Energy 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 […] May 22, 2023
Tech 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 […] May 21, 2023
Banking & Finance 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 […] May 11, 2023
Economy 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 […] April 23, 2023
Energy 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 […] April 18, 2023
Energy 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 […] April 17, 2023
Opinion Economy Impact of EU sanctions for European companies in the Gulf GCC entities navigate a legal minefield if seen to be assisting EU companies in breaching sanctions against Russia December 7, 2022
Energy 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 […] June 29, 2022
