Britain NEWS

If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with ageing fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules. From next year, the International Maritime Organization (IMO) requires all ships to calculate their annual carbon intensity based on a vessel's emissions for the cargo it carries - and show that it is progressively coming down.

Britain's main oil and gas sector said it had secured some changes to a planned windfall tax but is seeking further allowances from the new Finance Minister Nadhim Zahawi, with the bill set to go through parliament on Monday. Former finance minister Rishi Sunak, who resigned on Tuesday, announced an Energy Profits Levy (EPL) on oil and gas producers in May to raise 5 billion pounds ($6 billion) to support households struggling with the soaring cost of living.

With the rollout of COVID-19 vaccine in Britain, oil prices rose on Thursday. And the United States is also expected to approve the vaccine soon which would witness a spur in fuel demand. WTI went up by 0.5% and was traded at $45.75 a barrel. Brent increased by 0.4% and was traded at $49.07 a barrel.

Total has agreed to sell its Lindsey refinery in Lincolnshire, northeast England, to Prax Group. The refinery has an annual production capacity of 5.4 million tons. Since the sale of the British retail network in 2011, the Lindsey refinery hasn’t been part of Total’s downstream system. It is expected to be put to better use within the Prax Group, an independent player with a growing UK network.

Oil prices increased on Wednesday with the rise of equities. Investors are hoping for a potential Brexit deal between Britain and the European Union which had an impact on the market. Brent rose and was traded at $58.95 a barrel. WTI gained 0.3% and was traded at $52.97 a barrel. According to the analysts, any deal which will avoid "hard" Brexit might boost economic growth and oil prices.

Iran has made it very clear that nothing will stop the nation to export its oil. Foreign Minister of Iran, Mohammad Javad Zarif told its British counterpart that "Iran will continue its oil exports under any conditions". He has also appealed to Britain for releasing the Grace 1 oil tanker. This tanker was seized last week by the British Royal Marines.