Profits will reach $39.9 billion (£32.2 billion) in 2022. Rise in energy prices contributed to an increase in household and business bills. Since the invasion of Ukraine, oil and gas prices have skyrocketed. Shell reported record annual profits after energy prices skyrocketed last year following Russia’s invasion of Ukraine. Profits will reach $39.9 billion … Read more
ExxonMobil’s first-quarter profits more than doubled to $5.5 billion. The petroleum giant also increased spending on share buybacks by $20 billion. Energy prices have risen 34.6 percent in the last year. President Joe Biden chastised ExxonMobil on Friday for not producing more oil, as rising gas prices drain Americans’ wallets and the US leader’s popularity … Read more
LONDON: Former Conservative Party leader and senior legislator Iain Duncan Smith said on Saturday that Britain’s Conservative administration must act now to help people most affected by a deepening cost-of-living crisis. Consumer price inflation in the United Kingdom reached 9% in April, the highest annual rate since 1982, putting finance minister Rishi Sunak under pressure … Read more
BRUSSELS: Eurozone inflation soared in February to a record high of 5.8 per cent, mainly on the back of surging energy prices, the EU’s official statistics agency Eurostat said on Wednesday. The acceleration, from 5.1 per cent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on … Read more
FRANKFURT: Soaring inflation will be in focus when European Central Bank governors meet on Thursday, as the threat of war in Ukraine risked further fuelling already sky-high energy prices in the region. Prices rose in the eurozone at an annual rate of five per cent in December, the highest value on record for the currency … Read more
MOSCOW: Kazakhstan’s president on Tuesday tried to calm rare protests in the ex-Soviet country, sending officials to a western province where demonstrators have taken to the streets over a hike in energy prices. Protests erupted over the weekend in the town of Zhanaozen in the oil-rich western Mangystau region, and have since spread to the … Read more
BRUSSELS: Eurozone inflation surged to its highest rate on record in November, fuelled by soaring energy prices, official data showed on Tuesday. Consumer prices picked up to 4.9 per cent from 4.1 per cent in the previous month, the highest reading since the official statistics agency Eurostat began compiling the data more than 20 years ago. … Read more
LONDON: A key index tracking the prices of industrial metals, including aluminium, copper and zinc, has struck record heights as soaring energy prices reduces their production. The London Metal Exchange Index reached an all-time peak at 4,623.4 points. It represents a 35-per cent jump for the LME index since the start of the year, while … Read more
BRUSSELS: The European Union has presented a ‘toolbox’ of measures to mitigate an energy crunch that threatens to send Europeans’ power bills soaring. The European Commission has been under pressure to act on the looming crisis, even though individual EU governments are more directly responsible for their energy sources and taxation. Consumers’ “concern is understandable, … Read more
WASHINGTON: Energy prices, which have soared in recent days, are likely to remain high in the coming months but begin to retreat early next year, IMF chief economist Gita Gopinath told AFP in an interview. While energy prices “will be elevated” for the next couple of months, “We expect that to come back down by … Read more
