Energy

Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said.

Activist investors have forced AGL Energy, the nation’s largest emitter of greenhouse gases, to abandon a plan to protect its coal-power assets through a corporate split. Such dramas will become more common.

The new U.K. “energy profits levy” shows how easily policy can be usurped by politics, bringing more unpredictability to the energy transition.

Under-the-radar commodity traders are cashing in on Russian oil, stepping in to buy and transport crude to customers as their bigger rivals retreat from the market.

The U.K. said it would impose a temporary levy on oil and gas producers to help soften the pain of soaring energy prices on consumers, a rare so-called windfall tax aimed at blunting a worsening cost-of-living crisis.

While fossil fuel investments may be needed as Europe seeks to reduce Russian supplies, longer investments could derail climate goals, some say.

Tehran secured access to atomic agency reports almost two decades ago and circulated them among top officials, who concealed suspected past work on nuclear weapons.

The asset manager is seeking to reduce greenhouse gas emissions in its oil-and-gas portfolio companies.

The French energy company said it would buy a 50% stake in Clearway Energy Group in a deal worth about $2.4 billion, the latest move by an oil major to expand in wind and solar power.

More than 70 countries could follow Sri Lanka into default, says the United Nations.

The German energy company has made a long-awaited offer for the minority shares in its embattled subsidiary Siemens Gamesa Renewable Energy.

On the European stage, Viktor Orban has become the last barrier to a sweeping embargo against Russian oil on the grounds that it would devastate his small nation’s economy.

Some of Europe’s biggest natural-gas utilities have agreed to new payment terms with Russia’s Gazprom, defusing the threat of a sharp cutoff of Russian gas to the region after President Vladimir Putin demanded payment in rubles.

Milder variants and cuts to pandemic sick-leave policies fuel pressure to work through the illness, some employees say.

U.S. officials say the proposal could hit Russian oil fast while keeping oil price rises in check.

Europe’s largest economy is scrambling to find new suppliers and invest billions in infrastructure to reverse decades of policy in weeks; business leaders warn of a financial crisis from higher energy prices.

Even without a disruption to energy supplies, the bloc expects 2022 to be a tough year for households, which face a big drop in real incomes.

Corrections & Amplifications for the edition of May 16, 2022.

What’s News: Business & Finance

The Saudi oil giant said its net income rose 80% in the first quarter of this year, as state-owned oil giants reap profits from an energy-price boom caused by Russia’s invasion of Ukraine.