Russia’s decision to ban diesel exports this week has roiled global energy markets, exacerbating shortages of the industrial fuel and sending prices soaring, even in countries that no longer buy the fuel from Moscow. Diesel accounts for the largest share of global oil consumption and soaring prices can ripple through the global economy given its wide range of uses, from industrial machinery and farm equipment to heavy transport and electricity generation. Supply has remained tight for years due...
As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.
Energy exploration has picked up sharply in Australia, driven by growing Asian gas demand, technological advances and an improved investment climate, with the Iran war underscoring the urgency to develop supply after years of sluggish spending. Quarterly oil and gas exploration spending in Australia, the world’s No 2 liquefied natural gas producer, hit a 10-year high of A$471 million (US$324 million) in the March quarter, government data released in June showed. Energy investment sentiment has...