WTI crude oil popped as much as 7% to trade above $128 per barrel. Oil prices reached new highs Tuesday as US President Joe Biden announced a ban on Russian fossil imports including oil in response to the country’s invasion of Ukraine. "Hopefully we can now move forward and focus on deepening our thriving trading relationship with the US." "It means our manufacturers can now enjoy a high level of tariff-free access to the US market once again," she said.
International Trade Secretary Anne-Marie Trevelyan said the deal had removed a "very frustrating irritant", calling the agreement "good news for the steel and aluminium sectors, which support the jobs of over 80,000 people across the UK". The policy will let UK metal imports into the country duty-free up to a certain level - the quota - before taxes kick in again. Under the agreement, the US will replace the 25% tariffs on steel with a quota system. In exchange, the UK will suspend extra taxes it had put on US products such as bourbon and Levi's jeans.
The move follows earlier deals with the European Union and Japan over the controversial taxes, which were imposed by former President Donald Trump in 2018 in the name of national security. The US has agreed to ease Trump-era tariffs on UK steel and aluminium shipments, resolving an issue that had strained relations between the allies. German firms will now work on long-term LNG supplies with QatarEnergy, while they also signed several hydrogen deals with Adnoc. Habeck and German firms such as Uniper and RWE recently visited both Qatar and UAE. Germany currently has no large LNG import terminals.īy diversifying supplies, Habeck said that Germany could become largely independent of Russian gas by mid-2024. The country gets about 55 percent of these supplies from Russia, followed by Norway with about 30 percent, and the Netherlands with about 13 percent, according to the Ministry. Germany is a major gas importer and the country imported just under 90 bcm of natural gas in 2021. This means that 7.5 billion cbm of LNG will be available for the market in time for the winter of 2022/2023,” the Ministry said. “The leasing of the three FSRUs can gradually make it possible to land (in the final stage in summer 2024) around 27 billion cbm of LNG. The government is currently “examining potential sites in the North Sea and the Baltic where these can be deployed quickly – in some cases in time for the winter of 2022/23,” it said.
The two firms secured the FSRUs on behalf of the government, Habeck said in a statement on Friday released by the German Ministry for Economic Affairs and Climate Action.Īccording to the Ministry, the companies are finalizing the charter deals for the units.
Uniper and RWE have secured three floating storage and regasification units (FSRUs), as Germany looks to replace Russian gas with LNG, according to the country’s Economy Minister, Robert Habeck.
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