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Increase in cost of crude could drive inflation up and force central banks to keep interest rates high• Business live – latest updatesA serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.The Washington-based institution said the recent fall in commodity...

£2.2bn-worth of oil processed in China, India and Turkey – to whom Russia supplies crude – was imported in 2023, data showsThe UK has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries processing Kremlin fossil fuels.Government data analysed by the environmental news site Desmog shows that imports of refined oil...

Foreign minister warns of environmental catastrophe in Baltic Sea as he accuses Moscow of using unseaworthy vesselsRussia appears prepared to create “environmental havoc” by sailing unseaworthy oil tankers through the Baltic Sea in breach of all maritime rules, the Swedish foreign minister has said.Speaking to the Guardian during his first visit to London since Sweden became a Nato member, Tobias Billström called for new...

Company is fighting Dutch court ruling that says it must emit 45% less CO2 by 2030 than in 2019Shell has argued that it “lobbies for, not against, the energy transition” on the final day of its appeal against an important climate ruling.The fossil fuel company is fighting the decision of a Dutch court in 2021 that forces it to pump 45% less planet-heating CO2...

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firmsAbu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP in a sign that depressed share values in London are making even the biggest British businesses takeover targets.Abu Dhabi National Oil Company (Adnoc) considered options including purchasing BP or acquiring a large stake before...

Authorities to launch inquiry into allegations of mismanagement at country’s national oil corporationLibyan authorities have said they will investigate allegations of wholesale mismanagement in the country’s National Oil Corporation, with officials telling the Guardian rampant smuggling is helping to fuel the civil war in Sudan.Mohamed al-Menfi, the chair of the presidential council, will launch an inquiry this week, t he scope of which is...

Unified command was formed to look in to the origin of the sheen, which did not seem to be expanding since it was first detectedAuthorities in southern California are investigating a 2.5-mile (4km) long oil sheen that emerged off the coast of Huntington Beach on Thursday evening.The sheen doesn’t appear to be a crude oil spill – it could be the result of natural...

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructureThe oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.Shell plc is preparing to divest from the delta but a report warns that...

Fuel continues to leak from overturned and abandoned barge as stain spreads into the Caribbean SeaAn oil spill that has stained Tobago’s coastline in the Caribbean is entering Grenada’s waters and could affect neighboring Venezuela, authorities have warned.Eight days after Trinidad and Tobago’s coastguard first spotted the oil from an overturned and abandoned barge, the vessel continues to leak fuel, and portions of the...

Aerial evidence follows months of President Nicolás Maduro ramping up claim to Essequibo regionVenezuela is expanding military bases near its border with Guyana and deploying forces to the jungle frontier as President Nicolás Maduro ramps up his threats to annex the country’s oil-rich neighbour, satellite images have revealed.Maduro pledged at mediation talks in December not to take military action against his neighbour but images...

President of ExxonMobil Guyana confirms plan to drill two new wells off Atlantic coast as territorial dispute simmersExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors.Relations between the two countries have reached an all-time low in recent months following...

Oil and gas company criticised by campaigners as it plans more share buybacks to return cash to investorsBusiness live – latest coverageProfits at the energy company BP halved last year to nearly $14bn (£11bn), but were better than expected after weaker oil and gas market prices caused revenues to slump across the industry.BP said it would return more cash to investors with $3.5bn of...

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas pricesShell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.The oil company handed its shareholders $23bn in payouts last year, and plans to...

Former finance chief to replace Bernard Looney, who departed unexpectedly last yearBusiness live – latest updatesThe oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds...

Parliament returns for election year with a resignation over North Sea drilling and a fight over the Tories’ Rwanda planRishi Sunak is facing a backlash in parliament this week over plans to allow more oil and gas exploration in the North Sea, as Tory troubles pile up on multiple fronts in the run-up to a general election expected this year.MPs return to Westminster on...

Brent crude is up 1.7% to $78.32 a barrel as hopes of strong demand in China also push up pricesBusiness live – latest updatesOil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the vital trading route.In the first trading session of the new year, Brent...

Stanlow operator Essar stopped all imports of Russian fuel in 2022 but has arrangement with LitascoThe owner of one of Britain’s biggest oil refineries has extended a loan facility with an arm of an oil company founded and part-owned by a Russian billionaire who is under sanctions.Essar Oil (UK), which owns and operates the Stanlow oil refinery on Merseyside, stopped all imports of Russian...

Drivers in Brisbane bear brunt of record petrol prices this year – ‘only now are we starting to see some relief’Australian motorists are copping the cost of volatile world oil prices but relief could be in sight.Drivers in Brisbane bore the brunt of record petrol prices this year, making the Queensland city the nation’s most expensive capital to put fuel in the tank. Regular...