-free power sector by 2035 and net zero emissions economy by 2050. "We want to see everybody moving forward as quickly as possible (on the clean energy transition), including ourselves," she said.

Persons: it's, —, Biden, Jennifer Granholm, Granholm, Joe Biden, It's, Dennis Whyte, Rishi Sunak, Sunak Organizations: Service, US, Associated Press, Lawrence Livermore National Laboratory, Control, Plasma Science, Fusion Center, Massachusetts Institute of Technology, Energy, UK Locations: VIENNA, Vienna, California, France, Washington

☆ CNBC Daily Open: Summer of discontent
▼ + stars: | 2023-09-25 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

UAW President Shawn Fain marches with UAW members through downtown Detroit after a rally in support of United Auto Workers members as they strike the Big Three auto makers on September 15, 2023 in Detroit, Michigan. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 has fallen 4.2% this month, on pace for its second straight losing month and its worst month since December. CNBC screened FactSet data to examine what equities traders are betting on, or fleeing, as macroeconomic uncertainty continues.

Persons: Shawn Fain, Stocks, Goldman Sachs — Organizations: UAW, United Auto Workers, CNBC, Nasty, Federal Reserve, Dow Jones, Nasdaq, House Republicans, Thursday, Soviet, Economic Union, P500 Locations: Detroit, Detroit , Michigan, U.S, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moscow

☆ Russia lifts export ban on low-quality diesel, marine fuel
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

It also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft (TRNF_p.MM) before the initial ban had been announced last week. The ban on all types of gasoline and high-quality diesel remains in place. Russia in recent months has suffered shortages of gasoline and diesel. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. The crunch has been especially painful in some parts of Russia's southern breadbasket, where fuel is crucial for gathering the harvest.

Persons: Dado Ruvic, Vladimir Soldatkin, Gareth Jones Organizations: REUTERS, Russian, Russian Railways, Kremlin, Thomson Locations: MOSCOW, Russia, breadbasket

☆ Russia dodges G7 price cap sanctions on most of its oil exports- FT
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +1 min

Russian oil cargo Pure Point, carrying crude oil, is seen anchored at the port in Karachi, Pakistan June 13, 2023. REUTERS/Akhtar Soomro/File Photo Acquire Licensing RightsSept 24 (Reuters) - Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the Financial Times reported on Sunday citing data from analytics company Kpler. The European Union, G7 countries and Australia introduced a price cap of $60 a barrel on Russian oil in last December, aiming to curb Russia's ability to finance the conflict in Ukraine. However, Russian oil revenues are likely to increase due to constant increases in crude prices and a reduction in the discount on its own oil, the FT report said, citing Kyiv School of Economics (KSE) estimates. Almost three-quarters of all the seaborne Russian crude flows travelled without western insurance in August, according to an analysis of shipping and insurance records by the Financial Times.

Persons: Akhtar Soomro, Russia's, Shubhendu Deshmukh, Lincoln Organizations: REUTERS, Financial Times, European Union, Kyiv School of Economics, Thomson Locations: Karachi, Pakistan, Ukraine, Australia, Russia, Bengaluru

☆ Russia's desperate need for weapons in Ukraine could be a big win for the North Korean military
▼ + stars: | 2023-09-24 | by ( Chris Panella | ) www.businessinsider.com time to read: +10 min

The partnership could be big for North Korea, and experts told Insider both sides would benefit while standing against the West. Both sides stand to gain, but a partnership could be a big win for North Korea. North Korea could also receive petroleum products and food, which, according to a United Nations Security Council meeting this past August, North Korea desperately needs as its people starve. A 2010 North Korean artillery strike on Yeonpyeong Island, for instance, saw an estimated 20 of 80 rounds fail to detonate. Although North Korean production efforts would likely need additional resources of raw materials and/or energy to be increase output in substantial quantities," Town told Insider.

Persons: Kim Jong, Vladimir Putin, Kim Jong Un, that's, Chun, Putin, he'd, Elizabeth Salmón, Kim prioritizes, Jenny Town, Henry L, Kim, Sergei Shoigu, John Kirby, it's, Joseph S, Bermudez Jr, Bermudez, Kim Il, KIM, It's Organizations: Service, North, Putin, BBC, South Korean Army, United Nations Security Council, UN, Stimson Center, Russian, White, DPRK, Ukraine, National Security, Democratic People's, Center for Strategic, International Studies, Korean, Getty, New York Times, North Korea Locations: Russia, North Korea, Ukraine, Korea, Wall, Silicon, Russian, Moscow, DPRK, Democratic People's Republic of Korea, Korean, Pyongyang, AFP, South Korea, Japan, North

☆ Taiwan Expects to Deploy Two New Submarines by 2027 -Security Adviser
▼ + stars: | 2023-09-24 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +6 min

By Yimou LeeTAIPEI (Reuters) - Taiwan hopes to deploy at least two new, domestically developed submarines by 2027, and possibly equip later models with missiles, to strengthen deterrence against the Chinese navy and protect key supply lines, the head of the program said. Admiral Huang Shu-kuang, Tsai's security adviser, who is leading the program, said a fleet of 10 submarines - which includes two Dutch-made submarines commissioned in the 1980s - will make it harder for the Chinese navy to project power into the Pacific. He called the submarines a "strategic deterrent" to Chinese warships crossing the Miyako Strait near southwestern Japan or the Bashi Channel that separates Taiwan from the Philippines. "If Taiwan is taken, Japan will definitely not be safe, South Korea will definitely not be safe." Eastern Taiwan is where planners have long envisioned the island's military regrouping and preserving its forces during a conflict.

Persons: Yimou Lee, Tsai Ing, Admiral Huang Shu, Huang, Lockheed Martin, Chieh Chung, doesn't, Britain's, Gerry Doyle Organizations: Reuters, Lockheed, Lockheed Martin Corp, U.S ., Shandong, Foundation, Taiwan, Britain's Royal Navy Locations: Yimou Lee TAIPEI, Taiwan, China, Beijing, U.S, Japan, Philippines, Borneo, South Korea, Eastern Taiwan, United States, India, Britain, Gibraltar

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