Dramatic Surge in Russias Fuel Oil Exports to India and Turkey as Prices Decline

The total volume of active fuel oil exports from Russia to India and Turkey has seen a significant upturn as prices plummet. This news comes amidst a backdrop of rising political instability and an extension in crude oil prices.

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The UK government is contemplating an alteration in the law concerning oil and gas ventures in the North Sea, in an effort to reduce energy costs. Michael Shanks, a minister under the energy secretary, Ed Miliband, is scheduled to visit Scotland on Thursday. A decision is expected regarding the government’s intervention in legal cases won last year by environmentalists over an oil project by Equinor at Rosebank and a gas field by Shell at Jackdaw.

The government has allocated additional funds for the Department for Energy Security and Net Zero to invest between 2026 and 2029, with £14bn earmarked for a new nuclear plant at Sizewell C. Furthermore, an industrial strategy is due to illustrate government plans on energy bill reduction.

The oil and gas sites have been heavily criticised by Miliband, while Scottish courts have halted projects citing a lack of consideration for greenhouse gas emissions. This has put millions of pounds of investment at risk. A new draft of guidance on emissions is reportedly due to be unveiled, which will indicate how energy corporations can reacquire licences and develop offshore sites.

The shift in policy comes after City AM disclosed that the government admitted the higher expense of low carbon technologies compared to fossil-fuel powered alternatives. This information was found in the minutes for a PAC report, detailing the government’s responses to recommendations made on energy policy. The report suggests that high electricity prices in the UK may be a result of the costs of operating renewable energy such as solar power and offshore wind, along with other technologies, potentially including energy storage methods and energy infrastructure.

The Confederation of British Industry (CBI) boss, Rain Newton-Smith, has recently urged the government to address high energy costs. The previous government supported the rollout of projects to boost energy supplies, with Rosebank expected to generate thousands of jobs for construction.

However, Miliband would still need to give the green light if Shell and Equinor return with proposals. Recent data showed standard electricity bills reached £1,067 last year compared to £814 for gas, making average energy bills stand at around £1,881 in 2024.