Russia to take control of Sakhalin-2 oil and gas project

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake.   Russian President Vladimir Putin signed a decree to take charge of the Sakhalin-2 project.   The move could force Shell and Japan’s Mitsui and Mitsubishi to abandon their investments as the economic fallout of the […]

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Non-essential petrol sales halted in Sri Lanka

Sri Lanka has suspended sales of fuel for non-essential vehicles as it faces its worst economic crisis in decades.   For the next two weeks, only buses, trains and vehicles used for medical services and transporting food will be allowed to fill up with fuel.   Schools in urban areas have shut, while officials have […]

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Germany moves closer to gas rationing

Germany has taken a step closer to gas rationing after a drop in supplies from Russia.   The country has triggered the “alarm” stage of an emergency gas plan to deal with shortages, Germany’s economy ministry said.   It is the latest part of a standoff between the European Union and Russia over its invasion […]

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Joe Biden calls for suspension of gasoline tax

US President, Joe Biden, has called for a three-month suspension of America’s national gasoline tax in response to the country’s soaring energy prices.   The average cost of a gallon of gas, or petrol, is hovering near $5, up from roughly $3 a year ago.   With national elections for Congress coming in November, Mr […]

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US imposes ban on imports from China’s Xinjiang region

Tough new US regulations on the import of goods from the Xinjiang region of China have come into effect.   Under the rules, firms have to prove imports from the region are not produced using forced labour.   US officials have said members of the minority Uyghur community in the region, who are predominantly Muslim, […]

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Australians urged to turn off lights to combat energy crisis

Australia’s energy minister has urged households in New South Wales, a state that includes the country’s biggest city Sydney, to switch off their lights in the face of an energy crisis.   Chris Bowen says people should not use electricity for two hours every evening if they “have a choice”.   However, he added he […]

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Russia now China’s largest oil supplier

Russia has become China’s biggest supplier of oil as the country sold discounted crude to Beijing amid sanctions over the Ukraine war.   Imports of Russian oil rose by 55% from a year earlier to a record level in May, displacing Saudi Arabia as China’s biggest provider.   China has ramped up purchases of Russian […]

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