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Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and political challenges in the United States, the United Kingdom, and Europe. Increased supply from Russia would lower prices, but the revenues from those additional sales would fuel President Vladimir Putin’s war machine.
Adding to the problem is a new round of European sanctions set to target Russian oil imports by the end of the year. Such sanctions could push prices even higher – potentially triggering a global recession.
US Treasury Secretary Janet Yellen has proposed a solution: Allow Russia to continue exporting oil, but impose a cap on the price Russia can charge. This would help keep a lid on oil prices while ensuring that the US and its allies are not funding Russia’s ongoing aggression against Ukraine.
Yellen has been trying to sell world leaders on the plan, and the G7 Leaders’ communiqué at the end of June expressed openness to the idea. The details are still largely unclear, but the plan would stop Russian seaborne exports by denying Russian oil exporters the insurance they need to underwrite tankers – that is, unless Russia agrees to sell its oil at the price cap. Without insurance, ships bearing Russian oil exports could not access crucial international waterways.
The UK and Europe are in a position to exert considerable leverage. According to the Centre for Research on Energy and Clean Air, 68% of deliveries of Russian crude oil this spring relied on EU, UK, and Norwegian ships. Nearly all of the tankers were insured in the UK, Norway, or Sweden.
If all goes according to plan, Russia would still sell the oil, because the price cap would be set at just above the marginal cost of production. At this price, it would make economic sense for Russia to keep producing, but there would be scant profits left over for war financing. And the additional oil being exported from Russia would put downward pressure on global prices.
Of course, all might not go according to plan. Russia could retaliate by cutting off its oil or natural gas exports, inflicting severe harm on many US allies and global markets. Russia would be betting that it could endure the economic pain for longer than countries that rely on its energy exports could. Or Russia could work around the cap, offering to sell its oil to friendly countries for more than the price cap but less than its price on the open market. Something similar is already happening under the existing sanctions regime: China and India, for example, are purchasing oil from Russia at a discount of around $30 per barrel. And the benefits from the price cap could accrue mainly to refiners rather than households.
Still, the cap should be implemented. By not producing, Russia could inflict lasting damage on its oil wells, which it would seek to avoid. Similarly, Russia would be reluctant to burn off its natural gas rather than sell it. Russia may retaliate, but a tighter grip on Russian energy revenues gives Western countries more ammunition to respond, not less. Cash for peace.
Even if the cap doesn’t much lower gasoline prices or if some countries like China and India – refuse to abide by it, it would still put downward pressure on the price of oil and would reduce the risk that the next round of European sanctions could cause an energy-price shock that throws the global economy into reverse.
Denying Russia’s access to necessary insurance could be used more boldly than only to implement a price cap. The US, the UK, and the EU could impose additional requirements on countries that want to buy Russian oil in exchange for allowing insurance companies to underwrite tanker shipments. In addition, similar conditions could be placed on the financing necessary for Russia to export oil.
One idea worth exploring would be requiring countries that purchase Russian oil under the price cap to impose a tariff. Some of the revenue from this levy could be sent to Ukraine to help it rebuild.
In the US, this would require Congress to reverse its ban on Russian oil imports. This would be a huge political challenge for President Joe Biden’s administration. It would be similarly difficult for other governments.
But it would allow the price cap to advance three goals, not just two: Keep Russian oil flowing to avoid an oil shock from looming EU sanctions; stop the sale of that oil from financing the war in Ukraine; and use relatively cheap Russian oil to provide partial compensation to Ukraine to address the damage that Putin’s brutal war has caused.
Michael R. Strain is Director of Economic Policy Studies at the American Enterprise Institute.
Source: Project Syndicate
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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Australian Coal Association
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
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