Decem06:31 PM IST Oil tops $55 for 1st time in 16 months as OPEC deal fuels buying.J09:59 PM IST Oil hits six-week low as OPEC fails to curb oversupplyĬrude prices have fallen about 12 percent since May 25, when OPEC agreed to extend its output limits into next year.The global benchmark Brent crude futures has surged as much as 51%, and 11.5%, while the US West Texas Intermediate (WTI) has risen 57% on a year-on-year basis. Febru10:33 AM IST Oil to breach $100 per barrel this year, warn analysts.West Texas Intermediate (WTI) crude ended down 69 cents, or 0.5%, ato $91.07 a barrel. Febru07:59 AM IST Oil prices end week mixed on supply disruption amid Russia-Ukraine crisisīrent crude futures settled 57 cents, or 0.6%, higher at $93.54 a barrel, while U.S.have boosted their oil price forecasts, anticipating possible supply disruptions. Wall Street banks, including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. Ma11:17 AM IST Russia-Ukraine tensions: JPMorgan, Goldman Sachs, others raise crude price target as war intensifies.Risks of a rise in consumer prices and disruption to current-account balances have triggered strong foreign outflows from equities in markets like India and South Korea in recent days. Ma09:50 AM IST Here’s how oil’s historic surge is impacting Asia stock markets.Organization of the Petroleum Exporting Countries, Russia and allied producers (OPEC+), stuck with its plan to raise its June output target by 432,000 barrels per day After the Soviet Union flattened Schwedt at the end of World War II, the arrival of the oil pipeline - its name, Druzhba, means friendship in Russian - and refinery in the late 1960s drew thousands of workers and their families, lured by secure jobs.11:31 AM IST Oil gains 1.5%, posts another weekly rise on supply concerns In addition, the refinery is not just a source of oil and income it is also the core of the city’s identity. Memories of 25 percent unemployment still haunt the region. Like other regions of the former East Germany, Schwedt experienced widespread job losses after the collapse of communism. “We’re also going to make sure that employees aren’t left on their own.”įears that layoffs could be around the corner drew hundreds of workers, many dressed in the PCK’s official fluorescent orange and forest green colors, to the company canteen this month for a town-hall-style meeting with Mr. “We are looking very closely at how this can actually work out,” he told a recent meeting of his party in the state of Brandenburg. And most of that Russian oil comes through the refinery in Schwedt.Ĭhancellor Olaf Scholz has made clear that he was aware of concerns surrounding the refinery, and considered ensuring its future a priority. Habeck said in a video aimed at explaining the situation to Germans. Germany relies on Russia for about a third of its oil, and Robert Habeck, the economy minister and vice chancellor, has spent weeks preparing for an embargo, jetting from the United Arab Emirates to Washington to Warsaw to line up alternative sources of crude. The prospect has raised alarm among the refinery’s 1,200 employees. Now, as European Union member states struggle to agree on the terms of an oil embargo to punish Moscow for its invasion of Ukraine, the Schwedt refinery has become the major stumbling block in Germany’s effort to sever its reliance on Russian oil. For decades, crude oil piped in from Russia has flowed into a giant refinery in Schwedt, an industrial city on the Oder River in Germany, providing jobs for thousands of workers and a reliable source of gasoline, jet fuel and heating oil for residents of Berlin.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |