Trump last month threatened to impose tariffs on any country that sends oil to Cuba, labelling the island “an unusual and extraordinary threat” to U.S. national security. He noted the Cuban government’s relations with Russia, China, and Iran as evidence of that threat, which, Trump suggested, would present as “migration and violence.”

The island’s biggest oil supplier was out of the picture already, since that was Venezuela, and the United States effectively took control of the country’s oil industry following the ousting of President Nicolas Maduro.

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Source: https://oilprice.com/Energy/Energy-General/Cubas-Energy-Crisis-Deepens-Amid-US-Tariffs.html?fbclid=IwY2xjawP8bIdleHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeCf9Rh7GA2X27xnQnRB0-IszAu-VpJ3KjkBieIHq55P_YrY6FLmoF0JGxg4o_aem_zP-4IKZTSWm4Sq9s9jcEkw

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All aspects of the oil business have come under the growing influence of the Guards, from the shadow fleet of tankers that secretively ship sanctioned crude, to logistics and the front companies selling the oil, mostly to China, according to more than a dozen people interviewed by Reuters.

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Libya’s latest oil shutdown has driven global energy prices higher, exacerbating an already tenuous situation in the region. Since the 2011 NATO-backed uprising that ousted Muammar Gaddafi, Libya has been in chaos, with its valuable oil industry becoming the focal point for competing political factions and militia groups.

Both local and national groups have previously halted oil production to demand a larger share of state revenue or political changes. Libya’s current deadlock stems from the failed peace process following a 2014 split between eastern and western factions, leading to the establishment of rival governments. A ceasefire in 2020 aimed at reunifying the state fell apart, leaving factions to vie for control over state energy revenues and the Central Bank of Libya (CBL).

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Source: https://www.devdiscourse.com/article/politics/3066328-libyas-oil-shutdown-crisis-a-deep-dive

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Russia has reportedly discovered billions of barrels worth of oil and gas reserves in the British Antarctic territory, prompting fears it could lead to drilling in the protected region.

The vast reserves equate to around 10 times the entire North Sea’s oil production for the last half century.

According to documents discussed in Parliament last week, the discovery was made by Russian research ships.

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Source: https://www.express.co.uk/news/world/1898366/russia-oil-gas-reserves-british-antarctic-territory

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Russian President Vladimir Putin is making a rare trip abroad to the United Arab Emirates (UAE) and is also scheduled to travel to Saudi Arabia.

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The lawsuit says the British oil giant’s 11 directors have breached their legal duties under the UK’s Companies Act by failing to bring their climate strategy in line with the Paris Agreement.

Environmental law charity ClientEarth, which filed the lawsuit, says it is the first case in the world that looks to hold corporate directors personally responsible for failing to prepare for the energy transition.

The post Shell’s board of directors sued over ‘flawed’ climate strategy in first-of-its-kind lawsuit first appeared on Garner Ted Armstrong Evangelistic Association.

“We have set all the tools necessary in place in the European Union,” von der Leyen said in an interview with Bloomberg. “It is important not only to dry out the war chest of Russia but also very important for many vulnerable countries to have an acceptable level of prices.”

However, the price cap is yet to be decided, she added.

In October, the EU agreed to impose a cap on the prices of Russian oil as part of its eighth package of sanctions against Moscow for invading Ukraine. Once the price cap is implemented, European entities will only transport Russian oil if the prices are below a fixed level.

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Source: https://www.theepochtimes.com/european-union-ready-to-enforce-russian-oil-price-cap-says-commission-president_4861870.html

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Source: https://www.msn.com/en-au/money/markets/saudi-blasts-release-of-oil-reserves-to-manipulate-markets/ar-AA13mFFz

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Russia is exporting “more oil than ever” despite Western attempts to cut off one of Moscow’s economic lifelines and despite new tools and technologies that make it harder to hide energy shipments, according to analysts and observers.  Some governments, it seems, are determined to buy Russia’s oil even if they don’t support its war on Ukraine.

Robin Brooks and his colleagues at the Institute of International Finance, or IFF, built a database to track the movement of oil tankers out of Russian ports. That’s not as easy as it sounds because those tankers “are registered and flagged all over the place,” to hide their actual ownership, according to an August 25 briefing note from the association obtained by Defense One. “We trace the ultimate owner through shell companies as needed, which provides some perspective on who has been helping to ship Russian oil around the world,” the note says. “The conclusion from this work is that tanker capacity out of Russia has been robust overall.”

Brooks, the IIF’s chief economist, put it more directly on Twitter: “Russia is exporting more crude than ever.”

That may come as a surprise. Many Western oil companies ditched Russian crude after the Kremlin launched its illegal offensive on Ukraine in February. Energy prices soared past $120 a barrel; many speculated that the price could hit $150 by year’s end.

But the global benchmark price for crude oil has fallen back to $90 a barrel—and Russia is selling it for about 20 percent less. China, India, and even NATO member Turkey are buying more Russian oil than ever. Now U.S. Treasury Secretary Janet Yellen is pushing G7 nations, which together comprise about 30 percent of the global economy, to place a price cap on Russian oil, which she says would squeeze Moscow and keep global energy prices in check.

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Source: https://www.defenseone.com/technology/2022/09/russian-oil-exports-rise-governments-and-shipping-companies-play-cat-and-mouse/376720/

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