Thread: Economic sanctions

Originally Posted by harrybarracuda

t's sabang. Any old propaganda bollocks will do.

He is trying to get more deceptive with his repetitive crap. Masking his Chinese state propaganda through MSN. Anything to push his shit narrative.

What a clown.

3 minute read October 25, 202211:13 PM GMT+7Last Updated 20 hours ago

World is in its 'first truly global energy crisis' - IEA's Birol

By Emily Chow and Muyu Xu

SINGAPORE, Oct 25 (Reuters) - Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency (IEA) said on Tuesday.

Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, IEA Executive Director Fatih Birol said during the Singapore International Energy Week.

At the same time the recent decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to cut 2 million barrels per day (bpd) of output is a "risky" decision as the IEA sees global oil demand growth of close to 2 million bpd this year, Birol said.

"(It is) especially risky as several economies around the world are on the brink of a recession, if that we are talking about the global recession...I found this decision really unfortunate," he said.

Soaring global prices across a number of energy sources, including oil, natural gas and coal, are hammering consumers at the same time they are already dealing with rising food and services inflation. The high prices and possibility of rationing are potentially hazardous to European consumers as they prepare to enter the Northern Hemisphere winter.

Europe may make it through this winter, though somewhat battered, if the weather remains mild, Birol said.

"Unless we will have an extremely cold and long winter, unless there will be any surprises in terms of what we have seen, for example Nordstream pipeline explosion, Europe should go through this winter with some economic and social bruises," he added.

For oil, consumption is expected to grow by 1.7 million bpd in 2023 so the world will still need Russian oil to meet demand, Birol said.
G7 nations have proposed a mechanism that would allow emerging nations to buy Russian oil but at lower prices to cap Moscow's revenues in the wake of the Ukraine war.

Birol said the scheme still has many details to iron out and will require the buy-in of major oil importing nations.

A U.S. Treasury official told Reuters last week that it is not unreasonable to believe that up to 80% to 90% of Russian oil will continue to flow outside the price cap mechanism if Moscow seeks to flout it.

"I think this is good because the world still needs Russian oil to flow into the market for now. An 80%-90% is good and encouraging level in order to meet the demand," Birol said.
While there is still a huge volume of strategic oil reserves that can be tapped during a supply disruption, another release is not currently on the agenda, he added.

ENERGY SECURITY DRIVES RENEWABLES GROWTH

The energy crisis could be a turning point for accelerating clean sources and for forming a sustainable and secured energy system, Birol said.

"Energy security is the number one driver (of the energy transition)," said Birol, as countries see energy technologies and renewables as a solution.
The IEA has revised up the forecast of renewable power capacity growth in 2022 to a 20% year-on-year increase from 8% previously, with close to 400 gigawatts of renewable capacity being added this year.

Many countries in Europe and elsewhere are accelerating the installation of renewable capacity by cutting the permitting and licensing processes to replace the Russian gas, Birol said."

World is in its '''first truly global energy crisis''' - IEA'''s Birol | Reuters

Originally Posted by panama hat

E

You're a fucking idiot, now in your ridiculous defense of yet another murderous scum. What is it with you and dictators?

Ohhh the kraut is mad. Is it getting cold over there yet ? When you refuse to fucking pay, the gas has to be shut off. Russia isn't going to give away gas for free. Not paying and then claiming Russia is cutting gas off to Europe is very fucking rich.

EU pledges to cut Russian gas imports by two-thirds before the end of the year

EU pledges to cut Russian gas imports by two-thirds before the end of the year

The impact of the EU's sanctions on Russia "will only become real" once the country's oil and gas sector are targeted, an expert has told Euronews.

Russian sanctions 'will only be real once oil and gas imports are hit', expert tells Euronews

Germany rejects offer from Putin to turn on Nord Stream II

https://www.ukrainewardaily.com/2022...ord-stream-ii/

Putin offers to boost gas supplies to Europe via Nord Stream 2 | Oil and Gas News | Al Jazeera

Originally Posted by bsnub

Poor Russia. No one needs their gas anymore

You may wish to broaden your reading somewhat.



27 Oct, 2022 05:16

HomeBusiness News

Norway opposes Russian gas price cap

The move could exacerbate shortages in the EU, the energy ministry warns

"Norway is against the EU proposal of setting an artificial price ceiling on Russian natural gas, according to the country’s Oil and Energy Ministry.“This could exacerbate the problem Europe already faces, namely gas shortages,” Stein Grimsrud, a ministry spokesman, told the Izvestia news outlet.
Norway has become a key gas supplier for the EU after Russian flows dwindled due to sanctions and technical problems. The share of gas imported to the bloc from Russia has dropped from 41% to 9% since the beginning of the year, European Commissioner for Energy Kadri Simson recently said. Norway used to be the EU’s second-largest gas supplier, covering around 20% of its needs. This summer Oslo approved permits for gas extraction at seven new offshore fields to increase gas production in 2022 by 8% compared with 2021.

The ministry also confirmed that it plans to supply about 122 billion cubic meters of gas to the EU this year. By comparison, prior to 2022, Russia used to supply about 130 billion cubic meters by pipeline and 20 billion cubic meters in the form of LNG to the bloc annually.

Some analysts, however, note that Norway does not have the capacity to supply enough gas to the EU to cover the loss of Russian flows.

“Norway is unable to solve the ongoing energy crisis because a serious expansion of its exports is impossible due to limited reserves. We also note that Norway has increased its profits due to rising gas prices and has no plans to participate in setting a ceiling on gas prices. Oslo offers its European partners to work on the basis of long-term contracts,” the Russian embassy in Norway told Izvestia."

Norway explains opposition to Russian gas price cap — RT Business News27 Oct, 2022 00:42
HomeBusiness News

US scales back plan for Russian oil price cap – Bloomberg

Washington has reportedly been forced to pursue more “loosely policed” market controls

"The administration of US President Joe Biden has reportedly been forced back to the drawing board on its plan to cap international prices for Russian oil, having failed to secure the necessary commitments to control how much Moscow is paid for the bulk of its crude exports.The US and EU will likely have to settle for a “loosely policed” pricing cap, enforced by fewer buyers and at a higher price than envisioned, Bloomberg News reported on Wednesday, citing unidentified sources familiar with the plans. The original goal was to drastically reduce Russia’s oil revenue – the latest effort to punish Moscow for its military offensive in Ukraine – by imposing a strict price lid to which a broad “buyer’s cartel” of nations would adhere.

Instead, only G7 nations and Australia have committed to the price cap, Bloomberg said, attributing the failure of the original plan to investor skepticism, volatile financial markets, and efforts to tame inflation around the world. The cap level also might need to go higher than the previously targeted range of $40-$60 per barrel.

The Biden administration has denied that its plan would fall short of throttling Russian oil revenue. “The White House and the administration are staying the course on implementing an effective, strong price cap on Russian oil in coordination with the G7 and other partners,” White House National Security Council spokeswoman Adrienne Watson told Bloomberg in a statement.

Russian officials have said the country won’t sell oil or other commodities under price caps or unprofitable market conditions. Nor will Moscow supply energy to nations that adopt trade policies contradicting the terms of their existing oil and natural gas contracts, Russian Deputy Prime Minister Aleksandr Novak said earlier this month. A cap on crude wouldn’t be viable because prices are driven by the global supply-demand balance, he added."

The Biden administration has denied that its plan would fall short of throttling Russian oil revenue. “The White House and the administration are staying the course on implementing an effective, strong price cap on Russian oil in coordination with the G7 and other partners,” White House National Security Council spokeswoman Adrienne Watson told Bloomberg in a statement.

Russian officials have said the country won’t sell oil or other commodities under price caps or unprofitable market conditions. Nor will Moscow supply energy to nations that adopt trade policies contradicting the terms of their existing oil and natural gas contracts, Russian Deputy Prime Minister Aleksandr Novak said earlier this month. A cap on crude wouldn’t be viable because prices are driven by the global supply-demand balance, he added.

https://www.rt.com/business/565410-russia-oil-cap-plan-change/

26 Oct, 2022 09:17

HomeBusiness News

EU state bypassing sanctions on Russia – media

The Netherlands has issued over 90 waivers to companies to continue business as usual, RTL Nieuws reports

"The Dutch government has granted 91 permits exempting businesses from implementing EU sanctions on Russia, media outlet RTL Nieuws reported on Monday, citing state institutions.According to the outlet, officials did not reveal the names of the companies involved, the value of the transactions which were exempted, and the business sectors concerned.

The information was “company-sensitive,” the Ministry of Foreign Affairs told RTL. The Ministry, along with its counterparts in Economic Affairs, Finance, Infrastructure, and Education, were allowed to grant exemptions to sanctions to “allow a degree of flexibility in specific cases,” the unnamed spokesperson said.

The report noted that despite the EU’s ban on ships sailing under the Russian flag from European ports, the Dutch Ministry of Infrastructure and Water Management issued waivers so that 34 ships could access the nation’s ports. They justified this by saying the ships were carrying important cargo such as aluminum and food.

Meanwhile, the Ministry of Economy and Climate has issued 25 permits to Dutch companies so they can work with former Gazprom subsidiaries. Permits were also issued on “humanitarian grounds” for cooperation between Russia and the EU on “civil matters,” as well as for making payments from Russia for “diplomatic” purposes"

https://www.rt.com/business/565325-netherlands-russia-sanctions-exemptions/


26 Oct, 2022 11:39 HomeBusiness News

Saudi Arabia slams US for manipulating oil prices

The energy minister says petroleum reserves are only meant to be used in emergencies

"Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has criticized nations for tapping their emergency oil stockpiles in order to manipulate prices, and warned of consequences if the reserves run dry.“It is my profound duty to make clear to the world that losing emergency stocks may be painful in the months to come,” the Saudi minister told the Future Initiative Investment conference in Riyadh on Tuesday.

He noted that the US’ Strategic Petroleum Reserve (SPR) was not intended to relieve price pressures, but instead was meant to address emergency supply constraints. The comments come after US President Joe Biden announced the sale of another 14 million barrels from the SPR, following the release of 180 million barrels of oil since April.

Last week, the US authorities said they would release additional crude from the SPR to keep a lid on America’s gasoline prices and then replenish the reserves. The historic use of emergency stocks has worried investors around the world, as excessive volumes of oil could flood the market and put it under pressure.

According to an oil analyst at Energy Aspects, Amrita Sen, the SPR is now “absolutely being used to keep prices lower even though that’s not what it’s meant to be used for.”

https://www.rt.com/business/565362-saudi-arabia-us-manipulating-oil-prices/


Some non NaGastan sources, Norway, Nedellands , Saudi, plus a token other.

Originally Posted by bsnub

Poor Russia. No one needs their gas anymore.

Russia has already been paid, possibly. The tanker owners/buyers - Indian, Chinese, Swiss, Greek .... are feeling the pain. China and India will take it off their hands, if the price remains negative off Spain.

The 300% fee for unloading Russian energy from one tanker, passing it through an Indian/Chinese inspection pipe and back onto the same tanker whose now energy is labelled made in India, China can be safely imported as non-Russian gas.

Originally Posted by bsnub

Now, EU gas storage facilities are close to full,

Mid October 90+%, mid-November ?

How much of the "stored gas" will be available to lift into the pipes, 10, 20 40 50%?

Without gas flowing through the pipes, the "stored gas" remains stored. The "stored gas" is but a small % of previously delivered, 24/7, sun or snow, Russian gas.

26 Oct, 2022 18:46
HomeWorld News

A long, technical explanation, science based, not NaGastan "rules" based, is available here:

The EUthanized EUropean nat-gas “reserves”

22692 Views September 16, 2022 140 Comments


by Jorge Vilches for the Saker blog


Sir Isaac Newton vs. the EC

The EUthanized EUropean nat-gas “reserves” | The Vineyard of the Saker


Meanwhile, on the East Coast of NaGastan, worried whareouses, truckers, customers are angry.

US diesel shortage worsens

Supplies of the fuel are at a 14-year low amid a ban on imports from Russia, portending further price spikes .

'US diesel shortages are spreading along the East Coast amid a ban on imports from Russia, raising fears of further surges in prices for the fuel as consumers brace for the winter heating season.

Mansfield Energy, one of the nation’s major fuel distributors, instituted emergency measures on Tuesday and warned its customers that carriers were being forced to visit multiple terminals in some cases to find supplies, delaying deliveries. With shortages spreading from the Northeast to the Southeast, the company advised customers to give 72-hour notice for their orders to avoid having to pay above-market prices.

“In many areas, actual fuel prices are currently 30-80 cents higher than the posted market average because supply is tight,” said Mansfield, which delivers over three billion gallons of oil products annually. With the relatively low-cost suppliers running out of diesel, distributors are forced to draw from higher-cost sources, resulting in unusually wide spreads in pricing.

Mansfield’s advisory came just six days after US National Economic Council director Brian Deese told Bloomberg News that diesel supplies were “unacceptably low” and that President Joe Biden’s administration had “all options” on the table to reduce prices. However, as Bloomberg and other media outlets have noted, it’s not clear how those options would provide long-term relief.

Diesel supplies in New England, the US region most reliant on distillate fuels for heating, have reportedly dwindled to about one-third of normal levels for this time of year. Nationwide, the US has only 25 days’ worth of diesel supplies, the lowest level since 2008.

Deese told Bloomberg that the US could tap its Northeast Home Heating Oil Reserve, which holds one million barrels of diesel for emergency use. But, as the Washington Post noted, demand for the fuel is so high in the Northeast that those reserves would be depleted in fewer than six hours. The White House has also considered banning or restricting exports of refined fuels – a strategy that industry trade groups claimed would backfire.

“Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices, and alienate US allies during a time of war,” the American Petroleum Institute and the American Fuel and Petrochemical Manufacturers said earlier this month in a letter to US Secretary of Energy Jennifer Granholm.

The shortages also put the US at risk of further spikes in prices if there’s a supply disruption, such as a refinery breakdown. Higher prices for the fuel would ripple through the US economy because 18-wheelers and other diesel-powered vehicles carry about 70% of the nation’s freight tonnage.

Diesel prices are currently averaging nearly $5.32 per gallon nationwide, down 8.6% from the all-time high set in June, according to the AAA auto club. By comparison, the average gasoline price has dropped 25% from its record high to $3.76 per gallon. Diesel prices are up 47% from a year ago."

https://www.rt.com/news/565399-us-di...rtage-spreads/