Day: April 10, 2022

It has been exactly six weeks since Russia invaded Ukraine, with no end in sight to one of humanity’s biggest existential crises in modern times. In response to Russia’s unprovoked and unjustified war, the United States and the West have hit the rogue nation with a plethora of sanctions, with the latest announced just days ago mostly targeting Russia’s financial sector. But so far, Russia’s pivotal energy sector has largely been spared. With the exception of Lithuania and Poland as well as self-sanctioning by refiners and bankers, no country has…

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Iraq can ensure crude oil exports of more than 3.3 million barrels per day from its southern terminals, as the country looks to leverage higher energy prices to support its economy, Iraq’s oil minister said on Friday. The second-largest producer of oil in Opec, Iraq is making an effort to maximise its oil exports and revenue, and the government is supporting these initiatives, Ihsan Abdul-Jabbar told the Iraqi News Agency. “The expected financial returns according to the scenarios presented by international energy agencies and researchers will be in excess of…

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There are doomsday visions of supply chains – already under pressure due to the pandemic – collapsing altogether, businesses forced into bankruptcy, mass unemployment. Jörg Hoffmann, the head of IG Metall, a union that represents 1.2 million workers in the chemical, metal processing and food production, has warned of “a recession deeper than any of the recessions we have known until now.” BASF, the chemical giant, and one of Germany’s biggest single purchasers and consumers of energy, said the effect of its production downturn would soon be felt. “We would…

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