Largest U.S. oil producers have earned more than $200 billion in profits since the start of hostilities in Ukraine, according to The Financial Times. According to the author of the publication, they are profiting from a period of geopolitical events that shook the global energy market and led to a sharp rise in prices.
According to the analytical report of the U.S. agency S & P Global Commodity Insights, the total net profit of U.S. oil producers amounted to $200.24 billion for the second and third quarters of the year.
“This figure <…> marks the industry’s most profitable six months on record and sets the course for an unprecedented year,” the article said.
S&P predicts record profits in the industry by the end of the year. This week, U.S. President Joe Biden called the scale of industry profits an “unforeseen fortune of war”, and accused oil companies of profiting from the Ukrainian crisis, reports The Financial Times.
Earlier, the White House press service released a statement on its website saying that Biden expressed disappointment with the OPEC+ countries’ decision to cut oil production. At the same time, he instructed the Energy Secretary to explore the possibility of increasing production.
For her part, White House spokesperson Carine Jean-Pierre said that OPEC+’s decision to cut oil production demonstrates the organization’s solidarity with Russia.
Earlier, we reported that Nikkei learned about Japan’s plans to invest $5.5 billion in chip production with the US.
Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling
Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.
“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.
According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.
In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.
Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.
EU talks on restrictions on Russian crude oil prices today stalled
Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.
Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.
“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.
Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.
More than 50% of Germans said they had given up shopping for new clothes and electronics. Is Germany’s economy failing?
Die Welt newspaper cited a survey by the consulting company EY and said that about 56% of Germans who took part in the survey said that they had practically refused to buy new clothes.
Also, 56% of German consumers reported that they now refrain from buying televisions, smartphones, laptops and game consoles. Also, nearly one in two now uses less gasoline, and one in four said they are saving on medications.
What caused the economic crisis in Germany? The main reason is the war in Ukraine and the resulting sanctions by the EU. Also, every second respondent reported that at the moment he could buy only the essentials. According to EY analysts, German households plan to further reduce spending in the coming months. In particular, they plan to save money on food delivery and entertainment.
Earlier, we reported that prices for liquefied natural gas in Asia reached their highest since October.
- Coronavirus1 year ago
Biden administration still seeking agreement from Mexico on return of asylum seekers
- Stock Markets8 months ago
WeLion Cooperates with Nio to Produce Semi-Solid Battery
- Cryptocurrency12 months ago
Arvalex Token Launches It’s PreSale to Shake Up The Metaverse
- Forex4 months ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Cryptocurrency1 year ago
Crypto Oversight Road Map Is Set by U.S. Banking Regulators
- Cryptocurrency1 year ago
Crypto & NFT Influencer Marketing: Hire an Agency or Do It Yourself?
- Economy1 year ago
Analysis-Europe’s big payday remains elusive even as inflation surges
- Cryptocurrency12 months ago
Emirates Post Group (EPG) to Launch NFT Stamp on December 2