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Big win for Donald Trump, who has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices Business live – latest updatesThe United Arab Emirates has quit the Opec oil cartel in a heavy blow to the group and its de facto leader, Saudi Arabia, amid the global energy shock caused by the Iran war.The stunning loss of the UAE, a longstanding Opec member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas. Continue reading...

David Pocock says prime minister – who is trying to shore up fuel supplies – is parroting industry talking pointsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLabor is poised to reject a growing push for a new 25% tax on gas exports in next month’s budget, prompting David Pocock to accuse the government of “caving in” to the gas industry.It’s understood the government has elected not to pursue a new tax on gas exports in the budget, prompted in part by the global oil crisis and Anthony Albanese’s diplomatic efforts in shoring up fuel supply from Asian allies by pledging reliable access to liquefied natural gas. Continue reading...

News follows Guardian report on licence given to British firm exporting machinery to Armenian firm linked to Russian war effortBritish firms will face “much tougher” controls to prevent their goods from reaching Russia via other countries, undermining sanctions and aiding Vladimir Putin’s assault on Ukraine.Under plans to be unveiled on Wednesday, the government will be able to require UK manufacturers to obtain a licence if they want to export to a country suspected of acting as a staging post for exports ultimately destined for Russia. Continue reading...

Shell Australia says campaign needed to ‘counter-balance’ claims by levy advocates – but Ed Husic urges industry ‘do not spend millions defending the indefensible’The gas giants are mounting a multi-million dollar advertising campaign to fight against a new export tax, prompting Labor MP Ed Husic to accuse the industry of “defending the indefensible”.Shell Australia is among half-a-dozen oil and gas companies contributing around $1m to an Australian Energy Producers (AEP) campaign that attempts to justify the amount of tax the industry pays, a parliamentary inquiry heard on Wednesday. Continue reading...

ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news liveGet our breaking news email, free app or daily news podcastLabor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential. Continue reading...

Congressman says keeping gas supplies at home could lower costs for Americans amid price hikes sparked by warAmid historic jumps in gas prices triggered by the US-Israeli war on Iran, California congressman Ro Khanna is to introduce legislation on Tuesday that would ban the export of gasoline during price spikes.“The country is crying out for a new energy policy,” said Khanna in an interview with the Guardian, “that doesn’t have us subject to the whims of the profits of big oil companies.” Continue reading...

Decision to reduce duty-free quotas by 47% aimed at curbing Chinese importsThe EU is to go ahead with plans to double tariffs and halve quotas on imports of steel from July, in a move designed to curb Chinese imports but which could damage UK exports to the bloc.The decision by EU lawmakers and member states after late night talks on Monday, will reduce duty-free quotas by 47%. Exact country allocations have yet to be determined. Continue reading...