💬 "If we look only at trade statistics, non-sanctioned goods are actually being sent from Lithuania to Russia. And we can see that the trade with Russia continues to grow," Besagirskas said in a televised statement. ● Besagirskas added that Lithuanian companies trading with Russia make the wrong decision and called on the Lithuanian authorities to publish the names of enterprises that continue to trade with Russia and Belarus so that "responsible citizens" could form their own opinion about these companies. According to contemporary Lithuanian law, this data cannot be made public.

The United Kingdom will face one of the longest recession and weakest recovery among G7 countries throughout 2023 due to long-term inflationary effects of the pandemic and conflict in Ukraine, the US media reported, citing leading UK economists. | According to economists interviewed by the media, the UK would face a longer period of "inflationary shock" than most of G7 states, which would force the government to conduct a strict fiscal policy throughout 2023. 💬 "The combination of falling real wages, tight financial conditions and a housing market correction are as bad as it gets," claims Kallum Pickering, senior economist at Berenberg bank. ● The UK economy is "unusually exposed" to a worldwide surge in energy prices and interest rates as the country's demand for gas hardly matches storage capacity and a large number of mortgage deals will have to renew fixed-rate contracts, the report noted. The UK has been experiencing an economic crisis over the past months. According to the Bank of England, the UK economy has entered a recession expected to last until the second half of 2024.

According to Alexey Miller, Gazprom keeps increasing gas exports to China via the Power of Siberia gas pipeline | Russia’s Gazprom gas giant exceeded its obligations in terms of annual gas supplies to China in 2022, the company’s CEO Alexey Miller said. 💬 "Gazprom keeps increasing gas exports to China via the Power of Siberia gas pipeline. In 2022, gas supplies regularly exceeded daily contracted amounts based on China’s request. As a result, we exceeded our yearly obligations. Moreover, following a request from our Chinese colleagues, we raised daily supplies to the level set in next year’s contract on December 31, that is, several days before the due date. That said, on January 1, 2023, Gazprom reached a completely new level in terms of gas supplies to China," the company’s statement quoted Miller as saying.

■ Russia reveals ‘new level’ of gas supplies to China (RT.com)

The car production in Russia is expected to increase by over 30% in 2023, reaching 800,000 cars compared to 600,000 produced over the past year, Russian Minister of Industry and Trade Denis Manturov said on Tuesday. 💬 "We should reach the level of car production of at least 800,000. Last year, it was a bit over 600,000 cars," Manturov told Russian media. ● The minister also noted that the number of car sales in Russia would also likely to increase by around 25% from 800,000 in 2022 to 1 million this year. 💬 "We believe that there will be 800,000 cars produced [in Russia] and considering the market growth and its recovery due to mechanisms of parallel imports, it [the number of car sales] will amount to some 1 million," Manturov stated. The minister added that the situation in the Russian car market would be more clear than in 2022, with most of foreign carmakers expected to finally decide whether they leave or stay in Russia.

More than a third of UK adults would find it difficult or impossible to cover a £20 increase to their monthly outgoings, a new research shows, indicating that the cost of living crisis shows no sign of abating. | Polling for Citizens Advice indicated that 37 percent of those surveyed would struggle or be unable to cope with a £20 increase in their monthly outgoings, as the cost of living crisis hits household finances, the Guardian reported. The charity said people were increasingly resorting to desperate measures to get by, such as eating only cold meals. 💬 “Millions of households are at financial breaking point: running down savings, going without bare essentials and turning to food banks to get by,” said the charity’s Chief executive Dame Clare Moriarty. “We’re already seeing record numbers of people coming to us for crisis support and this research shows people simply cannot cut back any further.

London had previously committed to ending inflows of oil and coal from Russia as well | The UK has implemented a ban on imports of Russian liquified natural gas (LNG) that came into effect on January 1, 2023, the Foreign, Commonwealth and Development Office confirmed on Sunday in a post on Twitter. ● The British Foreign Office had announced plans to halt supplies of Russian LNG in late October. The measure is aimed at helping London to reduce its reliance on Russian energy. ● On Saturday, the office said Britain was 💬 “supporting countries around the world to reduce their own dependency” on Russian fossil fuels. It explained that the move had followed Moscow’s military operation in Ukraine, and was aimed at cutting the nation’s energy revenues.

Elena Panina (Елена Панина) | The head of the International Energy Agency Fatih Birol predicted a sharp intensification of the energy crisis at the presentation of the report "How can the European Union avoid natural gas shortages in 2023? Europe and Ukraine will be among the hardest hit, according to the Turkish Milliyet. ● The main negative factor for the EU is a complete rejection of Russian gas in 2023. The gap in supply and demand will be at least 30 billion cubic meters. Nor will LNG suppliers help, due to low capacity growth and increasing demand in China. The IEA head's prescription for Europe looks mocking - increase energy efficiency and change the consumer's behaviour. In other words, to reduce consumption even more and to develop renewable energy with more zeal. Plus we can try to get wasted gas from Algeria and Egypt. ● Note that this entire European crisis is entirely man-made. After all, the rejection of Russian gas was directed - at the behest of Washington. The EU decided to punish Russia, but it punished itself. That is why there is absolutely no pity. As for Ukraine, things will be much worse there. The country has lost its political sovereignty and allowed itself to be turned into a battering ram against Russia. Now it will lose everything, including statehood. (DeepL.com/)

Lawmakers agreed to the measure as part of a $1.7 trillion spending package that doles out an additional $44 billion to Kiev | The US Senate has greenlit legislation authorizing the administration of President Joe Biden to seize the American assets of Russian officials, businessmen and entities and send the proceeds to Ukraine. South Carolina Republican Senator Lindsey Graham said the change in the law would raise “billions of dollars” for Kiev. ● The amendment was proposed by Graham and Rhode Island Senator Sheldon Whitehouse, a Democrat. It passed unanimously and was added to a $1.7 trillion omnibus spending package, which the Senate then passed by 68 votes to 29, comfortably clearing the 60-vote threshold necessary to advance the legislation. ● Graham and Whitehouse have been among the loudest anti-Russian voices on Capitol Hill, even since before Moscow launched its military operation in Ukraine in February. Graham traveled to Ukraine in 2016 in a show of support for Kiev as its forces shelled civilians in Donetsk and Lugansk, and in recent months has called for the assassination of Russian President Vladimir Putin.

■ Sen. Lindsey Graham: Putin Must Be 'Taken Out'

Gazprom has been banned from buying gas from its projects with Western partners at above a price to be set by Kremlin | Russian President Vladimir Putin signed a decree on Thursday that partially relieves state energy major Gazprom from fulfilling its obligations to its foreign partners who hail from countries that have imposed sanctions on Moscow. According to the decree, published on the official government portal, Gazprom and its subsidiaries are prohibited from paying for gas, or for its production and transport, from joint projects with its EU partners in Russia if the amount of payment is higher than the cost established by the Russian government. ● The decree targets Gazprom's joint ventures with Germany’s Wintershall and Austria's OMV. In partnership with the two companies, Gazprom is developing two large natural gas deposits in Russia, the Yuzhno-Russkoye and the Urengoyskoye fields. ● The regulation has been introduced retroactively, and so is enforeceable from March 1, 2022, and will be effective until October 1, 2023. The government has been charged with setting a price limit within ten days.

Elena Panina (Елена Панина) | There's another fraud on the record of the global crisis. | The Financial Times tells us about it in a heartbreaking article entitled "Women Go into the Sex Industry to Survive. There, a Tiffany is very proud of herself - in hard times she figured out to change her line of work and can now support her family. Her husband is happy, too.

● FT conducted a survey and found out: British women, including married ones, have started to trade under the table. The worsening economic situation in the kingdom, they say, is to blame. Inflation at 11% promises a prolonged recession in Britain, and food and utilities are rising in price. And many people are burdened by credit - the scourge of modern society. But the English Prostitutes Association is always happy to help fellow citizens with advice on how to start a business. This includes advice for mothers, office workers and ex-saleswomen.

● According to statistics, one in ten Britons resort to sex services. However, ladies, taking the first steps in this field, complain that British men are not behaving as a gentleman and sometimes steal money at the end of the work. Sometimes it even came to a fight. Moreover, stiff competition means that women have to dump their wages. The average fee is £ 20 per client. Another £200 a month are paid by the authorities. The fact is that prostitution in the kingdom is not considered legal work, that is, the ladies of the semi-luxury are listed as unemployed. High relations!

● Meanwhile, at 10 Downing Street, there is a heated debate about the legality of the business and the tasks of the police. Suggestions range from full legalization of sex services to a crackdown on the shameful trade. But most importantly, everyone unanimously blames the economic crisis in the spirit of "life is not what we are. Decline in morals? No, we haven't. (T)

Soaring prices, inflation, and unemployment are pushing up deprivation levels, the New Economics Foundation says | The UK is on the cusp of the greatest cost-of-living crisis in modern times, with the number of those below the poverty line rising, according to a report by the New Economics Foundation (NEF). ● In a study released on Monday, the think tank said that 30 million people in Britain will be unable to afford what the public considers to be a decent standard of living by the time the current Parliament ends in 2024. ● Rising prices, below-inflation increases in earnings, and projected increases in unemployment will result in 43% of households lacking the resources to put enough food on the table or buy new clothes, the report said. ● According to the NEF’s calculations, by 2024, almost 90% of single parents and 50% of workers with children will fall below the minimum income standard. On average, those falling below the threshold for a decent standard of living will be short by £10,000 ($12,422) a year, the research shows.

Speaking after the cabinet meeting, President Erdoğan announced the discovery of 12 billion dollars worth of oil in Gabar Mountain 💬 “One of the 10 greatest discoveries made on land in 2022.” In the Presidential ComplexPresident Recep Tayyip Erdoğan, who was in front of the cameras after the meeting with his elder brother, addressed the nation. Standing in front of the cameras after the cabinet meeting, President Erdoğan talked about oil exploration activities. Announcing the discovery of 12 billion dollars worth of oil in Gabar Mountain, President Recep Tayyip Erdoğan used the following statements: 💬 “We discovered 150 million net oil reserves in Gabar Mountain. It is one of the top 10 discoveries made on land in 2022. The reserve value is approximately 12 billion dollars. ● We are soon inaugurating the facility in Saros, which enables the transfer of natural gas from the ships under construction to the national grid. We also intensified our oil exploration activities on land. We started to produce oil from wells where concrete was poured, saying that there was no oil before. The production of Turkish oil, which was 40 thousand barrels, increased to 65 thousand barrels today. Comment here (in Russian)

Объясняет Readovka | The Chinese leader plans to discuss both economic and military cooperation with the Saudis. The Middle Eastern countries are very important trading partners for China - they account for half of its oil imports. ● The key route for Middle Eastern oil products to China is by sea through the Strait of Hormuz. Xi Jinping seems concerned about protecting it. Recently joint military exercises of China, Russia and Iran have taken place in the region, and a Chinese naval base will soon be established in Pakistan. Xi and the Saudis' talks on joint military activities are therefore a logical extension of China's policy in the region. The Chinese plans in the Middle East could be thwarted by the Americans, who maintain a significant military presence there. ● On the other hand, China has already succeeded in securing its interests in the Bab-el-Mandeb Strait in 2017. The Middle Kingdom has established a military base in Djibouti and has in principle expanded its presence in East Africa, despite its close proximity to US and French military bases. ● China's policy of protecting its trade routes and straits is thus becoming evident. China is gradually becoming a full-fledged superpower and is acting very intelligently to diversify its risks. For example, China simultaneously protects its energy supplies from the Middle East and expands cooperation with Russia in the same field. (www.DeepL.com/)

Объясняет Readovka | The union of the Arabian oil well and the conveyor belt from the Celestial Empire | Colleagues have rightly noted the importance to the PRC of the Riyadh talks, but, as they say, it is a double-edged sword. Companies from the two countries have signed contracts worth almost $30bn - mostly in energy, transport, construction and IT. ● Against the background of the Saudis' oil war and the sanctions war on microelectronics it is easy to identify a major loser: the US. It can be argued that menacing rhetoric from across the ocean has pushed the major economies of the Middle East and Asia towards closer cooperation - the opposite of what Washington would like to see. ● Sino-Saudi economic relations are going well, with trade reaching $80 billion in 2021 and surpassing the $100 billion mark this year. ● The two economic giants complement each other seamlessly in the energy market: OPEC, led by Saudia, produces 33 million barrels of oil per day (mboepd), with more than 20 mboepd available for export. China, on the other hand, provides only one-third of the oil it needs for its domestic industry. ● In this context, it is interesting that only the Gulf monarchies are currently able to increase production without incurring political and logistical costs. Because of the civil wars and sanctions embargoes imposed by the USA, Venezuela, Iran and Libya have withdrawn from the market and supplies from Russia could decrease in the near future. In such circumstances, it is Saudi Arabia, Kuwait and the UAE that can provide additional supply of up to 2m b/d. For the Chinese economy, which is growing at around 5% per annum, this would be a huge boon. ● The economic wars in recent years have led to increasing inflation, falling revenues and the disruption of supply chains. Against this backdrop, Sino-Saudi relations seem exceptional: the difference in culture, religion and political structure does not prevent cooperation when mutual economic benefits are at stake.(Translation: www.DeepL.com/)

The United Kingdom's government has approved the construction of a new coal mine in the northwestern county of Cumbria, despite the promise to relinquish coal at the COP26 climate conference which it hosted last year, UK media reported. | The idea of opening the Whitehaven coal mine to extract coking coal, which is used in steel production, was first discussed on April 24. Michael Gove, UK Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations, supported the plan to open the first coal mine in the country in decades to reduce dependence on energy imports from Russia. Before the crisis in Ukraine, London imported 40% of its coking coal from Russia. ● British media cited West Cumbria Mining, the mine's developer, as saying that it would be the world's first zero-emissions coal mine. The press reported that the mine would not produce coal for power, adding that at least 80% of output would be exported.

Vanguard, the world's second-largest mutual and exchange-traded fund manager, is pulling out of a major financial-sector alliance intended to help tackle climate change, the firm announced Wednesday. | Vanguard, in a statement, said it will track its progress independent of the alliance, as an effort to provide "clarity" to its investors. Some environmental groups... argued that such a move is kowtowing to "anti-woke" sentiment that claims investments focused on the impending clean-energy transition and other pro-climate actions only come at the expense of investment returns. The alliance, called the Net Zero Asset Managers (NZAM), was launched in late 2020 to encourage asset managers to hit a net-zero emission target by 2050 and help keep a rise in global temperature to 1.5 degrees Celsius. ● Along with BlackRock BLK, -0.16% and State Street STT, +8.19%, Vanguard, with roughly $8.1 trillion under management, is considered one of the Big Three index fund managers that dominate much of American retail investing and retirement planning.

Earlier this week, Russia’s Deputy Prime Minister Alexander Novak warned that the introduction of a price cap on Russian oil can only lead to a decrease in global investments in the industry, which in turn will lead to an increase in prices. | Moscow is considering three possible options to respond to the introduction of a price cap on Russian oil by the EU and G7, a Russian newspaper reported. ● The news outlet cited several unnamed sources close to the government as saying that the first scenario stipulates a full­-blown ban on the sale of Russian crude to those states, including G7 members, who supported the price cap, even if they purchase the oil from Russia through intermediaries or their chain. ● The second option envisages a ban on oil exports under contracts that include a price cap-related clauses, regardless of which country acts as a recipient, according to the insiders. ● They added that under the third scenario, a measure pertaining to an "indicative price" may be introduced. This price defines the maximum Russian Urals oil’s discount with respect to the Brent crude, and a potential deal will not be approved if the discount is increased.

■ Western price cap on Russian oil likely to be another spectacular failure

Ahmed Adel | The price cap imposed by the West on oil from Russia will actually have negative consequences in the long term as it once again reaffirmed to the international community that Western-centric banking and shipping insurance schemes cannot be trusted as reliable partners. Western oil sanctions went into effect on December 5, with the European Union stopping all shipments of Russian oil arriving by sea. In addition, the EU, as well as G7 countries and Australia, imposed a limit on the price of oil transported by sea at $60/barrel. The West expects that this will cripple the Russian economy and force Moscow to end its special military operation in Ukraine. ● However, this will spectacularly fail. Sanctions have not instigated an end to the military operation, and in fact they have forced financial mechanisms independent of western institutions to be established. Although the world economic system was already slowly heading towards de-Dollarisation, the anti-Russia sanctions have only sped up the process as important economic players like China, India and Egypt have found methods to bypass western sanctions.

■ How G7 Price Cap Started Disrupting Global Oil Flows While Failing to Slash Russia's Earnings
■ Harebrained Price Cap on Russian Oil (Stephen Lendman)(12/05/22)

Mass riots hit Mongolia’s capital Ulaanbaatar on Monday, when protesters broke into the government palace and attacked law enforcement officials. | Protests have been going on in the city for three days now, as the authorities investigate an alleged massive theft of exported coal, but they hadn’t turned violent until now. ● Footage circulating online shows scores of people demonstrating in front of the government palace in central Ulaanbaatar, demanding transparency in the coal scandal investigation and publicly naming the suspects. ● According to media reports, some 6.5 million tons of coal were smuggled out of the country under the alleged corruption scheme, with a vast portion of that heading to neighboring China while bypassing customs. The stolen coal is estimated to be worth some $1.8 billion.

■ Mongolia opens new railway to China
■ Mongolian union boss sets himself on FIRE to protest sale of country's coal mining industry
■ China eyes more coal imports from Mongolia as supply shortage bites
■ On Why Mongolia Winning Battle for China’s Coal Market

PolitSatirCa (ПолитСатирКа) | Unrest suddenly erupts in Mongolia. | The occasion was the theft of coal supplies to China. ● Despite the fact that China quickly found and executed all those involved in the fraudulent scheme, the situation has not yet fully returned to normal. On the contrary, there are signs of a 'colour revolution' (similar to the unrest in Kazakhstan this winter). ● China and Russia have the situation under control. Nobody wants another hotspot with an out-of-control government (or rather one run from overseas). (Translated with www.DeepL.com/Translator) (free version)

Stephen Lendman | The price of goods and services is largely determined by supply and demand. The fundamental market principle especially applies to fungible commodities, virtually identical ones. Capping the price of commodities like oil and natural gas is doomed to fail. | Vladimir Putin, Energy Minister Alexander Novak and other senior Russian officials stressed that nations imposing a cap on Russian oil and/or gas will no longer be sold these commodities. Russia has many willing buyers of its oil, gas and other goods. What hegemon USA and its subservient vassals won’t buy at market prices will be sold to nations unwilling to go along with the harebrained scheme. On Thursday, Sergey Lavrov said the following: 💬 “We have no interest in what the price cap will be.” “We will reach direct agreements with our partners.” (The) ones “working with us will disregard caps and (we) will give no guarantees to those who impose such caps illegally.” Russia is “building a system (that’s) independent from neo-colonial” regimes. ● US/Western sanctions harmed EU member states, their main target, not largely self-sufficient Russia. ● Ahead of the announced price cap, the Center for Strategic and International Studies said that 💬 imposing one “poses no threat to Russia’s revenue stream.” A cap will increase the price of oil and Russian revenue. Slamming the policy, Forbes magazine called it 💬 a “complex Rube Goldberg scheme” doomed to fail.

■ G7 prices cap on Russian oil start, Russia will only sell at market price
■ Italy explains why it can't abandon Russian gas
■ Western sanctions on Russian oil come into force
■ Russia won’t accept oil price cap – Kremlin (12/03/22)

Elena Panina (Елена Панина) | OPEC+ will hold its own meeting in Vienna the day before the $60 "price ceiling" on Russian oil agreed by the EU, the US and other G7 countries is due to come into effect. On December 4, experts believe, a reduction in black gold production will be worked out. 🇸🇦 At the end of November, Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC+ was ready to step in with further supply cuts if needed to balance supply and demand. One of the reasons cited was the sharp rise in COVID diseases in China, which could affect the pace of its economy. ● At the beginning of October, OPEC+ agreed to cut production by 2m bpd from November. This happened despite calls from the US to increase production. ● Jeff Curry, Head of Global Commodities at Goldman Sachs, stated on November 29 that high inflation in USA and other factors make medium-term oil outlook for 2023 "very positive" and the bank is guided by forecasted Brent price of $110. ● Recall that Russia's position is very simple: our country will not sell oil at all to price caps of $60 or $100. ● The consequence of the "price ceiling" may be the actual division of the global oil market in two - Asian buyers will focus on Russian oil at a discount acceptable to Russia, while the G7 and their acolytes, cutting themselves off from Russian oil, will buy expensive Arabian oil in conditions of the deficit created by them themselves.

Russia won’t accept oil price cap – Kremlin (12/03/22)

Hungary has been granted an exemption from the price cap on Russian oil set by the EU and the Group of Seven (G7) countries, Hungarian Foreign Minister Peter Szijjarto announced on Saturday. 💬 “During the negotiations on the oil price cap, we fought hard for Hungarian interests, and in the end we succeeded: Hungary was exempted from the oil price cap. Once again, we have succeeded in protecting the security of our country’s energy supply,” Szijjarto wrote on his official Facebook page. ● He also criticized the initiative, saying it is “high time” Brussels realized that measures such as this “hurt the European economy the most.” He added that instead of settings price caps, the number of energy sources should be increased, which would eventually bring down global prices. ● The G7, EU, and Australia have agreed to put a ceiling on the price of Russian seaborne crude at $60 per barrel, scheduled to take effect on December 5 or soon thereafter, according to a joint statement released on Saturday.

The EU and G7 have agreed to a $60 per-barrel ceiling for the purchase of Russian crude | Moscow is not planning to recognize a Western-imposed price cap on Russian seaborne oil exports, Kremlin spokesman Dmitry Peskov said on Saturday, adding that the government is currently carrying out a review of the situation. 💬 “Now we are analyzing,” Peskov told journalists. “Some preparation was carried out for such a ceiling. We will not accept this ceiling, and we will provide further information on how the work will be organized after the review.” ● On Friday, the EU finally agreed to cap the price of Russian seaborne crude at $60 per barrel, which had been proposed by the US and backed by the Group of Seven in September. The step paves the way for official approval of the measure over the weekend. ● The cap, which seeks to further sanction Moscow over the military operation in Ukraine, will prohibit Western companies from insuring or financing vessels transporting Russian oil, unless the cargo is purchased at or below the artificial price level. It is set to take effect on December 5 or “very soon thereafter.”

Restricting Russian seaborne crude supply may shatter the energy market, according to the outlet | As the European Union’s sanctions on Russian oil are about to kick in next week, the measure could result in price shocks on the global market, The Economist reported on Friday. The EU has agreed on a $60-per-barrel price cap on Russian seaborne oil. According to the report, European insurers and shipping firms have long had a “vice-like hold” on energy markets. Fully 95% of property and indemnity insurance for all oil tankers has been handled by firms from the UK and the EU. This appeared to be a lever with which the West could control the sale of Russian oil globally.

Rome has imposed state supervision on a Lukoil-owned processing plant ahead of an EU embargo, according to AFP news agency | The Italian government has placed a refinery in Sicily owned by Russia’s largest private oil company Lukoil under state trusteeship, days ahead of an EU embargo on Russian crude oil imports, AFP reported on Thursday, citing government sources. ● The ISAB facility near Syracuse is one of the biggest in Europe and refines a fifth of Italy’s crude. The plant has relied solely on Russian Urals oil and now risks stopping production and being closed once the ban comes into force on December 5. ● The Italian government is working on a “temporary solution” to keep the refinery operational in order to save jobs and secure energy supplies, and does not rule out nationalization, La Republica reported, citing the president of the Sicily region, Renato Schifani.

The Norwegian government has postponed the issuing of new oil and gas exploration licences for another three years as part of an internal political deal. | The minority government needed the support of the Socialist Left Party (SV) to vote on the budget and was forced to make concessions on sensitive environmental issues for socialists. ● As a result the 26th licensing round for new oil and gas fields will not take place until September 2025. Although Norway has displaced Russia as Europe's largest gas supplier, there is no talk of replacing Russian energy sources altogether. The Norwegians are not yet producing sufficient resources. Investors' hopes have been focused on untapped fields in the Arctic. Now a significant increase in production by the end of the current government's term is out of the question. ● Approximate Norwegian oil production this year is expected to amount to ~730 mln barrels and natural gas production to 122 bcm. By comparison, Russia exported 155bn m3 of gas and 1,675m barrels of oil to Europe in 2021. ● Oslo's refusal to develop new fields effectively leaves the EU without the ability to get [...] energy sources anywhere else but the US. So we will have to continue overpaying for "freedom oil" several times over. (www.DeepL.com/Translator)

Dutch Nitrogen Minister to Seize and Close 3,000 Farms to Comply With EU Environmental Rules | The Dutch government is planning to buy and close down up to 3,000 farms near environmentally sensitive areas to be in compliance with EU environmental rules. It comes after farmer protests erupted this summer following a government plan to reduce nitrogen emissions by 50% by 2030, The New York Times reported. Farmers believe the measure unfairly targeted the agricultural sector, which is responsible for the largest portion of nitrogen emissions in the Netherlands, the Times added. The government will conduct a "compulsory purchase" of large nitrogen emitters as part of a voluntary, one-time offer, announced Minister for Nature and Nitrogen Policy [!?!] Christianne van der Wal, Bloomberg reported.

Despite being hailed as Europe’s poster child of green energy, Denmark saw a fivefold year-on-year jump in energy prices earlier this year and was forced to act accordingly, including lowering the heating in public buildings throughout the country and asking Danes to turn down the heat in their homes. | Churches around Denmark have been forced to cancel services because of the ongoing energy crisis. In the Diocese of Lolland-Falster, all 108 churches have been given permission to move or cancel services to conserve energy, and many have already made use of this arrangement, especially in the sparsely populated countryside. 💬 “It costs a lot of money to heat an old medieval church with electricity,” Bishop Marianne Gaarden told Danish media. ● Similar decisions have been made in the dioceses of Aarhus and Viborg, each of which comprises hundreds of churches although church authorities have promised that transport will be arranged for churchgoers who find that they have to travel further to get to a church which is still functioning.

Against the background of the Ukraine conflict and the sanctions against Russia, the European economy is heading towards a recession, said Hungary’s Foreign Minister Péter Szijjártó. It is absolutely clear that it is the USA that will benefit from this. | At a press conference on Friday, Hungarian Foreign Minister Péter Szijjártó spoke of a risk of economic slowdown in the EU spoken, which he says is linked to the Ukraine conflict and Western anti-Russia sanctions. In terms of the global economy, the EU is currently on the losing side, while the situation around the US economy, including the competitive situation, has “definitely improved” of late, Szijjártó said. For him it is obvious that the USA “benefits from the suffering of the European economy”. 💬 “The fact that the European economy is heading into recession is good news for the US economy, and it’s clear that Americans have benefited from it.” ● Earlier, Hungarian Prime Minister Viktor Orbán said that Europe loses if it rejects Russian energy sources and relies on those from the United States. Europe is forced to pay fivefold or tenfold for it. According to Orbán, Europe should ask its “US friends” who is making profits in this situation. The Speaker of the Hungarian Parliament, Laszlo Kever, has already stated that the European Union can be called the loser in the Ukraine crisis because it is acting against its own economic interests.

The days of explosive growth in U.S. shale oil production are over. American oil production is rising, but at a much slower pace than it did before the 2020 crash, and at lower rates than expected a few months ago. | The new priorities of the shale patch – capital discipline and a focus on returns to shareholders and debt repayments – have coupled with supply chain constraints and cost inflation to drag down U.S. oil production growth. ● The Biden Administration’s mixed signals to the American oil and gas industry, with frequent blaming of the sector for high gasoline prices and, most recently, a threat of more taxes, are not motivating U.S. producers, either. Many are reluctant to commit to spending more on drilling when there isn’t any medium-to-long-term vision of how the U.S. oil and gas resources could be used to boost America’s energy security and help Western allies who depend on imports.

Elena Panina | [Extract:] The US shale sector is no longer the world's main oil producer, claims one top executive. OPEC has returned as the most important factor in the oil market, bucking the trend of the past 13 years. 💬 "We are in a death spiral where the highs will go higher and the lows will go lower. Volatility will increase. The community is going to go through a difficult period," the source was quoted as saying by Оilprice.com. ● Recall that the EU and British embargo on the purchase of oil from Russia - one of the leading players in OPEC+ - is due to come into force on December 5. That would certainly make the oil price jump even higher. ● Such turn of events could play into the hands of oil production in the USA - if it were not for the very position of the White House. According to which black gold production is bad for the climate, so we should make solar panels from Chinese raw materials. (Translated with www.DeepL.com/Translator; free version)

The aim of the price cap is ambiguous. On the one hand, Western nations intended to limit Russian revenues from oil, while on the other hand they want the oil to keep flowing to avoid market shocks. However, the EU governments are reluctant to impose an embargo on Russian hydrocarbons since it will likely backfire. | Negotiations among the EU nations on a price cap for Russian oil have hit an impasse, US media reported, adding that the EU governments remain split over the parameters of the intended price ceiling. ● Anti-Russian sanctions have already backfired on those who imposed them, dealing a blow to European economies, with some of them plunging into recession. Millions of households across Europe have been pushed to the brink of fuel poverty, while energy bills have dramatically soared.