European Union officials set Russian oil price cap at $60 a barrel
Russia’s President Vladimir Putin
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The European Union on Friday agreed to cap Russian seaborne oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level.
The announcement comes after the G-7 group of advanced economies agreed in September to impose a limit on Russian seaborne crude and therefore constrain revenues the Kremlin makes from the commodity. However, details on how the cap would work in practice have been debated and hashed out since that point.
Russia, amid its onslaught in Ukraine, has warned that an oil price cap could wreak havoc on the energy markets and push commodity prices even higher.
The price limit will be reviewed regularly to monitor its market ramifications, but it should be “at least 5% below the average market price,” an EU document with details of the cap said.
Negotiations had been held up by Poland, with ministers in Warsaw scrutinizing but then agreeing to the 5% adjustment mechanism. A formal announcement is expected Sunday.
Energy analysts have warned that the G-7 will need support from other major buyers if the cap is to be effective. China and India, for instance, increased their purchases of Russian oil following the invasion of Ukraine to benefit from discounted rates offered by Moscow.
Kadri Simson, European commissioner for energy, told CNBC in September that China and India should support the measure. “It is unfair to pay excess revenues to Russia,” Simson said at the time.
But there seems to be little appetite from these nations to comply with the cap. India’s petroleum minister, Shri Hardeep S Puri, told CNBC in September he has a “moral duty” to his country’s consumers. “We will buy oil from Russia, we will buy from wherever,” he added.
Correction: This story has been updated to correct the date of the announcement.
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The Port of Houston took a big step towards electrifying its operations this week, when the stevedores at Houston Terminal deployed the first new SANY electric reach stacker at the major seaside port – and it won’t be the last.
Multinational equipment brand SANY launched its latest 50-ton electric reach stacker earlier this summer. The new machine drew headlines by cleverly pairing gravity and a KERS-style regenerative braking system attacked to its boom to generate electricity as it lowers loads. The tech significantly improved the machine’s operating efficiency and reduced the sort of costs typically associated with charging and downtime.
With the purchase of the new SANY electric reach stacker from local equipment dealer, Equipment Depot, Houston Terminal has begun to do its part to help keep the air and water around America’s busy seaports pollution-free.
“In this market, there’s a shift towards sustainable equipment,” explains Greg Schertz, Sr. National Account Executive at Equipment Depot — a national equipment supplier that sells and services to roughly 85% of US sea ports. “Electric equipment is a growing trend, and it has become more than a conversation point. Actual machines are going into service and are proving their capability.”
Equipment Depot is quick to point out that the national move towards electrification isn’t about regulations. “The bigger picture is that the world has become more of a global market,” says Chad Larson, VP of Heavy Trucks and Port Equipment at Equipment Depot. “(And) in the port industry, there are many relationships and parent companies with ties into Europe and other parts of the world where zero carbon initiatives are more progressive than the US.”
Robert Marshall, General Manager of Houston Terminal, echoes Schertz’ sentiment, “Electric equipment has a much easier, much simpler maintenance program, because basically you’re just maintaining tires.”
SANY electric reach stacker
At its launch in August, SANY said its new 50t reach stacker would be available with a 512 kWh swappable battery pack. That pack isn’t just huge, it’s compatible with the brand’s other electric equipment assets, and can support both DC fast charging when swapping isn’t practical and the grid itself by “plugging in” to the company’s BESS modules when not needed.
Houston Terminal bought the SANY unit with help from a Texas Emissions Reduction Plan (TERP) Grant, part of TERP’s Seaport and Rail Yard Areas Emissions Reduction (SPRY) Program to replace older drayage trucks and equipment at seaports and rail yards. Houston Terminal intends to apply for another TERP grant to buy a second reach stacker in 2026.
SOURCE | IMAGES: Equipment Depot; via AJOT.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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The mining equipment experts at Sandvik have been developing next-generation electric equipment options for years – largely on their own. Now, with a €500 million capital injection from the EIB, the company is ready to get serious about its next-generation machinery.
The European Investment Bank (EIB) is the lending arm of the European Union (EU), and its core mission is to strengthen the global competitiveness, technological innovations, and sustainability initiatives of European companies like Sandvik by providing affordable financing for R&D projects conducted on the continent.
“We have a strong strategic focus on developing solutions that strengthen our technology leadership, and that enhances productivity, safety and sustainability for our customers,” explains Stefan Widing, President and CEO of Sandvik. “The EIB financing supports our R&D initiatives and provides flexibility to our overall funding strategy.”
The €500 million loan has a seven-year term, and will support Sandvik’s efforts to develop new advanced, productive, safe, and (above all) sustainable heavy equipment solutions across the company’s business lines.
Electrek’s Take
We’ve covered Sandvik’s electric equipment several times over the years, from their surface drill rigs to their underground loaders to their quarry- and concrete-focused electric cone plants, and the brand’s commitment to sustainability and operator safety has been commendable. Even the company’s push towards automation and AI, often seen as a corporate tactic to slash labor costs and boost stock prices before the executives bail out with a fat stack of cash fulfill their exit strategies, seems to be genuinely motivated by worker safety in one of the world’s most dangerous environments.
Of course, I said that about Volvo and they’re actively suing California to be able to sell more diesels as aI type this, so what do I know?
SOURCE | IMAGES: Sandvik.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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