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Global market turmoil

  • Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says

    Globalisation

    Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City A.M.   In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]

  • Europe biggest market for US crude oil for first time in six years as Russia-Ukraine war rages on

    US crude oil

    For the first time in six years, Europe was the top market for US crude oil as the Russia-Ukraine war continues to impact global markets. Europe overtook Asia, the previous top market, and received 213.1m barrels of crude while Asia received 191.1m barrels of American crude in the first five months of 2022, US Census [...]

  • Huge traffic jams expected on Monday from hell: Drivers urged to work from home as protestors plot to block key roads

    Fuel war

    Roads in various parts of the country could be subject to traffic jams today as protesters take action and call for a cut in fuel duty. Protests will target mainly three-lane motorways and see slow-downs on two lanes, leaving the fast lane free, according to FairFuelUK founder Howard Cox. Police have warned of “serious disruption [...]

  • Russia’s biggest bank Sberbank thrown out of SWIFT while EU moves to ban 90 per cent of Russian oil

    May 31, 2022

    Most Russian oil imports into the EU will be blocked by year-end as part of new sanctions on Moscow, European leaders agreed late last night. The compromise was made at a two-day summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing [...]

  • Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers

    May 28, 2022

    Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]

  • Will the world economy avoid an inflationary bust?

    March 23, 2022

    Today’s high inflation is being compared to the 1970s. However, robust consumer spending, fuelled by pandemic savings, makes for a different set of circumstances. Memories of the 1970s were evoked as the price of Brent crude oil temporarily climbed above $139 a barrel in the wake of Russia’s invasion of Ukraine. That was a period [...]

  • Shell reconsiders decision to pull out of Cambo oilfield amid rising oil prices

    March 22, 2022

    Shell is reportedly reconsidering its decision to pull out of the controversial Cambo oilfield amid skyrocketing energy prices.

  • 200,000 barrels a day: BP joins forces with Eni to create Angola’s largest oil and gas producer

    March 14, 2022

    BP and Eni told City A.M. in an email that they have signed an agreement to form a new 50/50 independent company, Azule Energy through the combination of the two companies’ Angolan businesses. The agreement follows a memorandum of understanding between the companies agreed in May 2021. Azule Energy will be a new international energy [...]

  • Total Energies teams up with Chinese oiler to invest $10bn in Uganda and Tanzania

    February 2, 2022

    Total Energies and CNOC have brokered a deal with Uganda and Tanzania to invest more than $10bn in developing crude oil production in East Africa.

  • Experts about record $90: Shareholders may face ‘catastrophic levels of value destruction’ if oil price drops

    January 27, 2022

    Based on current surging prices oil giants should think twice about investing in new oil projects or they could risk wasting billions, a new report has warned. The price of Brent crude oil has increased by nearly 40 dollars (£29) per barrel in the last year, and hit 90 dollars (£66) yesterday for the first [...]

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