For all the talk of aging oil fields and shrinking production, the U.K. is about to achieve a surprising feat: it’s on the brink of becoming a net crude oil exporter for the first time in 14 years. To put the milestone into context, it’s one of the key criteria for joining OPEC. Source: Bloomberg
The German finance minister has kicked off days of debate over the 2021 budget, arguing for more debt to support the economy during the coronavirus pandemic. “It’s a really, really” large sum, admitted Scholz. Source Deutsche Welle
The world’s largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions. Source Reuters
Italy expects debt to rise to about 160% of gross domestic product by the end of this year despite a smaller-than-forecast contraction of the economy, officials familiar with ongoing budget talks said. The new figures, which are provisional and still subject to change, see the economy expanding 6% in 2021, the officials said, asking not to be named discussing confidential deliberations. Source Bloomberg Quint
