Hungarian energy group MOL has transferred the transit fee for use of the Ukrainian section of the pipeline
As the power of the West wanes world trade will increasingly happen in currencies other than dollars and euros
But Numsa’s Irvin Jim is adamant the sector can absorb the union’s demand for a 20% wage hike, way above the 6.5% headline inflation rate
MEC for economic development, tourism and environmental affairs Ravi Pillay resigned as a member of the KZN legislature and as a member of the executive committee
The hefty hike will be felt by all South Africans when gas-reliant manufacturers such as those that produce bread, are forced to hike prices
That would allow President Ranil Wickremesinghe time to institute tough economic reforms to secure a bailout from the IMF
Failure to win on Saturday would put coach Ian Foster and captain under pressure in terms of their future with the team
Chris and Suzaan Alheit have been making some of the Cape’s finest whites for the past ten years, the latest vintage being no exception
London — Oil prices rose on Thursday as investors adjusted positions before an Opec+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Brent crude futures rose 35c, or 0.5%, to $69.22 a barrel by 12.15pm GMT while US West Texas Intermediate futures gained 29c, or 0.4%, to $65.86.
Global oil prices have declined more than $10 a barrel since last Thursday, when news of Omicron first shook investors.
Opec and its allies, collectively known as Opec+, are likely to decide on Thursday whether to release more oil into the market, as previously planned, or to restrain supply.
The meeting is scheduled to start at 1pm GMT. Since August, the Opec+ has been adding a further 400,000 to global supply each month, gradually winding down record cuts agreed in 2020. The new coronavirus variant, however, has complicated Thursday’s decision.
Opec+ sources and others had differing views on the likely outcome. Some say the planned January increase will be paused, others expect the previously agreed 400,000bb/day increase will go ahead, and one even expected a cut in production.
Jeffrey Halley, senior market analyst at Oanda, believes that the collapse in oil prices and uncertainties surrounding Omicron will prompt Opec+ to call a temporary halt to production increases.
“That may restore a modicum of stability to oil markets,” he said.
US deputy energy secretary David Turk said President Joe Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially.
Gains in oil prices on Thursday were also capped by weekly US inventory data, which showed the country’s crude stocks fell less than expected last week. Petroleum and distillate inventories rose much more than expected while demand weakened.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.