UK economy shrinking in 2023, risks ‘lost decade’: CBI

LONDON, Dec 5 (Reuters) – The UK economy is on track to contract by 0.4% next year as inflation remains high and companies postpone investment, with dismal implications for longer-term growth, the Confederation of Business Industry Monday. “Britain is in stagflation – with skyrocketing inflation, negative growth, falling productivity and corporate investment. Businesses see potential … Read more

Oil prices rise after OPEC+ upholds production cut targets, China eases COVID restrictions

Brent gained 0.8% at 0430 GMT, WTI rose 0.9% OPEC+ maintains plans to cut production by 2 million barrels per day More Chinese cities are easing COVID-19 restrictions MELBOURNE, Dec 5 (Reuters) – Oil prices rose as much as 2% on Monday after OPEC+ countries kept their production targets stable ahead of a European Union … Read more

A looming recession may be the biggest threat to the energy transition

Raw material costs and looming shortages: these were the dangers along the path of the global energy system’s transition from fossil fuels to low-carbon alternatives. Until inflation and recession raised their twin brother. Since the start of the year, economies in Europe and North America, which had previously been steadfast in economic growth even with … Read more

Russia to ban oil sales below price cap, Kremlin says – POLITICO

Moscow will ban domestic companies from selling Russian oil below a price cap and is ready to scale back production to make up for lost exports, Russian Deputy Prime Minister Alexander Novak said on Sunday, according to Russia’s TASS news agency. The comments come a day before an EU embargo on Russian oil by sea … Read more

OPEC+ maintains firm policy amid weakening economy, Russian oil cap

No discussions about Russian price cap – deputies The oil price is under pressure due to the weak economy Next meetings will take place on February 1 and June 3-4 LONDON/DUBAI, Dec 4 (Reuters) – OPEC+ agreed in a meeting on Sunday to stick to its oil production targets as oil markets struggle to absorb … Read more

OPEC+ will leave oil policy unchanged during review talks, sources say

OPEC met on Saturday for administrative talks No discussions about the Russian price cap so far – deputies OPEC+ to hold virtual meeting on December 4 LONDON/DUBAI, Dec. 3 (Reuters) – OPEC+ is likely to stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after … Read more

Russia says it will not accept an oil price cap and is preparing a response

December 3 (Reuters) – Russia “will not accept a price cap on its oil” and is analyzing how to respond, the Kremlin said in comments on Saturday, responding to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine. Kremlin spokesman Dmitry Peskov said Moscow had made … Read more

EU countries consider lower gas price cap – documents

Countries meet to discuss the gas price cap proposed by the EU Poland, Belgium, others looking for a lower price limit Germany is one of the opponents of gas price caps BRUSSELS, Dec. 2 (Reuters) – European Union countries will on Friday consider a proposal for a gas price cap slightly lower than one from … Read more

G-7 outlines how it’s going to work

Russian President Vladimir Putin Contributor | Getty Images News | Getty Images The European Union agreed on Friday to limit the Russian marine oil price to $60 a barrel, after several days of intense negotiations over an appropriate level. The announcement comes after the G-7 group of advanced economies agreed in September to impose a … Read more

Oil production cuts on the table awaiting Russian sanctions

OPEC+, a group of 23 oil-producing countries led by Saudi Arabia and Russia, will meet on Sunday to decide on the next phase of production policy. Bloomberg | Bloomberg | Getty Images OPEC and non-OPEC oil producers could impose deeper oil production restrictions on Sunday, energy analysts said, as the influential energy alliance weighs the … Read more