‘Grotesque greed’: UN chief Guterres slams oil and gas companies | Oil and Gas News

UN Secretary-Basic Antonio Guterres urges governments to tax oil and gasoline firms’ earnings amid the vitality disaster.

United Nations Secretary-Basic Antonio Guterres slammed the “grotesque greed” of oil and gasoline firms and their monetary backers and urged governments globally to “tax these extreme earnings” to assist probably the most susceptible individuals.

“It’s immoral for oil and gasoline firms to be making file earnings from this vitality disaster on the backs of the poorest individuals and communities, at an enormous value to the local weather,” Guterres advised reporters on Wednesday.

The 2 largest United States oil firms – Exxon Mobil Corp and Chevron Corp – plus British-based Shell and France’s TotalEnergies mixed earned practically $51bn in the latest quarter, nearly double what the group introduced in for the year-ago interval.

“I urge all governments to tax these extreme earnings, and use the funds to assist probably the most susceptible individuals by way of these tough instances,” Guterres mentioned.

“And I urge individuals all over the place to ship a transparent message to the fossil gasoline trade and their financiers: that this grotesque greed is punishing the poorest and most susceptible individuals, whereas destroying our solely widespread house,” he mentioned.

Politicians and client advocates have criticised the oil firms for capitalising on a worldwide supply shortage to fatten earnings and gouge customers. US President Joe Biden mentioned in June that Exxon and others have been making “extra money than God” at a time when client gasoline costs surged to data.

Final month, Britain handed a 25 p.c windfall tax on oil and gasoline producers within the North Sea. US lawmakers have mentioned an analogous thought, although it faces lengthy odds in Congress.

Guterres mentioned Russia’s warfare in Ukraine and the local weather breakdown have been stoking a worldwide food, vitality and finance disaster.

“Many growing nations – drowning in debt, with out entry to finance, and struggling to get better from the COVID-19 pandemic – may go over the brink,” he mentioned. “We’re already seeing the warning indicators of a wave of financial, social and political upheaval that would go away no nation untouched.”

Russia’s Gazprom cuts off gas supplies to Latvia | Russia-Ukraine war News

Senior Latvian official says transfer has little impact as Baltic nation already determined to ban Russian fuel imports from January.

Russian fuel producer Gazprom has mentioned it has stopped sending fuel to Latvia after accusing it of violating provide circumstances, a transfer the Baltic nation mentioned would have little impression on its fuel provides.

Russia has already minimize off fuel provides to Poland, Bulgaria, Finland, Netherlands and Denmark, which refused to pay for fuel in keeping with an order by President Vladimir Putin requiring rouble accounts to be arrange in a Russian financial institution.

Russia has additionally halted fuel gross sales to Shell Vitality Europe in Germany.

In a press release on Saturday, Gazprom didn’t specify which fuel provide circumstances Latvia, a European Union and NATO army alliance member bordering Russia, had allegedly violated.

Edijs Saicans, deputy state secretary on power coverage on the Latvian financial system ministry, mentioned Gazprom’s transfer would have little impact provided that Latvia has already determined to ban Russian gas imports from January 1, 2023.

“We don’t see any main impacts from such a transfer,” he mentioned.

Gazprom’s announcement got here a day after Latvian power agency Latvijas Gaze mentioned it was shopping for fuel from Russia and paying in euros moderately than the roubles required when buying and selling with Gazprom.

A spokesperson for Latvijas Gaze, nevertheless, mentioned on Friday that it was not shopping for fuel from Gazprom. Latvijas Gaze wouldn’t title its Russian supplier, citing enterprise confidentiality.

Latvijas Gaze didn’t instantly reply to a request for touch upon Saturday following Gazprom’s announcement.

EU international locations agreed on Tuesday to an emergency regulation to curb their gas use this coming winter, getting ready for a season of unsure provides from Russia.

In March, Putin mentioned the world’s largest pure fuel producer would require international locations designated as “unfriendly” of their stance on Moscow’s actions in Ukraine to pay for piped gas in roubles.

The European Fee – which has warned that complying with Putin’s order might breach EU sanctions on Moscow – has urged corporations to maintain paying within the forex agreed of their contracts with Gazprom. Most are in euros or {dollars}.

Gazprom drastically cut gas deliveries to Europe through the Nord Stream pipeline on Wednesday to about 20 p.c of its capability.

The Russian state-run firm had earlier introduced it might choke provide to 33 million cubic metres a day – half the quantity it has been delivering since service resumed final week after 10 days of upkeep work.

The EU this week agreed upon a plan to scale back fuel consumption in solidarity with Germany, to the place the Nord Stream pipeline runs, warning of Russian “blackmail”.

EU states have accused Russia of compressing provides in retaliation for Western sanctions over Moscow’s intervention in Ukraine.

Gazprom cited the halted operation of one of many final two working generators for the pipeline as a result of “technical situation of the engine”.

Kremlin spokesman Dmitry Peskov has blamed EU sanctions for the restricted provide.

“Technical pumping capacities are down, extra restricted. Why? As a result of the method of sustaining technical units is made extraordinarily troublesome by the sanctions adopted by Europe,” Peskov mentioned.

“Gazprom was and stays a dependable guarantor of its obligations … however it may well’t assure the pumping of fuel if the imported units can’t be maintained due to European sanctions,” he mentioned.

Can Biden’s Saudi trip help ease record-high energy prices? | Oil and Gas

From: Counting the Cost

The US president pushed for a rise in oil output throughout his first journey to the Center East.

From Israel to the occupied West Financial institution and Saudi Arabia, Joe Biden’s first go to to the Center East comes at a crucial time for the US president, whose approval score is at lower than 40 p.c within the run-up to mid-term elections.

The Ukraine struggle has set off a world vitality disaster, and Biden desires the dominion to pump extra oil, to deliver down costs for People feeling the pinch on the pump.

Relations between the standard allies reached a historic low after the homicide of Saudi journalist Jamal Khashoggi in 2018. Biden goals to reset these ties.

Different points embrace safety and relations with Israel.