After European Union members overcame resistance from Poland, the Group of Seven and Australia on Friday agreed to a $60 per barrel price restriction on Russian seaborne crude oil.
The second-largest oil exporter in the world, Russia, has stated that even if it had to reduce production, it will not sell oil that is subject to a Western price cap.
The European Union overcame Poland’s opposition, and on Friday, the Group of Seven and Australia agreed to a $60 per barrel price restriction on Russian crude oil that is transported by sea.
The West’s decision to forbid shipping, insurance, and reinsurance firms from handling cargoes of Russian crude above the cap is an effort to penalise Putin for the situation in Ukraine.
The West’s action, according to Russian Deputy Prime Minister Alexander Novak, was a blatant intrusion that went against the principles of free trade and would cause a supply deficit, which would be unsettling for the world’s energy markets.
As the Russian government official in charge of the nation’s oil, gas, atomic energy, and coal, Novak stated, “We are working on procedures to restrict the adoption of a price cap instrument, regardless of what level is established. Such meddling might further destabilise the market.”
Even if we have to slightly restrict production, we will only sell oil and petroleum products to nations who are willing to cooperate with us under market conditions, he continued.
According to Novak, aside from Russia, other nations could also be impacted by the Western cap and it could cause problems in the goods markets.
Because of how much the discounted price for Russian blends to Brent has increased, it is unclear what, if any, immediate impact the Western cap will have on Russian oil flows.
Just over $1.00 over the cap level, the Urals blend (URL-NWE-E) was trading at about $61.3 per barrel. The price of a barrel of Brent crude futures on Friday was $85.57.
Since Soviet geologists discovered oil and gas in the swamps of Siberia in the decades following World War Two, selling oil and gas to Europe has been one of the main ways that Russia earns foreign currency.
A source who asked to remain anonymous due to the sensitivity of the situation told Reuters that a decree barring Russian traders and companies from dealing with nations and businesses subject to the cap was in the works.
The export of oil and petroleum products would essentially be prohibited to nations and businesses that implement such a decree.
According to Putin, since he gave the order for the military action in Ukraine on February 24, the United States and its allies have been waging an economic war against Russia with the harshest sanctions in modern history, and they are in danger of experiencing an energy crisis as a result.
Donald Trump Reinstated to Facebook, Instagram after 2-year Ban
Facebook parent company, Meta, has decided to lift the two-year suspension of former President Donald Trump’s personal account. The suspension was put in place following the January 6 insurrection. In a blog post, the company stated that they are implementing new measures to prevent future violations of their rules by political candidates or world leaders. The company believes that the public should have access to the statements made by politicians, whether they are positive or negative, so that they can make informed decisions. The new guardrails will be put in place to ensure that there are no repeat offenders. The company also emphasised that they will take action against any individual who violates their rules, regardless of their status or position. The decision to lift the suspension has been met with mixed reactions, with some praising the move as a necessary step towards free speech while others criticise it as a potential threat to public safety.
According to Nick Clegg, Vice President of Global Affairs for Meta, the public has the right to know what their politicians are saying, whether it is positive or negative. This is important because it allows citizens to make informed choices when they vote.
Clegg stated that the public should be aware of the good, the bad, and the ugly when it comes to the statements made by politicians. This way, they can make informed decisions at the ballot box. Clegg believes that this is essential for a healthy democracy and that it is important for the public to have access to the statements made by politicians, regardless of whether they agree with them or not. He also emphasized that the company will put in place new guardrails to ensure that there are no repeat offenders who violate its rules, even if they are political candidates or world leaders. Clegg believes that this is necessary to keep the public informed and to ensure that democracy works as it should.
Facebook’s decision to reinstate former President Donald Trump’s personal account has significant implications for his potential third run for the White House. Not only does it allow him to communicate directly with his 34 million followers – a significantly larger audience than the 4.8 million who currently follow him on his own site, Truth Social – but it also allows him to resume direct fundraising. Facebook was a crucial source of fundraising revenue for Trump’s campaigns, which spent millions of dollars on the company’s ads in 2016 and 2020.
During the suspension, his supporters were able to raise money for him, but they couldn’t run ads directly from him or in his voice. Trump has criticized Facebook’s decision to suspend his account and praised Truth Social, stating that this should never happen to a sitting President or anyone else who is not deserving of retribution. Other social media companies, including Snapchat, where he remains suspended, also removed him from their platforms following the insurrection.
7 Dead in Half Moon Bay Mass Shooting
The small beach-side community of Half Moon Bay in California has been left reeling after a tragic event that saw at least seven individuals lose their lives in a pair of related shootings. This act of violence comes just two days after another mass shooting that resulted in the deaths of 11 people in Monterey Park. The perpetrator of these shootings is said to be a 67-year-old resident of Half Moon Bay.
According to reports, the individual is accused of opening fire at two rural locations that were located around a mile apart from each other. In the process, some of the victims were shot in front of children who lived nearby and had just been released from school.
The San Mateo County Sheriff, Christina Corpus, has expressed her shock and sorrow at the incident. She stated that “These types of shootings are devastating and unfortunately, all too common.” For children to witness this is unspeakable.” The sheriff’s department and local authorities are now investigating the matter, and the perpetrator is being held in custody.
The community is in shock as they try to come to terms with the tragic event that has occurred. People are struggling to understand how something like this could happen in their small town, and many are questioning what could have been done to prevent it. The families of the victims are in the thoughts and prayers of the entire community as they try to come to terms with their loss.
This tragic event serves as yet another reminder of the need for stricter gun laws and a more robust mental health support system in the United States. It is a call to action for the government and the public to come together and take steps to prevent such senseless acts of violence from happening again in the future. The shooter, thought to be an employee at a local farm or nursery, was apprehended by authorities shortly after the incident. The victims are also believed to have been workers at nearby farms, according to officials.
Deputies of the San Mateo County Sheriff’s Office discovered four victims who were shot to death in the 12700 block of San Mateo Road, an unincorporated area of the county, around 2:30 p.m. A fifth victim was also located and rushed to Stanford Medical Center with critical injuries, as per the statement issued by the Sheriff’s office. A short while later, deputies found three more victims who had died due to apparent gunshot wounds, about a mile away, in the 2100 block of Cabrillo Highway.
According to Sheriff Corpus, the suspect is thought to have traveled between the two locations, shooting the unidentified victims at each site. The reason behind the shootings is yet to be determined, as per the statement given by the sheriff’s officials. The shooting suspect, Chunli Zhao, was located sitting in his car at the San Mateo County Sheriff’s Office substation in Half Moon Bay at around 4:40 p.m. Video footage from ABC 7 shows deputies apprehending a man, who was wearing a white cap, vest, and red long-sleeve shirt in the parking lot.
Bengaluru will Witness 187 Tata e-Buses in Four Months
The Grand Challenge plan of Convergence Energy Services Ltd (CESL), a Public Sector Undertaking (PSU) under the Union power ministry, aims to bring about a significant shift towards electric transportation in India. As part of this plan, 1,500 non-AC electric buses were allocated to the city of Bengaluru on a gross cost contract, also known as a lease model. CESL invited tenders for the operation and maintenance of these buses, and Tata Motors submitted a quote of Rs 41 per kilometer (including the cost of the driver) for a period of 12 years.
However, the Bengaluru Metropolitan Transport Corporation (BMTC) has shown interest in inducting only 921 of these e-buses so far. Of these, 187 will be inducted in the next four months, with the remainder to be added by 2025. The BMTC is setting up charging stations at Shantinagar, KR Puram, and Hoskote depots to support these buses.
The adoption of electric buses in Bengaluru represents a significant step towards the goal of reducing air pollution and greenhouse gas emissions in the city. Electric buses produce zero emissions and are significantly quieter than their diesel counterparts, making them a more environmentally friendly and less disruptive mode of transportation. In addition, the cost of operating electric buses is generally lower than that of diesel buses, as electricity is generally cheaper than diesel fuel.
However, the transition to electric buses is not without its challenges. One of the main challenges is the need to set up infrastructure to support these vehicles, including charging stations and maintenance facilities. In addition, there is a need to address issues related to the availability and reliability of electric bus batteries, as well as the potential for battery waste.
Another challenge is the upfront cost of purchasing electric buses, which is generally higher than that of diesel buses. However, this cost is offset by the lower operating costs and reduced maintenance requirements of electric buses. In addition, various government incentives are available to encourage the adoption of electric buses, including subsidies and tax credits.
Despite these challenges, the adoption of electric buses in Bengaluru holds great potential for improving the quality of life in the city and reducing its environmental impact. The success of this project could serve as a model for other cities in India and around the world looking to transition to electric transportation.
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