Energy

P & O once stood for ‘Peninsular and Oriental’, with pleasant connotations of sailings to Cadiz and Constantinople – but after the furious reaction to P&O Ferries’ sacking of 800 UK workers, to be replaced by cheaper overseas agency staff, you might think it stands for ‘Putin and his Oligarchs’. With the mad Russian warmonger filling every headline, now is not a good time to turn yourself into a high-profile hate figure. With the pandemic barely over, now’s also not a good moment to be caught brutalising your workforce. But the man behind this sacking decision did all that in spades. He is Sultan Ahmed bin Sulayem, chairman of Dubai-based

When sanctions were imposed on Russia there was a big exception: Europe was still buying and paying for oil – leading to a bizarre situation. The West was doing everything it could to help Ukraine while still sending Putin hundreds of millions of dollars a day. But how much was that revenue worth to the Kremlin? As sanctions began to hit Russia, the price of Brent crude (the oil benchmark) soared to $130 a barrel, the highest since the 2008 financial crisis: an increase of over 90 per cent. It’s fallen since then but today it’s still sitting between $107 and $115 dollars a barrel – well above where it had been weeks

While the world is watching Ukraine, there is another former Soviet republic that has quietly undergone regime change. Turkmenistan’s 65-year-old former president, known, in the manner of a comic book superhero, as ‘The Protector’, stepped down in February. With Gurbanguly Berdymukhamedov’s departure, the Mejlis Assembly duly called for elections on 12 March. As regime changes go this one was hardly revolutionary. The Protector’s son, having just turned 40 (the minimum age at which a candidate can stand for the presidency) won the election at a canter. The only surprise was that Serdar, ‘The Son of the Nation’, won just 73 per cent of the vote compared to his father’s 97 per cent winning

Nato countries are being careful not to do anything that Russia could claim is an act of war. Just look at the reluctance from the US to provide Ukraine with Polish fighter jets. Yet Britain and other Nato members are involved in a huge effort to break Vladimir Putin’s war machine through supplying Ukraine with weapons and imposing financial pressure on Moscow. Russia, a G20 country, has been severed from the world economy. It has now surpassed Iran as the most sanctioned country on Earth and it is beginning to occupy a similar economic position. The speed with which Russia has been hit by these economic measures has been a

Is Saudi Arabia shunning Washington? Mohammed bin Salman has reportedly been refusing to phone Joe Biden, who wants the kingdom to turn on its oil taps as the West desperately seeks alternatives to the Russian energy market.  Riyadh – the world’s largest oil exporter – has so far failed to accommodate Washington’s pleas. Ahead of the Russian invasion in mid-February, the US asked the Opec+ cartel – of which Saudi Arabia is the most important member – to produce more oil to slow the already rising prices. Opec+ stood firm, and said they would increase production by 400,000 barrels a day in April, a rise agreed before the threat of a

Between 1980 and 2005, the UK produced more energy than it needed. Today, we import more than a third of our energy and over half of our natural gas. Households are facing an increase in their annual tax bills from £1,500 to an eye-watering £3,000. While the Business Secretary may have tweeted this week that the current situation is a matter of high prices rather than security of supply, families already struggling to heat their homes are unlikely to tell the difference as they decide whether to heat their homes or pay for food. This was never a foregone conclusion. A decade ago, the US shale gas revolution was well

The price of Brent Crude oil was hovering at $100 a barrel as Germany halted approval of the controversial Nord Stream 2 gas pipeline from Russia in response to Putin’s latest aggression. The oil price is five times its low point in 2020 — and the name itself, from the now-defunct Brent field in the North Sea, is a reminder of the UK’s energy vulnerability. ‘But only 3 per cent of our gas comes from Russia’ is irrelevant because we pay world prices for oil and gas from Norway, the US and the Gulf — prices driven both by physical constraints and global market sentiment. A cut-off of Russian gas

Today’s snap decision by German Chancellor Olaf Scholz to halt Nord Stream 2 — the new pipeline intended to export vast amounts of Russian gas into the EU — will make precisely no difference to European energy security, at least in the short to medium term. It could force a rethink of Berlin’s longer-term energy strategy, but the bigger question facing energy markets is whether Russia will curtail existing gas flows into Europe. Scholz on Tuesday instructed Germany’s Federal Ministry for Economic Affairs and Climate Action not to allow the Baltic Sea pipeline to start pumping gas ‘for now’. Halting the certification process puts the project on hold but doesn’t