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<ul class="summary-list"><li>Oil could see a decline to a "much, much" lower price, according to crude analyst Tom Kloza.</li><li>Oversupply will weigh on oil prices in 2025, Kloza predicted.</li></ul>The oil market is headed into a troubled year in 2025, and crude prices may fall "much, much" lower, according to Tom Kloza, global head of energy analysis at Oil Price Information Service.The oil analyst said crude prices would experience more downward pressure in 2025 despite concerns that <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-israel-iran-geopolitics-middle-east-war-crude-2024-10">conflict in the Middle East</a> could escalate and send prices higher.Traders shouldn't bet on supply disruptions in the Middle East, and the world is already so oversupplied with oil that prices are bound to drop, he said <a target="_blank" class="" href="https://www.youtube.com/watch?v=QP9h3rnAf2c">in an interview with CNBC</a> on Wednesday.The US <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">produced more oil than any other country</a> in history in 2023, according to data from the Energy Information Administration. The <a target="_blank" class="" href="https://www.businessinsider.com/us-oil-production-boom-crude-supply-wti-price-goldman-sachs-2024-7">production boom will likely last until at least 2026,</a> Goldman Sachs previously estimated, pointing to factors like increased drilling efficiency. OPEC+, the oil cartel led by Saudi Arabia, is also expected to churn out more crude oil by the end of the year, Kloza said, pointing to a recent ministerial meeting that reviewed oil market conditions."It was pointing lower, and I think it's still pointing lower. Because, you have to consider that there's probably around 600,000 or 700,000 [barrels] of additional crude for export that's going to come out as temperatures moderate in Saudi Arabia and Iraq," Kloza said. "You have a market that's pointed to the downside."Kloza brushed off concerns that supply disruptions could arise from conflict in the Middle East."It's not a probability. It's a little like, there's a possibility that the Giants and the Jets could be winning the Super Bowl this year, but I wouldn't be betting on it," he said.Kloza said big investors are also no longer trying to "chase" oil, which he believed could limit the upside of crude prices.He pointed to estimates from other energy forecasters, who have predicted that oil prices could trade as low as $50 a barrel, a decline of about 37% from where Brent crude was trading on Thursday. "I think that oil is destined for much, much lower numbers, and whoever wins the presidency next month is going to have a problem of maybe a little bit of oil deflation. All the balances for 2025 point to more oil than the world really needs, and if you have OPEC+ coming back to the market with some of that production that they cut, I think it's a real problem in 2025," he said.Brent crude was up by about 3.7% on Thursday, while US oil prices 3.6%.

Oil oversupply could send prices tumbling in 2025, energy analyst says 

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is the second largest trade partner of <keyword id="50996" type="General" weightage="100" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and Saudi Arabia is India's fourth largest trade partner.</li><li>India's imports from Saudi Arabia stood at $34 billion in 2021-22, while exports are aggregated at $8.8 billion.</li><li>Meeting set between Commerce and Industry Minister <keyword id="6355222" type="General" weightage="50" keywordseo="piyush-goyal" source="Orion">Piyush Goyal</keyword> and Minister of Energy of Saudi Arabia Prince <keyword id="5749322" type="General" weightage="50" keywordseo="abdul-aziz-bin-salman" source="Orion">Abdul Aziz Bin Salman</keyword> on September 18-19.</li></ul> India and Saudi Arabia are expected to formulate a plan of action for strengthening bilateral cooperation in different areas and projects, including the <keyword id="44875" type="General" weightage="50" keywordseo="west-coast" source="Orion">west coast</keyword> refinery project, an official statement said on Saturday. The issue will come up during the meeting between Commerce and Industry Minister Piyush Goyal and Minister of Energy of Saudi Arabia Prince Abdul Aziz Bin Salman on September 18-19. They would co-chair the inaugural ministerial meeting of the <keyword id="15013219" type="General" weightage="50" keywordseo="economic-and-investments-committee" source="Orion">Economic and Investments Committee</keyword>. The two ministers are expected to discuss the progress made under the various joint working groups of the economic and investment committee, the <keyword id="6365809" type="General" weightage="50" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword> said. "Both sides are expected to formulate plan of action for further strengthening bilateral cooperation in an array of priority areas and projects, including the West Coast Refinery Project, Trans-ocean grid connectivity, Green Hydrogen, Food security, energy security and pharmaceuticals," it said. They may also accelerate progress on the announcement made by Crown Prince <keyword id="2785815" type="General" weightage="50" keywordseo="mohammad-bin-salman" source="Orion">Mohammad Bin Salman</keyword>, during his visit to India in February 2019, of investments worth $100 billion in India, it added. This committee, it said, is one of the two ministerial verticals established under the framework of the India-Saudi Arabia Strategic Partnership Council, which is headed at the highest level by the Prime Minister of India and the Crown Prince of the Kingdom of Saudi Arabia. India is the second largest trade partner of Saudi Arabia and Saudi Arabia is India's fourth largest trade partner. India's imports from Saudi Arabia stood at $34 billion in 2021-22, while exports are aggregated at $8.8 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gross-direct-tax-collections-rise-30/articleshow/94281181.cms">Gross direct tax collections rise 30%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/chinas-chip-output-shrinks-as-india-us-ramp-up-local-manufacturing/articleshow/94281093.cms">China's chip output shrinks as India, US ramp up local manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/idbi-trustee-asks-rcap-administrator-to-withdraw-allegations-of-breach-of-confidentiality/articleshow/94280808.cms">IDBI Trustee asks RCap administrator to withdraw allegations of breach of confidentiality</a>

Goyal to visit Saudi Arabia for ministerial meet of economic, investments committee

United States Special Presidential Envoy for Climate John Kerry is slated to arrive on a five-day visit to India beginning Tuesday, days after returning from China. During his visit Kerry will visit Chennai and Delhi, the US State Department said. In India, Kerry will attend the G20 Environment and Climate Sustainability Ministers (ECSM) Meeting in Chennai to be held on July 28, the US Department of State said in a statement. In Delhi, Kerry will meet with senior government officials to advance shared objectives on renewable and clean energy, and climate, the statement read. "Special Presidential Envoy for Climate John Kerry will travel to New Delhi and Chennai, India, July 25-29, to advance shared objectives on climate and clean energy, including mutual efforts to build a platform for investments in renewable energy and storage solutions, support the deployment of zero-emission buses, and diversify clean energy supply chains," the US State Department said. The third Environment and Climate Sustainability Working Group (ECSWG) meeting was also under India's G20 Presidency on May 21. The three-day meeting witnessed the participation of 141 delegates from G20 countries and 10 invitee countries. The representatives of 14 international and regional organisations also attended deliberations.. The three priories outlined for the ECSWG were arresting land degradation, promoting a circular economy and giving impetus to the blue economy. All meetings focused on a specific theme out of these three themes. The third ECSWG focussed on Blue Economy and was supported by two side events - Mega Beach Clean Up Event and the Ocean 20 Dialogue on Day 1 of the meeting. The primary agenda of the 3rd ECSWG meeting was the detailed discussions on the draft Ministerial Communique which entailed constructive discussions and deliberations on priority areas. The meeting ended in a discussion mode on the Communique, to be further deliberated upon and refined in the virtual meetings scheduled over the next few weeks, as a run-up to the 4th and final ECSWG meeting to be held in Chennai from July 26- 27. The fourth and final ECSWG meeting would be followed by the ECSM meeting on July 28, which John Kerry would attend. Previously, emphasising on India's climate commitments, Prime Minister Narendra Modi said that the country has shown leadership in climate action and achieved its non-fossil installed electric capacity target nine years in advance. In a video message to the G20 Energy Ministerial Meeting in Goa on Saturday, the Prime Minister said India now plans to achieve 50% non-fossil installed capacity by the year 2030. "No talk about the future, sustainability or growth and development can be complete without energy. It impacts development at all levels, from individuals to nations," the Prime Minister said at the meeting that brought together ministers from the countries in the G20 grouping. He pointed out that India is among the global leaders in solar and wind power and is making great efforts in green growth and energy transition. Earlier, US climate envoy John Kerry ended his four-day visit to China on July 19 without any new agreements. In fact, the Chinese president, Xi Jinping, insisted in a speech that China would pursue its goals to phase out carbon dioxide pollution at its own pace and in its own way. Still, Kerry appeared buoyed that the world's two biggest polluters had restarted discussions, which had been frozen for a year because of strained relations over Taiwan, trade and other issues. He insisted he was not disappointed in the outcome, noting that just talking marked progress, according to the Washington Post. "We had very frank conversations but we came here to break new ground," Kerry said, adding, "It is clear that we are going to need a little more work."

After China, US climate envoy John Kerry on 5-day India visit to advance shared objectives on climate and clean energy

<ul class="summary-list"><li>Boris Johnson appointed <keyword id="12158025" type="UNKNOWN" weightage="60" keywordseo="george-freeman" source="Orion">George Freeman</keyword> as a minister in his reshuffle last week.</li><li>Freeman was previously rebuked for twice breaking the Ministerial Code for post-government work.</li><li>Labour and Lib Dem MPs said Freeman's return shows a lack of integrity in the government.</li></ul>Boris Johnson has been criticized for reappointing a former minister who was found to have broken the ministerial code twice earlier this year.Johnson conducted a government reshuffle last week, making George Freeman MP the science minister in the Department for Business, Energy and Industrial Strategy.He was previously a minister in the Department for Transport.Freeman was found to have broken the code on two separate occasions by Eric Pickles, chair of the Advisory Committee on Business Appointments (ACOBA) which regulates jobs taken up by former ministers.A senior figure in Johnson's government had previously noted that Freeman's disregard for ministerial rules could harm his employment prospects - but it was not enough to prevent Johnson giving him a new role.Opposition MPs criticised the move.Sarah Olney MP, a Liberal Democrat, told Insider that "it really is not acceptable that once again we're witnessing ministers act in complete defiance of measures which have been introduced to improve transparency and accountability."The Prime Minister's appointment of Freeman, who began this sorry affair by incredulously demanding an apology for himself, underlines the fundamental lack of decency and integrity that runs through the heart of this Conservative government."Anneliese Dodds MP, Chair of the Labour Party, told Insider: "This is yet another example of Boris Johnson treating the ministerial code with contempt and more evidence that the current system for regulating lobbying and standards in public life is totally unfit for purpose."There cannot be one rule for senior Conservatives and another rule for everyone else."Freeman lost his job as a transport minister in a February 2020 reshuffle, starting a two-year period in which he was required to consult ACOBA before taking up any new roles.In April 2021, Pickles wrote to the Cabinet Office noting Freeman's failures to do so:<ul><li>Freeman earned £2,500 working for Aerosol Shield, a firm trying to sell PPE to the NHS, in June and July 2020. After <a href="https://www.businessinsider.com/former-conservative-minister-george-freeman-broke-ministerial-code-ppe-coronavirus-2021-1?r=US&amp;IR=TIR=T">Pickles wrote to Freeman saying he had breached the Ministerial Code</a>, Freeman claimed ACOBA had made a "serious error", appealed the finding, and <a href="https://www.businessinsider.com/conservative-mp-george-freeman-further-investigation-by-anti-corruption-watchdog-2021-2?r=US&amp;IR=TIR=T">demanded an apology</a>. Pickles did not apologize, <a href="https://www.businessinsider.com/george-freeman-acoba-aerosol-shield-2021-2?r=US&amp;IR=TIR=T">but Freeman later did</a>.</li><li>Freeman organised <a href="https://www.opendemocracy.net/en/opendemocracyuk/tory-mp-reported-after-breaking-ministerial-code-again/">a £20,000-a-year consultancy contract with Ryse Hydrogen</a>, openDemocracy reported. He then cancelled the work and refunded the company after realising he first needed ACOBA's approval before taking the role.</li><li>Freeman had unpaid roles with the Resume Foundation, Reform for Resilience, and Haemcro.</li></ul>Freeman apologised for his various breaches.Lord Nicholas True, a Cabinet Office minister, responded to Pickles in May, suggesting that there would be consequences for Freeman in future.True agreed that Freeman had breached the Government's Business Appointment Rules. Following the Business Appointment Rules is a requirement of the <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/826920/August-2019-MINISTERIAL-CODE-FINAL-FORMATTED-2.pdf">Ministerial Code</a>. "The public recognition that Mr Freeman did not adhere to the rules means that current and future employers, as well as the public can take this into account", he wrote.Freeman told Insider: "The Cabinet Office have accepted my apology that I had understood ACOBA's remit only covered commercial roles (not my not-for-profit projects) and appointments related to a Minister's previous job post (not my previous career in technology)."Indeed Lord True made clear my case showed why ACOBA Guidance needed amending."True wrote that the Cabinet Office and ACOBA were assessing "whether a lighter touch regime is appropriate for unpaid, voluntary roles with not-for-profit organisations".Downing Street declined to comment.

'Fundamental lack of decency': Boris Johnson criticized for re-hiring minister who repeatedly broke ministerial code

<ul class="summary-list"><li>Business and Energy Secretary <keyword id="12553954" type="UNKNOWN" weightage="60" keywordseo="kwasi-kwarteng" source="Orion">Kwasi Kwarteng</keyword> received free hospitality from <keyword id="12258194" type="UNKNOWN" weightage="60" keywordseo="saudi-aramco" source="Orion">Saudi Aramco</keyword> in January.</li><li>Kwarteng was flown around <keyword id="11894587" type="UNKNOWN" weightage="60" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword>, courtesy of the majority state-owned energy firm.</li></ul>Business and Energy Secretary Kwasi Kwarteng accepted flights and hospitality from Saudi Aramco, the majority state-owned energy firm, while on a trip to Saudi Arabia earlier this year.Kwarteng visited Saudi Arabia in late January, flying to the country on a UK government-paid commercial flight on January 29.But Kwarteng was flown within the kingdom by Saudi Aramco, the largest oil producer in the world.UK government transparency registers say Kwarteng was flown to Dammam and stayed at an Aramco guesthouse there on January 30, before having lunch with the firm on January 31, flying to Jubail, and then to the capital, Riyadh. Kwarteng flew back to the UK on a commercial flight on February 1.<a href="https://saudigazette.com.sa/article/616565/SAUDI-ARABIA/Dressed-in-traditional-Saudi-clothing-UK-minister-visits-Shaybah-oil-field">Saudi press reports</a> say Kwarteng also visited Aramco's Shaybah oil field with the Saudi energy minister, although this is not logged in BEIS transparency records. The Shaybah oil field is more than 750km from Dammam. However, it does have its own airport, built and operated by Aramco. Photographs show Kwarteng at Shaybah posing with the Saudi energy minister, joining hands to hold the sun over the desert sands. They are also seen at a tent believed to be overlooking Aramco's complex at Shaybah.UK government transparency releases do not explain how Kwarteng could have crossed Saudi Arabia's Empty Quarter desert to make it to Shaybah – and then back to Jubail – without support from Aramco.Kwarteng's acceptance of Aramco's hospitality has led to criticism from opposition MPs.Caroline Lucas, the Green MP, told Insider: "Kwasi Kwarteng has huge questions to answer. Who co-ordinated this trip? How much did it cost? What was discussed over 'lunch'? What were the Saudis' demands?"We can't have a government minister in charge of climate policy who's glad-handing and jet-setting with Saudi Arabian oil giants."We're in a climate emergency – the extreme heat we're experiencing this week couldn't make that any more clear. And we know that we can't keep temperatures in check by greenlighting new climate-wrecking oil &amp; gas fields."Government ministers and any prospective Tory leaders need to get their heads out of the Saudi Arabian sand, stop going cap-in-hand to tyrannical regimes begging for more emissions-busting oil, and commit to keeping fossil fuels in the ground for good."Kerry McCarthy, Labour's shadow minister for climate change, told Insider: "It's bad enough that Conservative energy policy failures mean the UK has to go cap in hand to fossil fuel dictators. Now the Secretary of State must clarify whether he allowed oil money to pay for him to dine out and jet around Saudi Arabia."Questions are also being asked about whether the trip may constitute a breach of the ministerial code.Susan Hawley, executive director at Spotlight on Corruption, told Insider: "As the ministerial code makes clear, UK ministers should clearly not be accepting hospitality and travel junkets when they make overseas visits from the likes of state-owned oil companies such as Saudi Aramco where there is any risk of undue obligations or influence being created."It is essential that the department release full details of these visits, what was discussed, and the purpose of the visit, with full costs of the hospitality and travel provided, so that the public can have confidence that no such undue obligations were created."<a href="https://www.gov.uk/government/publications/ministerial-code/ministerial-code">The code states</a>: "When ministers travel on official business, their travel expenses should be borne by the departmental vote. Offers of free travel should not normally be accepted. The only exception to this is in the case of an offer of transport from an overseas government provided no undue obligation is created."While Saudi Aramco is majority state-owned by the Saudi Arabian state, it is not part of the Saudi government.A BEIS spokesperson told Insider: "Travel to and from Saudi Arabia was arranged by the British Government. These short, internal flights within Saudi Arabia were arranged by the Saudi government and have been properly and publicly declared, as is required."No details of any other meetings held by Kwarteng in Saudi Arabia were published by BEIS. <a href="https://www.arabnews.com/node/2015836/business-economy">Saudi press reports</a> Kwarteng had "introductory visits to several companies to learn about their most important products" while in Jubail.

Business Secretary Kwasi Kwarteng travelled around Saudi Arabia on flights paid by energy giant Aramco

New Delhi, Feb 16 () An inter-ministerial group has approved sale bid documents for privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said. An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company. This will now be put up for approval by 'Alternative Mechanism' which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said. Once the approval is granted, an EoI seeking interest from potential buyers will be floated, they said, adding the EoI along with PIM was likely to be out in the market within this month. The government plans to sell its entire 53.29 per cent stake in BPCL that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Sources said a two-stage bidding process will be followed wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase. BPCL has a market capitalisation of about Rs 1.03 lakh crore and the government stake at current prices is worth about Rs 54,000 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the same price. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country. Sources said the disinvestment process being followed for privatisation of Central Public Sector Enterprises (CPSEs) is based on decision-making through inter-ministerial consultations and involvement of professionals and experts. After in-principle consent by the administrative ministry of the state-owned company concerned, approval of the proposal to disinvest is taken from the Cabinet Committee on Economic Affairs (CCEA). CCEA approved BPCL stake sale in November last year. Following this, an inter-ministerial group (IMG) was constituted. IMG appointed advisers for the transaction, including merchant bankers, asset valuers and legal advisers. The 'Alternative Mechanism' approves reserve or base price as well as price bids. Sources said BPCL privatisation process may take six to eight months to complete. ANZ ABM

IMG clears BPCL sale bid documents, to be issued after ministerial group nod

<ul><li>The Organization of Petroleum Exporting Countries and its allies urged "full conformity" with <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> production cuts at its online meeting held on Thursday. </li><li>In a separate news conference, <keyword id="50996" type="COUNTRY" weightage="60" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>'s <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> minister warned that those traders who wish to short the oil market would be hurt "like hell."</li><li>Saudi's Prince Abdulaziz said OPEC+ could hold an extraordinary meeting in October if oil demand worsens.</li><li>"With the formerly noncompliant countries likely reducing their production and current prices being too low to support growth in the US, oil supply is likely to stay under control," a commodity analyst at UBS said.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>OPEC+ emphasized on sustaining "full conformity" with oil production cuts at its <a href="https://www.opec.org/opec_web/en/press_room/6099.htm">Thursday meeting</a>, which was held to review compliance targets.On the same day, <a href="https://www.reuters.com/article/us-oil-opec/opec-panel-to-meet-amid-oil-price-decline-worry-of-virus-impact-idUSKBN2680R9">Saudi Arabia's energy minister warned traders</a> against heavily betting in the oil market, promising that those who gamble on prices will be hurt "like hell." "Anyone who thinks they will get a word from me on what we will do next, is absolutely living in a La La Land... I'm going to make sure whoever gambles on this market will be ouching like hell," <keyword id="47969" type="ORGANIZATION" weightage="60" keywordseo="Opec">OPEC</keyword>'s most influential minister, Prince Abdulaziz, said at a news conference, when he was asked about the organization's next steps.He said that the OPEC+ could hold an uncustomary meeting in October if oil demand worsens and COVID-19 cases increase substantially.The world's largest crude exporters discussed continued flexibility on production cuts and made no changes to the current output reduction of <a href="https://markets.businessinsider.com/news/stocks/oil-price-production-cut-opec-saudi-arabia-2020-9-1029578435#">7.7 million barrels per day until December</a>, or around 8% of global demand.Analysts had not expected any additional output cuts at Thursday's meeting.Read More: <a href="https://www.businessinsider.com/stocks-to-buy-goldman-sachs-picks-for-meaningfully-higher-oil-2020-9">Goldman Sachs says oil prices are set to move 'meaningfully higher' into next year. Here are 7 reasons why the firm is bullish, and 5 stocks it recommends buying in advance</a>The Joint Ministerial Monitoring Committee "observed that the recovery has not been even across the world and an increase in COVID-19 cases has appeared in some countries," an OPEC statement read. "In the current environment, the JMMC emphasized the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed."Oil prices have risen about 11% in the last week following a <a href="https://www.businessinsider.com/oil-gains-as-hurricane-shuts-us-output-stockpiles-fall-2020-9">drawdown in US crude and gasoline</a> inventories, and as Hurricane Sally forced one-fifth of US offshore production to shut.International benchmark <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> rose 0.5%, to $43, and US benchmark <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> rose 0.6%, to $41, on Friday."With the formerly noncompliant countries likely reducing their production and current prices being too low to support growth in the US, oil supply is likely to stay under control," said Giovanni Staunovo, a commodity analyst at UBS."Should oil demand continue to recover gradually as we expect, the oil market is likely to stay undersupplied," he said.UBS predicts the price of Brent to rise to $45 per barrel in the fourth-quarter this year, and hit $55 per barrel by mid-2021.Read More: <a href="https://www.businessinsider.com/investing-advice-top-experts-best-sector-plays-amid-election-volatility-2020-9">3 top investing executives lay out the biggest risks to markets heading into a volatile election season — and share their best recommendations for navigating what happens next</a>

OPEC+ urges 'full conformity' with production cuts, and Saudi Arabia's energy minister warns market gamblers will be hurt 'like hell'

Prime Minister <a href="http://www.businessinsider.in/topic/Narendra-Modi">Narendra Modi </a>would most likely step in to resolve an inter-ministerial bickering over <a href="http://www.businessinsider.in/markets/economy/Niti-Aayog-India-renewable-energy/articleshow/52359002.cms">NITI </a><a href="http://www.businessinsider.in/markets/economy/Niti-Aayog-India-renewable-energy/articleshow/52359002.cms">Aayog</a>'s proposed National Energy Policy, which intends to roll out the reforms in power sector, which have been pending for a long time now. 
 
Several ministries, including those of Power, <a href="http://www.businessinsider.in/strategy/Coal-Sectors-Role-in-Making-India-Competitive/articleshow/48809902.cms">Coal</a>, and New and Renewable Energy, hold stakes in this policy, but have been unable to reach common grounds on some points of the proposed policies. 
 
"National Energy Policy is pending with PMO (prime minister's office)," an official in the know told <a href="http://economictimes.indiatimes.com/news/economy/policy/pm-narendra-modi-may-step-in-to-resolve-wrangling-on-niti-aayogs-proposed-national-energy-policy/articleshow/58213129.cms">ET</a>. "The top office is now planning to convene a high-level meeting of all concerned ministers and secretaries to be chaired by the PM himself to suggest way forward to the policy," the official said. 
 
Also read: <a href="http://www.businessinsider.in/India-to-spend-1-trillion-on-power-by-2030/articleshow/50917988.cms">India is likely to spend $1 trillion on power by 2030, says Power Minister Piyush Goyal</a> 
 
The first draft of the policy was framed by the <a href="http://www.businessinsider.in/markets/economy/poverty-line-is-going-to-be-re-defined-niti-aayog-expects-to-resolve-stalemate/articleshow/56514563.cms">Niti Aayog </a>after intense consultations spreading over last one and a half year. It was made ready for seeking public comments by March, but was held back after concerned ministries found objections in certain proposals. 
 
One such reform suggested by the policy is freeing coal, electricity and fertilisers sectors from subsidies and price controls. Once private companies can be pitched in, more power would be produced, but the ministries are not convinced. 
 
Also read: <a href="http://www.businessinsider.in/Electric-two-wheelers-price-to-be-brought-down/articleshow/53189329.cms">Electric two-wheelers might cost us less in the near future</a> 
 
The policy has also suggested that the financial condition of power distribution companies (<a href="http://www.businessinsider.in/enterprise/If-DISCOMs-dont-buy-solar-power-itll-be-a-problem-LTDirector-SN-Roy/articleshow/52659299.cms">discoms</a>) needs to be mended so that the sector can be made profitable in the future. 
 
Once applicable, National Energy Policy will replace Integrated Energy Policy implemented under the UPA regime. 
 
(Image source KhabarDekho)

Modi might put an end to the National Energy Policy bickering

The <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi</a> government is currently working on a host of incentives for the <a href="http://www.businessinsider.in/searchresult.cms?query=Solar+energy">Solar energy</a> sector. This is mainly for solar power plants with generation capacity of 3,000 MW or more. The final announcement is expected on Budget day, that’s February 29. 
 
An inter-ministerial committee headed by the Department of Industrial Policy and Promotion (DIPP) Secretary has finalized this report and submitted it to the Prime Minister's Office. The committee has proposed both fiscal and non-fiscal incentives to push mega <a href="http://www.businessinsider.in/searchresult.cms?query=Solar+energy">solar power</a> projects across the country. 
 
The proposal includes several suggestions for the government. This includes power purchase agreement, grid connection, land to put solar panels and manufacturing of equipment. 
 
The ministries of New and <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">Renewable Energy</a>, Power, Finance, and Commerce and Industry among others are involved in the process. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Modi </a>government has set an ambitious target to raise the solar power generation capacity by five times to 1,00,000 MW by 2022. If India achieves this target it will become one of the largest producers of <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a>, bypassing several developed countries. 
 
It’s now a matter of two weeks that we get to know how serious the government is about its green energy commitments.

Budget 2016 – Solar Projects may
enjoy incentives

In order to bring down rising <keyword id="54322" type="UNKNOWN" weightage="80" keywordseo="food-prices">food prices</keyword>, the Narendra Modi-led government is thinking about using nuclear irradiation technology developed by Bhabha Atomic Research Centre (BARC) for increasing the shelf life of fruit and vegetables, especially that of onions and potatoes. This will help the government to meet its supply shortage during lean seasons.
 This issue of high importance was discussed at a meeting of an inter-ministerial group called by Transport Minister <keyword id="26680" type="PERSON" weightage="80" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> after a sharp increase was seen in retail prices of tomato and onion in the national capital. Food and Consumer Affairs Minister <keyword id="973" type="PERSON" weightage="80" keywordseo="Ram-Vilas-Paswan">Ram Vilas Paswan</keyword>, who attended the meeting, said, “In between July and October, we face shortage of onions, potatoes and tomatoes, due to which we need technologies that can increase the shelf life by at least six months. We saw a presentation by <keyword id="71684" type="ORGANIZATION" weightage="80" keywordseo="Bhabha-Atomic-Research-Centre">Bhabha Atomic Research Centre</keyword> (BARC) on how application of radiation technology improved the shelf life of onions and potatoes.” 

	The meeting was also attended by Agriculture Minister Radha Mohan Singh and Minister of State (Independent Charge) for Development of North Eastern Region VK Singh, along with ministers of state for food and agriculture. The meeting also marked the presence of secretaries of all the departments.
 The government might look at establishing such irradiation plants alongside <keyword id="404460" type="COMPANY" weightage="80" keywordseo="Central-Warehousing-Corporation">Central Warehousing Corporation</keyword> and <keyword id="6354672" type="ORGANIZATION" weightage="80" keywordseo="Food-Corporation-of-India">Food Corporation of India</keyword> warehouses mainly those situated around metro cities, said Paswan. 

	“We have instructed all the secretaries to hold further discussions with scientists and officials from Bhabha Atomic Research Centre and department of atomic energy to take forward this expansion plan,” added Paswan.
 Anil Kakodkar, former chairman of <keyword id="86592" type="ORGANIZATION" weightage="80" keywordseo="Atomic-Energy-Commission">Atomic Energy Commission</keyword>, who was also present in the meeting, said, there are two plants in the government sector which use irradiation technology. The first plant is in Vashi for spices and the second one is in Lasalgaon for onions. He added that 10-12 such units come under the private sector, but most of these are suffer from lack of economies of scale. 

	He concluded that this technology has been approved by the Atomic Energy Regulatory Commission and there are no safety issues whatsoever.

Modi Govt Eyes Nuclear Technology To Increase Shelf Life Of Fruits And Vegetables

<div class="image-container float_right" style="width:400px"><div class="image"></div>AP Images</div><keyword id="6354703" type="COMPANY" weightage="60" keywordseo="Natural-gas">Natural gas</keyword> figures prominently in President Obama's second-term energy blueprint, released this morning.
He hopes to convert more commercial trucks to the fuel and support "research into the safe and responsible use of natural gas," to the tune of $40 million. 
And that's just part of a larger $375 million earmark he wants to set aside for technologies that can drive "cleaner energy from fossil fuels."
Natural gas futures were up nearly 2 percent this morning.
Here's the key part:
Our domestic natural gas resources are reducing energy costs across the economy – for manufacturers investing in new facilities and families benefiting from lower heating costs. This abundant, nearly 100-year resource can support new jobs and growth, but there are steps we should take to make this growth safe and responsible.
The President’s budget will invest more than $40 million in research to ensure safe and responsible natural gas production. And as part of a $375 million investment in cleaner energy from fossil fuels, the President’s budget includes significant funding for clean coal technology and a new $25 million prize for the first, natural gas combined cycle power plant to integrate carbon capture and storage.
The President also wants to establish a $2 billion "energy security trust" to convert more American infrastructure to run on electricity, homegrown biofuels, fuel cells — and again, natural gas.
It's hard to not see this is an indication the President would approve the controversial <keyword id="870614" type="UNKNOWN" weightage="60" keywordseo="Keystone-XL-pipeline">Keystone XL Pipeline</keyword>, which a State Department draft environmental impact assessment <a href="http://www.businessinsider.com/keystone-pipeline-decision-2013-3">found</a> would have minimal environmental impact.
However, it's likely the decision won't come for another month, after the comment period on State's report expires.
Here's the full White House Energy Blueprint:
-------------------------------
<div class="section">
<div class="layoutArea">
<div class="column">
President Obama’s Blueprint for a Clean and Secure Energy Future 
The United States is on the path to a cleaner and more secure energy future. Since President Obama took office, responsible oil and gas production has increased each year, while oil imports have fallen to a 20 year low; renewable electricity generation from wind, solar, and geothermal sources has doubled; And our emissions of the dangerous carbon pollution that threatens our planet have fallen to their lowest level in nearly two decades. In short, the President’s approach is working. It’s a winning strategy for the economy, energy security, and the environment. 
But even with this progress, there is more work to do. Rising gas prices serve as a reminder that we are still too reliant on oil, which comes at a cost to American families and businesses. While there’s no overnight solution to address rising gas prices in the short term, President Obama today reiterated his commitment to a sustained, all-of-the-above energy strategy and urged Congress to take up common- sense proposals that will further reduce our dependence on oil, better protect consumers from spikes in gas prices, and reduce pollution. 
Background: The Energy Security Trust 
The Obama Administration is calling on Congress to establish a new Energy Security Trust, which is designed to invest in breakthrough research that will make the technologies of the future cheaper and better – technologies that will protect American families from spikes in gas prices and allow us to run our cars and trucks on electricity or homegrown fuels. 
The Energy Security Trust, which builds on a proposal supported by a broad bipartisan coalition including retired military leaders, will provide a reliable stream of funding for critical, breakthrough research focused on developing cost-effective transportation alternatives. 
The President’s proposal sets aside $2 billion over 10 years and will support research into a range of cost-effective technologies – like advanced vehicles that run on electricity, homegrown biofuels, fuel cells, and domestically produced natural gas. The mandatory funds would be set aside from royalty revenues generated by oil and gas development in Federal waters of the Outer Continental Shelf (OCS), already included in the administration’s five year plan. These revenues are projected to increase over the next several years based on a combination of leasing, production, and price trends, with additional revenues potentially generated as a result of reforms being proposed in the FY 2014 Budget. The Trust is paid for within the context of the overall budget. 
Paired with other Administration policies, including our historic new fuel economy standards, the Trust would help solidify America’s position as a world leader in advanced transportation technology. 
For example, on Friday, the Environmental Protection Agency (EPA) is releasing a new report (LINK) that underscores the progress we have made to improve fuel economy, save American families money at the pump, and reduce carbon pollution that contributes to climate change. According to the report, from 2007 to 2012, EPA estimates that CO2 emissions have decreased by 13 percent and fuel economy values have increased by 16 percent. In addition, compared to five years ago, consumers have twice as many hybrid and diesel vehicle choices, a growing set of plug-in electric vehicle options, and a six-fold increase in the number of car models with combined city/highway fuel economy of 30 mpg or higher. 
</div>
</div>
<div class="section">The Energy Security Trust builds on this historic progress, continuing to increase momentum towards to a cleaner, more efficient fleet that is good for consumers, increases energy independence, and cuts carbon pollution.</div>
</div>
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
Producing More American Energy 
President Obama is committed to an “all-of-the-above” approach that develops all American energy sources in a safe and responsible way and builds a clean and secure energy future. That’s why the President’s plan: 
<ul>
<li>
? Challenges Americans to double renewable electricity generation again by 2020. In order to double generation from wind, solar, and geothermal sources by 2020, relative to 2012 levels, the President called on Congress to make the renewable energy Production Tax Credit permanent and refundable, which will provide incentive and certainty for investments in new clean energy. Instead of continuing century-old subsidies to oil companies, the President believes that we need to invest in the energy of the future. During the President’s first term, clean energy tax incentives attracted billions of dollars in private investment in almost 50,000 clean energy projects, creating tens of thousands of jobs. Permanent extension keeps the momentum building, while creating new jobs in clean energy. 
</li>
<li>
? Directs the Interior Department to make energy project permitting more robust. Last year, the President set a goal to permit 10,000 megawatts of renewables on public lands – a goal the Interior Department achieved. But there is more work to do. That is why the Department is continuing to take steps to enable responsible development of American energy on public lands. In support of this work, the President’s Budget will increase funding for energy programs of the Bureau of Land Management by roughly 20 percent. A significant share of these resources will support better permitting processes for oil and gas, renewable energy, and infrastructure, including the transition to an electronic, streamlined system for oil and gas permits that will significantly reduce the time for approval of new drilling projects. The Department will also propose more diligent development of oil and gas leases through shorter primary lease terms, stricter enforcement of lease terms, and monetary incentives to get leases into production. 
</li>
<li>
? Commits to safer production and cleaner electricity from natural gas. Our domestic natural gas resources are reducing energy costs across the economy – for manufacturers investing in new facilities and families benefiting from lower heating costs. This abundant, nearly 100-year resource can support new jobs and growth, but there are steps we should take to make this growth safe and responsible. The President’s budget will invest more than $40 million in research to ensure safe and responsible natural gas production. And as part of a $375 million investment in cleaner energy from fossil fuels, the President’s budget includes significant funding for clean coal technology and a new $25 million prize for the first, natural gas combined cycle power plant to integrate carbon capture and storage. 
? Supports a responsible nuclear waste strategy. Under President Obama’s direction, the Energy Department created a Blue Ribbon Commission on America’s Nuclear Future to recommend how to manage the challenges associated with nuclear waste storage and disposal. After careful consideration of the Commission’s input, the Administration has issued a strategy for action in response to the recommendations and looks forward to working with Congress on implementing policies that ensure that our Nation can continue to rely on carbon-free nuclear power.
</li>
</ul>
</div>
</div>
</div>
</div>
<div class="page" title="Page 3">
<div class="section">
<div class="layoutArea">
<div class="column">
Investing in Energy Security 
During the President’s first term, the United States cut foreign oil imports by more than 3.6 million barrels per day, more than under any other President. To ensure that we continue on a path towards greater energy security, the President’s plan: 
<ul>
<li>
? Sets a goal to cut net oil imports in half by the end of the decade. Increased production of domestic oil, natural gas, and biofuels, and improvements in the fuel economy of our cars and trucks allowed the United States to cut imports of oil by almost one-third since 2008. To build on this progress, the President will direct new policies and investments to set us on a course to cut net oil imports in half by the end of the decade, relative to 2008 levels. 
</li>
<li>
? Commits to partnering with the private sector to adopt natural gas and other alternative fuels in the Nation’s trucking fleet. Private sector investments are building natural gas fueling infrastructure across the United States just as natural gas vehicle research is making the technology more economically and environmentally effective. The President is committed to accelerating the growth of this domestically abundant fuel and other alternative fuels in the transportation sector in a way that benefits our planet, our economy, and our energy security: putting in place new incentives for medium- and heavy-duty trucks that run on natural gas or other alternative fuels, providing a credit for 50 percent of the incremental cost of a dedicated alternative-fuel truck for a five-year period; supporting research to ensure the safe and responsible use of natural gas; and funding to support a select number of deployment communities: real-world laboratories that leverage limited federal resources to develop different models to deploy advanced vehicles at scale. 
Making Energy Go Farther Across the Economy 
Cutting the amount of energy we waste in our cars and trucks, in our homes, buildings, and in our factories, will make us a stronger, more resilient, and more competitive economy. Improvements in energy efficiency are critical to building a clean and secure energy future. To advance this priority, the President’s plan: 
</li>
</ul>
<ul>
<li>
? Establishes a new goal to double American energy productivity by 2030. Today the President issued a new goal to cut our economy’s energy waste in half over the next twenty years. More specifically, the Administration will take action aimed at doubling the economic output per unit of energy consumed in the United States by 2030, relative to 2010 levels. This includes a new Energy Efficiency Race to the Top challenge; building on the success of existing partnerships with the public and private sectors to promote energy efficiency; and continuing investments in technologies that improve energy productivity and cut waste. 
</li>
<li>
? Challenges States to Cut Energy Waste and Support Energy Efficiency and Modernize the Grid. Modeled after a successful Administration approach in education reform designed to promote forward-leaning policies at the State-level, the Budget includes $200 million in one-time funding for 
</li>
</ul>
</div>
</div>
<div class="section">Race to the Top performance based awards to support State governments that implement effective policies to cut energy waste and modernize the grid. Key opportunities for States include: modernizing utility regulations to encourage cost-effective investments in efficiency like combined heat and power, clean distributed generation, and demand response resources; enhancing customer access to data; investments that improve the reliability, security and resilience of the grid; and enhancing the sharing of information regarding grid conditions.</div>
</div>
</div>
<div class="page" title="Page 4">
<div class="section">
<div class="layoutArea">
<div class="column">
<ul>
<li>
? Commits to build on the success of existing partnerships with the public and private sector to use energy wisely. Over the next four years, the President is committed to accelerating progress on energy productivity including through the Better Buildings Challenge, improving energy data access for consumers through the "Green Button" initiative, and making appliances even more efficient - saving consumers money, spurring innovation, and strengthening domestic manufacturing. 
</li>
<li>
? Calls for sustained investments in technologies that promote maximum productivity of energy use and reduce waste. The President’s Budget expands applied research and development of innovative manufacturing processes and advanced industrial materials. These innovations will enable U.S. companies to cut manufacturing costs, enhance the productivity of their investments and workforce, and reduce the life-cycle energy consumption of technologies, while improving product quality and accelerating product development. 
International Leadership 
The Administration has worked not only to strengthen our energy security at home, but also around the world. In concert with our domestic actions, we have pursued a robust international agenda that: 
</li>
</ul>
<ul>
<li>
? Leads efforts through the Clean Energy Ministerial and other fora to promote energy efficiency and the development and deployment of clean energy. Our efforts have helped to accelerate the global dissemination of energy-efficient equipment and appliances through the Super-Efficient Equipment and Appliance Deployment (SEAD) Initiative, improved energy savings in commercial building and industry through the Global Superior Energy Performance Partnership (GSEP), and supported the large-scale deployment of renewable energy through the 21st Century Power Partnership. 
</li>
<li>
? Works through the G20 and other fora toward the global phase out of inefficient fossil fuel subsidies. Inefficient subsidies exact a steep toll on our economies, our energy security, and our environment, and the United States is leading efforts internationally to accelerate progress in eliminating them. 
</li>
<li>
? Promotes safe and responsible oil and natural gas development. The Administration has worked to promote safe and responsible oil and natural gas production through initiatives like the Energy Governance and Capacity Initiative, which provides technical and capacity building assistance to countries that are on the verge of becoming the world’s next generation of oil and gas producers, and the Unconventional Gas Technological Engagement Program, which works to help countries with unconventional natural gas resources to identify and develop them safely and economically and can support switching from coal to cleaner-burning natural gas. 
</li>
</ul>
</div>
</div>
<div class="section">? Updates our international capabilities to strengthen energy security. We are working with the International Energy Agency (IEA) and others to ensure that our international institutions and processes reflect changes in global energy markets.</div>
</div>
</div>
<div class="section">
<div class="layoutArea">
<div class="column">
? Supports American nuclear exports. We are providing increased support for American nuclear technology and supply chains to promote safe, secure, low-carbon nuclear power growth in countries that are pursuing nuclear energy as part of their energy mix. 
</div>
</div>
</div>

Obama Calls For Big Bet On Natural Gas As Part of 'Blueprint' For The Future Of US Energy

<keyword id="11101" type="General" weightage="20" keywordseo="britain" source="Orion">Britain</keyword>'s prime ministerial candidate <keyword id="221875" type="General" weightage="100" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> has insisted that he would rather lose the <keyword id="107792" type="General" weightage="80" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> leadership race to replace <keyword id="6380867" type="General" weightage="80" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> than win on a false promise on how he plans to tackle the economic crisis. In an interview with the <keyword id="60684" type="General" weightage="80" keywordseo="bbc" source="Orion">BBC</keyword>, the British Indian former Chancellor said he was committed to helping the most vulnerable families with the cost-of-living crisis and felt a "moral responsibility to go further" and provide "extra help" over the winter. The issue has become the key dividing line between him and his rival, Foreign Secretary <keyword id="2420812" type="General" weightage="80" keywordseo="liz-truss" source="Orion">Liz Truss</keyword>, who has pledged tax cuts which the former finance minister insists will benefit wealthier households rather than those who need it most. I would rather lose than win on a false promise, Sunak, 42, said. "What I'm determined to do is help people across this country through what will be a very difficult winter. My first preference is always not to take money off people in the first place," he said. As the candidates continue to be grilled by Conservative Party members who will be voting in the election in hustings up and down the UK, the issue of soaring inflation and prices has dominated the agenda. "People can judge me on my record, reiterated Sunak in his BBC interview on Wednesday night, referring to his work as Chancellor through the COVID lockdown. "People can judge me on their record - when bills were going up by around 1,200 pounds earlier this year, I made sure the most vulnerable received around 1,200 pounds," he pointed out. Sunak also promised to "go further" than what he has already announced if elected Prime Minister. I know millions of people are worried about inflation, particularly the cost of their energy bills. What I've said if I'm Prime Minister I will go further in supporting those families who most need support because the situation is worse than when I announced those measures earlier this year," he said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/flood-hit-kerala-villages-to-launch-digi-lockers-to-keep-their-valuables-safe/articleshow/93491650.cms">Flood-hit Kerala villages to launch digi-lockers to keep their valuables safe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/up-hospitals-to-now-have-dedicated-wards-for-transgenders/articleshow/93491517.cms">UP hospitals to now have dedicated wards for transgenders</a>

Rishi Sunak says he would rather lose than win on a false promise

<ul class="summary-list"><li><keyword id="13241074" type="UNKNOWN" weightage="60" keywordseo="alexander-temerko" source="Orion">Alexander Temerko</keyword> had been considering legal action against Penny Mordaunt.</li><li>The minister had suggested his power-cable project posed a threat to Britain's energy security.</li></ul>One of the <keyword id="12095167" type="UNKNOWN" weightage="60" keywordseo="conservative-party" source="Orion">Conservative Party</keyword>'s biggest donors has backed away from his threat to take legal action against a serving minister.The Soviet-born businessman Alexander Temerko is finalising plans to seek a judicial review of the UK government's decision to block a £1.2 billion cross-Channel power cable project. But he is no longer planning to take action against Penny Mordaunt, a vocal opponent of the project.Temerko has personally given the Tories more than £740,000. He is the director of Aquind, the company behind the energy project, which has also donated at least £400,000 to the Conservatives. Mordaunt, an international trade minister and MP for Portsmouth North, angered Temerko by warning the project could pose a threat to Britain's energy security.<div type="image" title="Penny Mordaunt UK MP in 2020" height="1335" width="2000" msid="89784830" hostid="261"></div>The former defence secretary suggested it could make Britain more reliant on France, allowing Paris to "use future energy supply as a bargaining chip."Her comments followed a souring of relations between the two countries over post-Brexit fishing rights, which led to the <a href="https://www.bbc.co.uk/news/world-europe-56984886">French government threatening to cut power to Jersey, a dependency of the UK</a>. When Kwasi Kwarteng, the business secretary, announced the government would not proceed with the electricity link between Portsmouth and Normandy, Temerko lashed out at Mordaunt.The oligarch <a href="https://www.telegraph.co.uk/business/2022/01/22/ministers-making-fuel-poverty-worse-rejecting-power-link-france/">told The Telegraph</a> she was an "absolutely uncontrollable woman."In a <a href="https://www.independent.co.uk/news/uk/penny-mordaunt-government-prime-minister-boris-johnson-tory-party-b1999499.html">subsequent interview with the Press Association</a>, he said he intended to seek a judicial review. He added he was also "considering action against Penny Mordaunt because there's something in her statement that was absolutely wrong".Temerko also threatened to write to Johnson – whom he describes as a friend – regarding her position as a minister. A spokesperson for Temerko told Insider that he still believes Mordaunt breached the ministerial code, a matter he said would "indeed merit a discussion with the party."But, the spokesperson said, Temerko had decided that legal action against Mordaunt was "not a priority"."Our focus is the judicial review and nothing else," he said.The spokesman said he expected the review to begin in days.Temerko's comments about Mordaunt, and the lack of public support from the Conservative party, were criticized by some within the party, all of whom were granted anonymity to speak frankly.One former minister said: "Temerko's language about Penny was hideous – suggesting women are there to be controlled… Penny opposed [the link] in her patch – perfectly legitimate for an MP to express a view."Another party source said: "Threatening a member of Parliament for doing their duty, and making defamatory remarks against them is quite wrong and has not gone unnoticed."A third Conservative figure said: "These guys [donors] are becoming more empowered. Temerko calling Penny Mordaunt an uncontrollable woman would not have happened five years ago. "I was quite shocked the party didn't say 'that is not the way our donors speak to our elected representatives'."Mordaunt told Insider: "The only person who should control MPs is the Speaker of the House."Temerko's spokesman described the "uncontrollable woman" comment as a "malapropism" and said there was "nothing sexist about it".A Conservative spokesman said: "We cannot comment on legal proceedings. CCHQ has no involvement in government planning decisions."

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