The vote by the UK electorate to leave the EU has a number of important medium-term implications for EU climate policy.
Front-month Ice Brent is down some 5pc today, with product barge prices in northwest Europe trotting along behind. But look at a graph of Ice Brent prices over the last year and the move is lost in the broad falling trend of 2015 and the rising trend of 2016, emphasising that the UK vote to leave the EU is not a cataclysm, for now at any rate.
“Diplomacy is thinking twice before saying nothing.” Anonymous.
Nowhere are clear heads needed more right now than in the South China Sea, where a decision by China to build military infrastructure on disputed islands is viewed by neighbours and others beside as a threat to shipping lanes that carry almost all seaborne oil and gas imports not just to China, but to the whole of northeast Asia. So it is a worry that the region’s main multilateral group, the Association of Southeast Asian Nations (Asean), is making such a mess of things.
In 1969, Instinet founded the first ever electronic trading system. Though it only published bids and offers, it began a technological revolution that would lead to Globex and eventually to high frequency trading platforms capable of performing thousands of trades each minute from a mobile phone.
In the depths of the worst downturn for a generation or more, the North Sea public relations machine has cranked into action. The region, home to some of the highest costs and most challenging working conditions, is “open for business”, a conference in Aberdeen was told this week.
Trade body Oil & Gas UK said industry has worked constructively with government and regulators to deliver changes – which, when coupled with cost base reductions – “make the North Sea the most fiscally competitive in the world.”