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Oil Updates – Crude Rises Ahead of OPEC+ Meeting; Germany will use windfall tax revenue to reduce energy prices

RIYADH: Oil prices jumped more than $1 a barrel on Monday, extending gains as investors considered possible moves by the Organization of the Petroleum Exporting Countries and its allies, a group known as the Producers from OPEC+, to cut production and support prices at a meeting later today.

Brent crude futures were up $1.88, or 2%, at $94.90 a barrel at 03:45 GMT after gaining 0.7% on Friday.

U.S. West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2%, after rising 0.3% in the previous session.

US markets are closed for a holiday Monday.

Germany will use windfall tax revenue to reduce energy prices

The German government will use revenue from windfall taxes to lower end-use prices for gas, oil and coal, German Chancellor Olaf Scholz said on Sunday, announcing measures to mitigate the impact of the rise. energy prices on its population.

Scholz said the government plans to tie some social benefits to the current or expected future rate of inflation and will earmark 1.5 billion euros ($1.49 billion) for a discounted public transport offer. .

The measures are part of a €65 billion package the ruling coalition government agreed on Sunday to help people and businesses struggling with rising inflation in Europe’s biggest economy.

Enel CEO awaits word on sale of Russian unit to Lukoil

Italian utility Enel has no indication of when it will be able to complete the sale of its Russian unit, CEO Francesco Starace said on Saturday, adding that potential buyer Lukoil had applied for the necessary clearance.

“Lukoil has made the necessary request…and we are awaiting a response,” Starace said during a press briefing at a business conference in northern Italy.

Enel announced in June that it had reached an agreement with Russian Lukoil and the investment fund Gazprombank-Frezia to sell its 56.43% stake in Enel Russia for around 137 million euros (135.44), which will be paid at the close.

Russia has put the local Enel subsidiary on a preliminary list of companies that investors from so-called hostile countries are not allowed to sell this year unless they get special presidential permission.

Moscow then introduced an additional requirement, requiring the potential buyer to also apply for permission to acquire the asset.

(Contributed by Reuters)

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