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Over the last two years, the EU and UK have emerged as leading actors in imposing sanctions on Russia. But people like Maria Demertzis, Professor at the European University Institute in Italy, have raised questions around the effectiveness of the sanctions campaign, as European institutions continue to operate profitable subsidiaries in the country with little scrutiny. UK and EU regulators should broaden their sanctions campaign by increasing scrutiny of European businesses that remain economically exposed to Russia. The new UK Foreign Secretary,…
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Brazil's national oil company is exploring the prospect of exporting liquefied natural gas from its giant offshore fields.
The massive data center capacity scale-up underway has focused attention on the scale of water required for these facilities to operate. Rystad Energy estimates that without water-saving measures in place, global water consumption by data centers could rise to 644 billion liters per year by 2030. However, active mitigation could reduce demand to 388 billion liters, representing worst- and best-case scenarios as data center capacity ramps up, driven largely by the growing adoption of artificial intelligence (AI) in everyday life. Forecasting the…
Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made. Venezuela produced about 1.117 million barrels per day (bpd) in July according to OPEC’s secondary sources, and is currently exempt from OPEC production quotas after…
Kazakhstan is trying to keep the Kremlin at arm’s length amid Russian efforts to lean on Central Asian states for help in bolstering Moscow’s staggering war economy. Ukraine’s ongoing drone campaign has inflicted severe damage on Russia’s energy infrastructure and its military-industrial complex, prompting Russian officials to seek emergency energy supplies and refining arrangements from Central Asian states, while exploring offshoring options for arms production. …
More Gulf oil is moving again. Getting it out now costs a fortune. Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier. The spike comes as Persian Gulf producers increase crude shipments through the Strait of Hormuz despite the continuing Iran war. That should, in theory, ease the oil supply crunch. Instead, it has…