Analysts predict a significant decrease in household energy bills, with an expected £293 annual reduction starting in April, following the implementation of the next Ofgem price cap.
Russia’s revenue from oil and gas decreased by 24% in 2023.
In 2023, Russia’s federal budget saw a 24% decrease in income from oil and gas, totalling 8.822 trillion roubles ($99.4 billion), as reported by the finance ministry on Thursday.
National Grid aims to restrict electricity consumption on Wednesday.
The National Grid has declared its intention to decrease electricity consumption on Wednesday, citing “tighter than usual electricity supply margins expected on Wednesday evening.”
Oil prices hover around their lowest in three months due to deflation concerns in China.
Oil prices have hovered around their lowest point since July due to increasing concerns over demand from China, as the nation experiences deflation.
Crude oil prices have hit a two-month low due to concerns over demand prospects in China
Crude oil prices have dropped to their lowest in two months, driven by concerns over a potential decrease in global demand, with anxieties heightened by recent developments in China.
Saudi Aramco’s earnings decline in tandem with the drop in oil prices.
Energy behemoth Saudi Aramco reported a 23% decrease in third-quarter profits compared to the previous year, primarily due to lower oil prices and production cuts.
Vladimir Putin has made it harder for western companies to exit Russia
Putin is taking swift action to stabilize the rouble by implementing restrictions on Western businesses. In a bid to bolster the faltering rouble, Vladimir Putin has intensified the challenges for
Russia hikes interest rates to 15pc – Rouble jumps to six-week high
Russia has raised its interest rates to 15%, intensifying its efforts to combat inflation amid labour shortages and a depreciating ruble.
Norway, is closely observing the investigation into the Baltic Sea pipeline rupture
Europe’s major gas supplier, Norway, is diligently following the investigation into the mysterious damage to a Baltic Sea gas pipeline.
Putin refutes claims of Russia meddling with the gas pipeline
President Vladimir Putin dismissed claims suggesting Russia’s hand in the disruption at the Balticconnector gas pipeline, calling them “utterly baseless.”
Vladimir Putin said Russia and Saudi Arabia could keep cutting oil supplies
Vladimir Putin indicated that the reduction in oil supplies by Saudi Arabia and Russia is likely to be prolonged, as the Opec+ group seeks to stabilize prices.
UK is projected to have the lowest economic growth in G7 next year.
According to the International Monetary Fund (IMF), the UK’s economy is set to lag behind all other G7 nations next year, presenting challenges for Rishi Sunak in the upcoming election.