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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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- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
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