The Group of Seven (G7) countries, represented by their respective finance ministers and central bank governors, on Thursday discussed the creation of a cartel of buyers in order to control the price of Russian oil. This was announced by US Treasury Secretary Janet Yellen in comments to reporters between G7 …
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The natural gas price in Bulgaria has soared by 13.7%, the state news agency BTA reported on Friday. Bulgaria’s Energy and Water Regulatory Commission (EWRC) has set a new price of 162.17 BGL, or €82.83 per megawatt hour (MWh) compared to the April rate of €72.83, according to the agency. …
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The European Commission may waive competition regulation in order to let EU nations put caps on gas prices for consumers if Russian gas supplies stop, German newspaper Welt am Sonntag reported on Saturday. According to the commission document on “short-term energy market interventions,” seen by the media, EU member states …
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Americans are reeling from surging gas prices, food prices, and the price of rent – all of which have steadily risen since the start of the pandemic. US President Joe Biden has chosen to blame Russian President Vladimir Putin for the situation, dubbing it “Putin’s price hike” – but people …
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New research by think tanks Ember and Global Witness has found that at current prices, the EU’s projected natural gas demand for 2030 could cost €250 billion ($263 billion) more than the European Commission originally estimated. Europe is so reliant on gas that even cutting Russian supplies still means governments …
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Russia will pay an “astronomical” price should its President Vladimir Putin order the use of tactical nuclear weapons in Ukraine, the US Under Secretary of State for Political Affairs Victoria Nuland said on Friday, amid the ongoing Russian offensive. In an interview for the Ukrainian outlet European Pravda, Nuland was …
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Prospects for the global economy have darkened since the outbreak of conflict in Ukraine, the World Trade Organization (WTO) said in a new report published on Tuesday. It has forecast that record-breaking prices for natural gas would hurt Europe the most. According to the report, the most immediate economic impact …
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JPMorgan Chase says commodities could rise in price by 40% should investors boost their allocation to raw materials at a time of rising inflation. According to Bloomberg, the bank’s strategists said that while allocations appear to be above historical averages on commodities, they are not very overweight. That suggests scope …
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On April 2, Lithuania became the first EU country to declare that it was completely abandoning Russian gas. The announcement was made amidst Moscow’s ongoing military assault in Ukraine and came after the Kremlin announced a new payment procedure for countries deemed “unfriendly.” Under the new rules, importers from the …
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The shock to incomes in Britain from rising energy prices will be bigger than in the 1970s, the Bank of England warned this week. British consumers and businesses are expected to come under severe pressure from the cost of living increase as the economy’s growth slows down. According to the …
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