World

Russian oil price cap: Five things you need to know

Published

2 years ago

December 5, 2022

Russian oil price cap: Five things you need to know

A worth cap set by the Group of Seven (G7) in addition to an outright ban by the European Union on Russian seaborne oil got here into impact on Monday as the 2 blocs attempt to scale back the Kremlin’s skill to proceed financing the struggle in Ukraine.

On Friday, the G7, EU and Australia agreed to set a restrict on the worth of Russian oil at $60 per barrel. Again in Could, the EU introduced a ban on Russian seaborne crude oil. The 27-member bloc additionally mentioned a ban on imports of refined petroleum merchandise can be enforced from February 5.

The ban covers greater than two-thirds of Russian oil imports coming into the EU, based on European Council President Charles Michel. He referred to this ban as an emblem of EU unity and mentioned in a tweet that it places “most stress on Russia to finish the struggle”.

Whereas the EU’s oil embargo additionally applies to EU operators that insure and finance ships carrying Russian crude oil all over the world, it doesn’t apply to Russian oil imports coming into the bloc by means of pipelines.

The Druzhba oil pipeline, which started working in 1964, has been supplying Russian oil to many Central and Jap European nations, together with Germany, Poland, Hungary, Slovakia, the Czech Republic and Austria.

Germany, Poland and Austria have supported the ban, pledging to utterly wean off Russian oil imports by the tip of this yr.

However Hungary, the Czech Republic, Slovakia and Bulgaria are nonetheless closely depending on Russian pipeline oil and can be allowed to proceed imports quickly till they develop different provides. Nonetheless, these pipeline imports can’t be resold to different EU nations or non-EU nations, based on the European Fee.

Listed below are 5 issues to know in regards to the results of the EU oil import ban and worth cap:

What does the ban and worth cap imply for the oil market within the EU?

Earlier than Russia’s struggle in Ukraine, the 27-member bloc was closely depending on Russian oil exports. In 2021, the EU imported $74.8 billion of crude oil and refined oil merchandise from Russia.

These imports of Russian crude oil amounted to 2.2 million barrels per day, together with 700,000 barrels per day by way of pipelines in addition to 1.2 million of refined oil merchandise, based on the Worldwide Vitality Company (IEA).

With the EU embargoes on Russian sea-borne crude oil coming into drive on Monday and on refined oil merchandise in February, the IEA additionally mentioned the bloc might want to substitute 1 million barrels of crude and 1.1 million barrels of oil merchandise per day.

About 10 p.c of oil imports coming in from the Druzhba oil pipeline will proceed quickly.

Mats Cuvelier, a Brussels-based lawyer specializing in EU and worldwide commerce, informed Al Jazeera that the layered EU ban on Russian oil gained’t have an enormous impact on demand and provide inside the bloc within the quick time period.

“This regulation has been on the books for half a yr already, giving EU nations sufficient time to search out different oil provide routes,” he mentioned. “The bloc has been specializing in changing Russian oil provide routes with routes from nations within the Center East and elsewhere, so the EU gained’t face a crude oil scarcity.”

Philipp Lausberg, an analyst specializing in vitality coverage on the European Coverage Centre, shared an analogous view and highlighted that the principle impact of the oil embargo may very well be an increase in oil costs.

“Brent oil can be dearer, and that’s one thing the EU should put together for,” he informed Al Jazeera.

On the day the worth cap kicked in, international oil costs rose as a lot as 2 p.c.

However Lausberg mentioned a world financial slowdown will scale back international oil demand within the coming months, which can scale back the oil worth as soon as once more.

What does it imply for oil vessels depending on EU funds and insurance coverage?

The EU’s worth cap and ban on oil imports additionally stops EU operators from “insuring and financing the transport, particularly by means of maritime routes, of Russian oil to 3rd nations”.

In response to Lausberg, this can make it significantly tough for Russia to proceed exporting its crude oil and oil merchandise to the remainder of the world.

“Many ships from India, China and different nations are insured by corporations in Europe and the UK,” he mentioned. “These ships at the moment are topic to the EU, G7 and Australia’s guidelines on Russian seaborne crude oil. Russia, nevertheless, has mentioned that their laws doesn’t recognise these guidelines, so how the Kremlin plans to proceed exporting oil to those nations with these new guidelines is but to be seen.”

[Dado Ruvic/Reuters]

What does it imply for Russia?

In response to the IEA, Russian oil output is anticipated to fall 1.4 million barrels per day subsequent yr after the EU’s ban on seaborne exports of Russian crude comes into impact.

Cuvelier mentioned Russian vessels may attempt to evade these sanctions by registering within the Marshall Islands or Liberia and eradicating their Russian flags.

“However this tactic is on the EU’s radar, and the bloc has beefed up its maritime safety to make sure Russian vessels don’t evade sanctions on this method,” he mentioned.

In the meantime, Kremlin spokesman Dmitry Peskov mentioned Russia wouldn’t settle for the lately introduced worth ceiling, including that it wanted to analyse the scenario earlier than deciding on a selected response.

Russia’s everlasting consultant to worldwide organisations in Vienna, Mikhail Ulyanov, additionally tweeted, “From this yr, Europe will dwell with out Russian oil.”

“Moscow has already made it clear that it’ll not provide oil to these nations that help anti-market worth caps,” he mentioned. “Wait, very quickly the EU will accuse Russia of utilizing oil as a weapon.”

Russia has choices for the way it may retaliate. “Russia has warned it may utterly ban pipeline oil to the EU, which may very well be difficult for the bloc’s nations depending on this provide route,” Lausberg mentioned.

“Whereas oil provide by means of maritime channels may be simply changed, land-locked nations will discover it arduous to search out another if Russia blocks pipeline oil,” he mentioned.

Will nations that aren’t a part of the foundations be affected?

International locations like India, China and Turkey are additionally depending on Russian oil and proceed to import oil from Moscow.

Vivek Mishra, a fellow on the Observer Analysis Basis in New Delhi, informed Al Jazeera that Russia will almost definitely negotiate with main consumers like India and China and organize foreign money swaps.

“Whereas these mechanisms gained’t have the ability to substitute Russian income from Europe, it is going to definitely create a tender touchdown for Russia,” he mentioned. “I don’t assume India goes to lose a lot as a serious purchaser of Russian oil. If we go by each statements from Russia and India, it factors to the pattern of India shopping for oil from Russia.”

“If something, India may probably negotiate for extra rebates as costs can be capped globally and Russia can be able to lose way more due to lack of associated components reminiscent of insurance coverage corporations not prepared to wager on Russian oil tankers,” he added.

How will the embargo and worth cap have an effect on the worldwide oil market?

OPEC+, a bunch made up of the Group of the Petroleum Exporting International locations and its allies, held a gathering on Sunday to debate how to make sure the oil market isn’t distorted by the brand new guidelines.

It agreed to proceed lowering oil manufacturing by 2 million barrels per day, or about 2 p.c of world demand, till the tip of 2023.

Lausberg defined that each oil producer besides Russia is supposed to profit from these guidelines.

“These sanctions are primarily meant to punish Russia for its actions in Ukraine,” he mentioned.

“But when Russia manages to export extra oil by shopping for extra tankers or utilizing another ways, then how the remainder of the world and the oil market responds is but to be seen.” he mentioned.

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World

Consejos para disfrutar de las celebraciones de fin de año, sin estrés

Published

8 hours ago

December 25, 2024

Press Room

Consejos para disfrutar de las celebraciones de fin de año, sin estrés

NUEVA YORK (AP) — Todos conocemos los factores de estrés: obligaciones sociales, rencillas familiares, divisiones políticas, estrés financiero y el deseo de mantenerse alegre y generoso todo el tiempo.

Así que aquí va un recordatorio sobre cómo desterrar a tu perfeccionista interior y disfrutar verdaderamente de la temporada festiva:

“Realmente ayuda dejar de lado algunos de los ‘deberías’”, dice Lynn F. Bufka, jefa de práctica de la Asociación Estadounidense de Psicología. “Decide cuál es la cosa que más importa, y las cosas que te brindan más alegría, y suelta las demás”.

Las tradiciones pueden cambiar y evolucionar, y cuanto más flexibles sean las cosas, más fácil será para todos, dice Bufka.

“Concentra tu energía en crear un espacio cálido para que las personas que amas se reúnan y relajen, se pongan al día y celebren unos a otros. Eso es literalmente todo lo que importa”, concuerda Lauren Iannotti, editora en jefe de Real Simple.

Algunos consejos:

Concéntrate en lo que te hace feliz

Podrías decidir que la conversación es tu objetivo principal y no preocuparte en absoluto por la decoración, dice Bufka. O si la decoración de la mesa es lo que amas, invierte tu energía allí y no te preocupes tanto por otros aspectos.

“Idealmente, debería tratarse de enfocarse en el amor, y eso no significa lo mismo para todos”, dice Bufka.

Permite que otros hagan las cosas por ti.

“La gente quiere ayudar, ¡déjalos!”, dice Iannotti. “Si no te ENCANTA cocinar todas esas guarniciones, o tienes poco tiempo, no hay ninguna vergüenza en aceptar que tu hermana haga el relleno. O busca ayuda de los profesionales: apoya a un restaurante local haciendo un pedido de catering”.

Otra opción es que “cada uno traiga un plato distintivo”, dice Ianotti. “Ahorrarás tiempo y dinero en la preparación y la cocina y tus invitados podrán mostrar sus habilidades”.

Darte permiso para tomar atajos

“Está bien si la casa está un poco desordenada o si la cena se sirve unos minutos tarde”, dice Iannotti. “Si las personas que has invitado están más interesadas en evaluar tu desempeño que en pasar un buen rato, pueden discutirlo con su terapeuta”. (Por cierto, no lo están, añade ella).

Y no dudes en dejar que la gente se sirva por sí misma, cuando sea posible. “Si no tienes tiempo para jugar a ser el barman, crea una bebida insignia con anticipación que puedas servir a todos tus invitados. También puedes simplemente dejar algunos mezcladores para que los invitados se sirvan y hagan sus propias creaciones”, sugiere Caroline Utz, directora editorial y de estrategia en The Spruce.

Está bien tener tiempo a solas

Las cosas funcionarán lo suficientemente bien si no lo supervisas todo, así que cuídate. Tómate pausas o caminatas si eso te ayuda a mantenerte centrado.

“Aunque el mindfulness se está convirtiendo en un término demasiado utilizado en la sociedad actual, hay algo valioso que podemos tomar de esto y aplicar a la temporada de fin de año”, dice Brook Choulet, psiquiatra deportiva y de rendimiento de concierge y fundadora de Choulet Performance Psychiatry.

Ella recomienda “programar microdescansos intencionales” para hacer algo que disfrutes.

“Por ejemplo, podrías programar una llamada telefónica con un amigo de otro estado, tomar un paseo de 15 minutos al aire libre, o incluso ajustar el temporizador y tomar un baño de 15 minutos sin interrupciones”, dijo.

Espera algo de discordia y no te alarmes por ello

“Si te preocupa la polarización y entrar en conversaciones incómodas, intenta pensar en maneras en que puedas terminar una conversación o cambiarla de dirección”, dice Bufka.

Ella recomienda preparar algunas frases de antemano para ayudar a terminar la conversación o cambiarla de dirección.

En resumen, tener la intención de una temporada festiva menos perfecta puede ser justo lo que necesitas.

___

Katherine Roth cubre temas de vida y estilo y otros temas para The Associated Press desde Nueva York.

___

Esta historia fue traducida del inglés por un editor de AP con la ayuda de una herramienta de inteligencia artificial generativa.

World

Azerbaijan Airlines plane headed to Russia crashes hundreds of miles off course, dozens feared dead

Published

8 hours ago

December 25, 2024

Press Room

Azerbaijan Airlines plane headed to Russia crashes hundreds of miles off course, dozens feared dead

Dozens of passengers are feared dead after an Azerbaijan Airlines flight crashed near the city of Aktau in Kazakhstan on Wednesday, reports say.

The Embraer 190 passenger jet flying from Azerbaijan to Russia had 62 passengers and five crew on board, Kazakh authorities announced, saying 32 survivors had been rescued.

Flight J2-8243 had flown hundreds of miles off its scheduled route to crash on the opposite shore of the Caspian Sea. Officials did not immediately explain why it had crossed the sea, but the crash came shortly after drone strikes hit southern Russia. Drone activity has shut airports in the area in the past and the nearest Russian airport on the plane’s flight path was closed on Wednesday morning.

Russia’s aviation watchdog, meanwhile, said it was an emergency that may have been caused by a bird strike.

MORE THAN 30 DEAD IN BRAZIL BUS AND TRUCK COLLISION

In this photo taken from a video released by the administration of Mangystau region, the wreckage of Azerbaijan Airlines Embraer 190 lies on the ground near the airport of Aktau, Kazakhstan, Wednesday, Dec. 25, 2024. (The Administration of Mangystau Region/AP Photo)

Those aboard the plane included 42 Azerbaijani citizens, 16 Russian nationals, six Kazakhstani and three Kyrgyzstani citizens, according to Kazakhstani officials.

Russian news agency Interfax reported that both pilots died in the crash, citing a preliminary assessment by emergency workers at the scene. The news agency also quoted medical workers who stated that four bodies had been recovered from the crash so far.

A total of 29 survivors, including two children, have been hospitalized, the ministry told Russia’s state news agency, RIA Novosti, the Associated Press reported. Many passengers have yet to be accounted for.

MALAYSIA AGREES TO RESUME ‘NO FIND, NO FEE’ HUNT FOR FLIGHT MH370, 10 YEARS AFTER PLANE DISAPPEARED

More than 30 are feared dead following the crash near the Kazakhstani city of Aktau. (Azamat Sarsenbayev/AP Photo)

Video of the crash showed the plane descending rapidly before bursting into flames as it hit the seashore, and thick black smoke then rising, Reuters reported. Bloodied and bruised passengers could be seen stumbling from a piece of the fuselage that had remained intact.

Azerbaijani President Ilham Aliyev, who had been traveling to Russia, returned to Azerbaijan upon hearing news of the crash, the president’s press service said. Aliyev was due to attend an informal meeting of leaders of the Commonwealth of Independent States, a bloc of former Soviet countries founded after the collapse of the Soviet Union, in St. Petersburg.

Emergency crews at the site of the Azerbaijani airliner crash on Dec. 25, 2024. (Azamat Sarsenbayev/AP Photo)

Aliyev expressed his condolences to the families of the victims in a statement on social media.

“It is with deep sadness that I express my condolences to the families of the victims and wish a speedy recovery to those injured,” he wrote.

He also signed a decree declaring Dec. 26 a day of mourning in Azerbaijan.

The plane was en route from the Azerbaijani capital of Baku to the Russian city of Grozny in the North Caucasus, the Associated Press reports. (The Administration of Mangystau Region/AP Photo)

In a statement, Azerbaijan Airlines said it would keep members of the public updated and changed its social media banners to solid black.

“We ask God for mercy on the passengers and crew members who lost their lives,” a translated statement on X said. “Their pain is our pain. We wish a speedy recovery to those injured.”

Reuters and the Associated Press contributed to this report.

World

Who is Europe's top investor in space in 2023?

Published

9 hours ago

December 25, 2024

Press Room

Who is Europe's top investor in space in 2023?

Luxembourg remains Europe’s top investor in space in a year when defence spending on space exceeded civil space budgets for the first time since the 1990s.

Global public investment in space hit a record high of €106 billion in 2023, an 11% increase compared to 2022.

In Europe, the total funding was €11.9 billion, showing a modest 1% rise in its share of global space investment.

According to the European Space Agency, defence spending on space exceeded civil space budgets last year for the first time since the 1990s. Defence expenditures in space are projected to grow faster than civil spending, making up 53% of the budget in 2024.

The US continues to dominate global space investment, accounting for 64% of the total budget, while China holds a strong second place, growing its share from an estimated 2% in 2000 to 12% in 2023 through long-term programmes in both civil and defence.

Europe ranks third, contributing 11% of the global space budget in 2023.

What share of their GDP do EU countries spend on public space budgets?

Luxembourg remains Europe’s leading investor in space, dedicating 0.135% of its Gross Domestic Product (GDP) to the sector.

Globally, the country ranks third behind the US (0.262%) and Russia (0.169%).

In Europe, Luxembourg is followed by France, which invests 0.167% of its GDP, Italy at 0.103%, and Belgium at 0.095%.

On the other hand, private investment in space has continued to decline in 2023, dropping by 32% compared to 2022.

Europe also saw a 14% decrease in 2023 compared to the year before, with private space ventures receiving just below €980 million.

Although the US accounts for most of the global decline in 2023, its space sector continues to attract the largest share of investments at 60%, followed by Europe with 16% and China with 9%.

What was the state of space activity in 2023?

There were 221 orbital launches in 2023, an 18% increase compared to 2022.

Yet, a total of 212 launches were successful.

The US carried out more than half of the launches, with 96 of them conducted by SpaceX.

China accounted for 30% with 67 launches, a 5% increase from 2022, and Russia completed 19 launches.

The European launch service provider conducted three launches in 2023, including Europe’s first mission to Jupiter, which aimed to explore whether the planet’s three moons — Callisto, Europa, and Ganymede — could support life in their oceans.

Video editor • Mert Can Yilmaz