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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
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