The EU has agreed price caps for Russia's exports of refined products from Feb. 5. Non-EU members of the G7 also signed off on the caps.

Announced low-carbon investments by oil and gas firms exceeded $100 billion in 2022 – highlighting ongoing industry transition momentum. After a Q3’22 lull, activity rebounded to nearly $32 billion in the final quarter, according to Energy Intelligence’s Low-Carbon Investment Tracker, now covering 34 oil and gas firms (including new addition Santos). Renewable power remains the leading category, but spending is becoming more diverse, notably in areas like hydrogen and CCS. European Majors (led by Shell) are still the most active, but low-carbon spending plans are growing faster among US Majors and NOCs. More recent investments typically remain at an early stage – reflected in our new risk-adjusted spending assessment, which cuts total tracked values (since 2015) by half.