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India oil

Indian oil refiner balances Gulf and Russian suppliers

The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […]

Alat will manufacture more than 30 product categories, including robotic systems, communication systems and advanced computers

G7 leaders seeks global technical standards for AI

Leaders of the Group of Seven (G7) nations on Saturday called for the development and adoption of technical standards to keep artificial intelligence (AI) “trustworthy,” saying governance of the technology has not kept pace with its growth. While the G7 leaders, meeting in Hiroshima, Japan, recognised that the approaches to achieving “the common vision and […]

US debt ceiling standoff overshadows G7 meeting

A standoff over raising the US debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders set to begin on Thursday, heightening US recession fears as central banks seek a soft landing for the global economy. President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the limit on the government’s permitted […]

Plant, Grain, Produce

G7 support expansion of Black Sea grain deal

The Group of Seven (G7) economic powers called on Sunday for the “extension, full implementation and expansion” of a critical deal to export Ukrainian grain through the Black Sea, the group’s agriculture ministers said in a communique. Brokered by the United Nations and Turkey, the deal was signed in Istanbul last July, allowing Ukraine to […]

Turkey Sakarya gas

G7 coalition to keep Russian oil price cap at $60  

The G7 coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow’s revenues. The G7 and Australia made the decision to maintain the cap over the past few weeks after […]

Morocco renewables

G7 ministers set fresh targets for renewables

The G7 nations have set big new collective targets for solar power and offshore wind capacity, agreeing to speed up renewable energy development and move toward a quicker phase-out of fossil fuels. But they stopped short of endorsing a 2030 deadline for phasing out coal that Canada and other members had pushed for and left […]

G7 should opt for fuel tax cut over price cap, says Saudi-based analyst

A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […]