fetching latest news
News tagged in:
Nord Stream 2, Russian-led gas pipeline might save EU about $8 billion annually which is due to the 13% drop in the costs. “If the pipeline is completed by the end of 2019 and is launched in 2020, European families will get access to natural gas at a lower cost price, and will save eight billion euro annually,” said the Nord Stream 2 AG’s press office.
The European Union is urging the United States that if Washington wants the 28-nation bloc to buy more, then it has to cut red tape and make its LNG export rules simpler. Also, to import US LNG, the EU has agreed to build more terminals. The US President and Commission President decided last month on achieving zero tariffs and subsidies on non-automotive industrial goods.
The first round of U.S sanctions will start on August 6, as a result of which traders are slowly ceasing the import of Iranian crude. The key customers of Iranian crude in the European region are Turkey, France, Italy, Spain, and Greece. Sources believe that crude supply from Iraq and Saudi Arabia are likely to replace Iranian barrels. However, Turkey will most likely continue trading with Iran, despite sanction threats.
The United States yesterday challenged the retaliatory tariffs imposed by five countries in the World Trade Organization (WTO). Donald Trump-led administration has alleged that the imposition of retaliatory tariff on US goods by China, the EU, Mexico, Turkey, and Canada, are in violation of international agreements. US Trade Representative has referred to the retaliatory tariffs to be “completely without jurisdiction under international rules”.