Norway's $15 Billion in Oil Bets Is a Show of Faith in Long-Term Demand
Welcome to our guide to the commodities markets powering the global economy. Today, reporter Kari Lundgren looks at why Norway is bullish on long-term oil demand amid some forecasts to the contrary.
OPEC+ isn't alone when it comes to flooding well-stocked oil markets with even more product. Norway, one of Europe's key suppliers, is spending more than $15 billion to squeeze barrels from its continental shelf the rest of this decade.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
India to defy Trump's threats and keep buying Russian oil, government sources say
India will keep purchasing oil from Russia, despite President Donald Trump threatening to impose penalties for doing so, two Indian officials said on Saturday Officials in India, the most populous country on Earth, told Reuters and That contradicted a statement from Trump, who on Friday told reporters his understanding was that India would 'no longer' be buying oil from Russia. "These are long-term oil contracts," an unnamed Indian official told Reuters. "It is not so simple to just stop buying overnight.' Last week, Trump said India would face unspecified penalties for buying Russian oil in addition to a 25 percent tariff on goods. However, China and Turkey, two countries that also purchase large amounts of Russian oil, have not faced similar penalty threats. India drastically increased its import of Russian oil after the Kremlin invaded Ukraine in 2022, while many other countries began to cut back it's imports. The cheap availability of Russian oil allowed India to reduce its reliance on other countries, such as Saudi Arabia or Iraq, who typically sell to Asian countries at a higher price. While India faced criticisms for doing so, the general consensus around India's increase in imports has been that it helps avoid a global surge in oil prices. It's unclear why exactly Trump has targeted India in reducing its import of Russian oil. The president has recently expressed frustrations with Russian President Vladimir Putin for failing to come to the peace talks table to negotiate a ceasefire in Ukraine. On Friday, India's external affairs spokesperson Randdhir Jaiswal said India and Russia had a 'time-tested partnership' and that India was analyzing its energy sourcing. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," Jaiswal said, according to Reuters. India heavily relies on energy imports to sustain the needs of it's more than one billion population. It imports more than one million barrels per day.
Yahoo
2 hours ago
- Yahoo
Man Utd striker Hojlund available for £30m
Manchester United are prepared to sell striker Rasmus Hojlund for £30m. The Denmark striker scored twice against Bournemouth in Chicago on Wednesday. Immediately after the game he sought out waiting journalists to say his intention was to remain at United despite their ongoing interest in signing RB Leipzig's Slovenia forward Benjamin Sesko. However, the situation is not quite so straightforward. Newcastle are also keen on Sesko but are yet to strike a deal with RB Leipzig for the 22-year-old. United are waiting to decide their next move and there have been reports that the player would prefer to switch to Old Trafford. United sources are adamant they could do a deal before selling players. But it is accepted that there would have to be exits to ensure they remain compliant with the Premier League's profit and sustainability rules. And, if Sesko arrived, Hojlund would be marginalised. If Hojlund was sold for £30m, it would effectively be a loss for United given the forward's 'book value' is £43m as he is two years into the five-year contract he signed. United have spent almost £130m this summer on Bryan Mbeumo and Matheus Cunha. Latest Manchester United news, analysis and fan views Get Man Utd news notifications
Yahoo
3 hours ago
- Yahoo
Lutnick says tariffs set in place Aug 1: ‘No extensions. No more grace periods.'
Commerce Secretary Howard Lutnick said on Sunday that President Trump would not grant any further extensions to countries wishing to negotiate trade deals ahead of the Aug. 1 deadline. 'No extensions, no more grace periods. Aug. 1, the tariffs are set,' Lutnick said in an interview on 'Fox News Sunday.' 'They'll go into place, customs will start collecting the money, and off we go,' Lutnick continued. Lutnick added, however, that the president would be open to continuing to negotiate even once the tariffs are in place. 'Obviously after Aug. 1, people can still talk to President Trump,' Lutnick said. 'I mean, he's always willing to listen.' The president will also continue to talk to other countries before the Aug. 1 deadline, Lutnick added. 'Whether they can make him happy is another question,' Lutnick said. 'But the president's definitely willing to negotiate and talk to the big economies for sure.' The interview came shortly before Trump announced a trade deal with the European Union, setting tariffs at 15 percent for European goods, including automobiles. The EU agreed to purchase $750 billion worth of energy from the U.S. as part of the deal, Trump announced on Sunday, and to invest in the U.S. $600 billion more than the current investments for other goods. The agreement is lower than the 30 percent tariff Trump had threatened to impose on the EU, which was set to take effect on Aug. 1, and avoids a trade war with the U.S.'s largest trading partner. Trump earlier this month posted letters to social media sent to more than a dozen countries vowing to impose steep tariffs on their imports starting Aug. 1. An initial round of tariffs unveiled in April was paused for 90 days to allow time for negotiations, and the president then pushed the deadline for the tariffs to take effect back by another few weeks — to Aug. 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
