The G-7 coalition comprising of Germany, France, the UK and USA, Japan, Canada and Italy is inching toward an agreement on expanding its sanctions against Russia by looking for a mechanism to cap the purchase price of Russian oil.
Portuguese oil and gas company Galp Energia reported a 16% increase in adjusted third-quarter profit on Monday, thanks to soaring oil prices and a near-doubling of its refining margin, but its shares fell on more conservative guidance.
The European Union is aiming to clinch deals on three new laws to fight climate change in time for the annual United Nations climate negotiations next month, in a bid to boost its political clout at the talks.
Federal Economics Minister Robert Habeck has now discussed starting financial aid for electricity consumers earlier than previously planned. “In any case, the relief in electricity prices must start in January at the latest. That’s what we’re aiming for,” said the Green politician.
Germany, Europe’s biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine....