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The Latest Breaking News from Oil

Iran Oil Cargo Previously Seized by US Unloads in Syria

An Iranian-flagged tanker on Friday delivered an oil shipment to Syria, which the United States had previously confiscated around Greece, ending months of uncertainty about the cargo, a ship tracker said. The seizure from the Lana, formerly the Pegas, prompted Iranian forces in May to seize two Greek tankers in…

Asharq Al-Awsat

Russia says it won't accept oil price cap and is preparing response

Russia "will not accept" a price cap on its oil and is analysing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.

Reuters

Russia will ‘not accept’ price cap on oil exports, Kremlin warns

The Kremlin on Saturday said it would not accept a price cap on Russian oil agreed by the EU, G7 and Australia. The agreement caps Russian seaborne crude oil at $60 per barrel and is aimed at limiting Moscow’s funds for the Ukraine war. Read FRANCE 24's liveblog below to…

France 24

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G7 and allies approve Russian oil price cap to ‘slow war machine’

The £48 per barrel price cap will come into effect in early December, but Ukraine says it’s not low enough

The Independent UK

Revealed: Closing windfall tax loophole could cut energy bills by £336 a year

Exclusive: Scrapping tax relief from government levy would raise £22bn, new analysis shows

The Independent UK

G7 Coalition Agrees $60 Per Barrel Price Cap for Russian Oil

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout…

Asharq Al-Awsat

Zelenskiy says level of price cap on Russia oil isn't serious

The $60 price cap on seaborne Russian oil agreed by Group of Seven nations and Australia is not serious and will do little to deter Russia from waging war in Ukraine, President Volodymyr Zelenskiy said on Saturday.

Reuters

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Russia-Ukraine war live: Kyiv says ‘sick’ packages sent to its embassies following letter bomb in Madrid – as it happened

Ukraine’s foreign minister says 17 diplomatic missions have now received suspicious packages

The Guardian - AU

No turkey? No problem: Three Christmas dinner alternatives

We ask some of our favourite chefs for festive showstoppers that break the mould

The Independent UK

How to turn leftover roast potatoes into a centrepiece tortilla – recipe

When you discover just how good this tortilla is, you’ll be tempted to make some extra roast potatoes just to enjoy the leftovers

The Guardian - UK

Chalmers hopeful of Russian oil cap impact

The G7 and Australia have agreed to a $US60 a barrel cap on Russian oil, following the European Union's decision on the same move.

AAP

MP in line to be next SNP Westminster leader had 'concerns' with energy giant windfall tax plan

MP for Aberdeen South Stephen Flynn claimed a stand-alone tax could hit jobs.

Daily Record

The Weekly Wrap for Saturday, 3 December 2022

What a spectacular finish to the Group Stage of the World Cup. It's a wonderful game. We'll give the FIFA-bashing a rest for the week; they seem to be doing a good enough job of it themselves at the moment.

inkl Originals

News briefs

9/11 compensation bill tangled up in Beirut victims’ push

Tribune News Service

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Los Angeles Times

In historic move, LA bans new oil wells, phases out existing ones

LOS ANGELES — The Los Angeles City Council voted Friday to phase out all oil drilling in L.A. and ban new wells, a historic move in a city that was built by a once-booming petroleum industry and whose residents have suffered with decades of environmental consequences as a result.

Fortune

Ukraine official accuses BP of war profiteering

A major energy company that pledged to sell its interests in Russia has yet to do so.

The Independent UK

Los Angeles City Council votes to ban oil and gas drilling

The Los Angeles City Council voted unanimously on Friday to ban the drilling of new oil and gas wells and to phase out existing ones over the next 20 years

Al Jazeera

EU, G7, Australia to cap price on Russian oil at $60 per barrel

Price cap aims to reduce Russia’s ability to finance its war in Ukraine from selling crude oil internationally.

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Chicago Sun-Times

An early Christmas gift: lower gas prices

The average price in the city for regular unleaded was $4.23 as of Friday, according to AAA Gas Prices

Bangkok Post

Easing of Chinese Covid curbs lifts equity sentiment

RECAP: Asian shares were mixed yesterday as investors were heartened by the possible easing of Covid curbs in China, while they awaited job figures in the United States that could determine whether the Federal Reserve will start to moderate its interest-rate increases as widely expected.

The Guardian - UK

Granite Harbour review – the best dressed cop double-act in TV history

One corpse, multiple suspects and countless chic accessories: this gloriously gloomy whodunnit tries one last – surely the last? – variation on odd-couple detectives

Reuters

G7 coalition agrees $60 per barrel price cap for Russian oil

The Guardian - UK

EU states agree $60 a barrel cap on Russian oil after Polish green light

Poland, which was pushing for low cap, says deal will keep it at least 5% below market rate

Tribune News Service

EU agrees to set $60 price cap level for Russian oil exports

The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal.

The National (Scotland)

Scotland Office refuse to disclose grafitti damage costs at Edinburgh HQ

Just Stop Oil activists threw red paint over the plush glass-fronted flagship Edinburgh office earlier this year

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