Ukraine agrees to end energy subsidies for IMF aid

Ukraine has agreed to end subsidised energy prices for homeowners in exchange for aid from the International Monetary Fund (IMF). The IMF has been in talks with Ukraine’s government for nearly a month on rescuing its economy. The energy sector reforms will take place alongside other banking measures to get an international loan of $27 […]

Brent crude oil drops below $100 a barrel

The price of Brent crude oil dropped below $100 per barrel overnight in London for the first time since July. Brent crude sets the bar for around half of the world’s oil prices. It slipped down to $98.90 in the early hours of this morning, falling as much as much as $1.73, or 1.7%, according […]

Energy key to brokering Cyprus crisis loan with Russia?

Russia could step in to save Cyprus from financial disaster and offer it a loan in exchange for a deal on the nation’s offshore gas assets, according to reports. The island’s Finance Minister Michael Sarris told reporters in Moscow: “There’s a lot of teams now working on a number of issues. Banks, natural gas, are […]

Oil supply disruptions “damaging” to economy

Major disruptions to oil supply could be “particularly damaging” to the world’s economy and could add to the difficulties facing many households. Research by the International Monetary Fund says the world is learning to cope with high oil prices, pointing to recent oil prices hitting $100 a barrel without triggering a recession. However countries are […]

Iran blockade could spike oil prices by 30%

The Iran oil embargo enacted by the G20 could potentially lead to oil prices spiking by up to 30%, the International Monetary Fund has warned. Iran currently supplies over 5% of the world’s oil and oversees the passage of 40% of the world’s exports through the Straits of Hormuz, which is vital for the shipment […]

IEA trims oil demand forecast

The International Agency has trimmed its oil demand forecast in its latest oil market report. The energy agency lowered its global forecast for 2011 by 50 thousand barrels a day (k/bd) and by 210 k/bd for 2012. The adjustment takes into account the lower than expected growth of global GDP by the International Monetary Fund’s […]

Food for Thought from Summit Energy UK

Although I’m working on a few other posts, I’ve been distracted this past week by a number of key documents, speeches, and data releases (and of course, the omnipresent preoccupation of linking cartoons to commodities). Hither and thither, here are some observations I have cobbled together. 1 ) The EIA International Energy Outlook released on […]

Huhne makes case for action on climate change again

Chris Huhne today embarked on a fresh campaign to explain why UK policy is so fixed on tackling climate change. Speaking to the Prince of Wales’s UK Corporate Leaders’ Group, in the first of a series of speeches, he said there were three reasons to act – economical, political and scientific. Mr Huhne told delegates: […]