"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. "Oil producers need to pay careful...
G7, EU agree oil price cap to reduce Russia war funding
The price cap is designed to make it harder to bypass the sanctions by selling beyond the EU. Poland's ambassador Andrzej Sados also said Brussels would take into account Polish and Baltic state suggestions for a "painful and expensive" ninth round of sanctions against Moscow. The White House described the...
Russia now routes oil through Turkey to reach EU
The 27-nation bloc has also placed an embargo on Russia coal. While it has not banned natural gas imports from Russia, Moscow has slashed supplies to the EU.
China’s import of oil from Russia jumps 55% in May
The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month.
EU leaders ban most Russian oil, as Moscow advances in Donbas
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country even as Moscow's forces press their offensive in Ukraine's eastern Donbas region. The compromise deal reached late Monday, meant to punish Russia for its invasion three months ago, cuts "a...
EU to propose phasing out Russian oil in new sanctions wave
The EU will propose a phased-out ban on Russian oil imports as part of a fresh round of sanctions against Russia for its invasion of Ukraine, sources said on Sunday. The European Commission, which draws up sanctions for the bloc, is currently preparing a text that could be put to...
Ukraine war, energy crisis force UK into fossil fuels rethink
Boris Johnson's government will consult with local communities to host onshore wind farms in return for "guaranteed lower energy bills," after the UN warned that investing in fossil fuels would be equated with 'moral and economic madness'.
War, inflation threaten world income
The US Federal Reserve chair has said every $10 hike in oil prices would impact growth by 0.1 percentage points and add 0.2 percentage points to inflation.
Britain urges all G7 members to ban Russia oil imports
The US has led a Western assault on Russia's economic lifeline by banning imports of oil and gas followed by Canada and a pledge from London.
Western nations halt Russian oil as Ukrainians flee
The United States led a Western assault on Moscow's economic lifeline Tuesday, banning imports of Russian oil as civilians fled besieged Ukrainian cities in a desperate evacuation push blighted by Russian shelling. President Joe Biden heralded the US embargo as a hit on "the main artery of Russia's economy" targeting...
