Tag: Gas

The UN Food and Agriculture Organization reports significant food price increases, with grains and vegetable oils reaching unprecedented levels. Russia's invasion of Ukraine has disrupted global food supply chains, potentially causing widespread hunger in Africa and the Middle East.

The European Union has banned Russian coal, marking a significant step in energy sanctions related to the Ukraine conflict. The ban, estimated to cost Russia 4 billion euros annually, demonstrates the EU's commitment to economic pressure, though challenges remain in restricting oil and natural gas imports.

Congress overwhelmingly approved suspending normal trade relations with Russia and banning oil imports. The Senate unanimously passed two bills that will now go to President Biden for signing, following his previous executive actions against Russian energy imports.

Asia is investing over US$350 billion in gas projects to reduce coal dependency, but experts warn this could potentially slow renewable energy adoption and lock in fossil fuel use for decades.

Guyana's government has approved ExxonMobil's $10 billion Yellowtail offshore oil project, marking the company's fourth field development. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to Exxon's existing Liza and Payara fields and strengthening Guyana's energy sector.

In the aftermath of Russian troop withdrawal, Ukrainian authorities discovered hundreds of civilian bodies in Bucha, showing signs of torture and execution. European leaders condemned the atrocities, with some calling for increased sanctions against Moscow and potential energy import restrictions.

Eurostat reports eurozone inflation surged to 7.5% in March, the highest since 1997, as rising energy prices and the Ukraine war squeeze consumer spending. This marks the fifth consecutive month of record-breaking inflation, reflecting global economic challenges and increasing cost of living pressures.

Poland takes decisive action to cut Russian oil imports by year's end, signaling EU's growing resolve to reduce energy dependence. Germany calls for gas conservation as tensions escalate over energy supplies. The move highlights the complex geopolitical challenges posed by Russia's war in Ukraine.

Climate activists from Indonesia to Europe and the US staged global protests, calling for stronger environmental policies and an end to the Ukraine war. The Fridays for Future movement, inspired by Greta Thunberg, organized demonstrations demanding systemic changes to combat climate change.

President Biden and European Commission President Ursula von der Leyen discuss reducing Europe's 40% reliance on Russian gas, driven by the Ukraine conflict. The deal aims to swiftly cut economic ties with Moscow and reshape energy dynamics in response to the ongoing war.