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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
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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
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
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
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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
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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
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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
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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
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
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