International

Russian oil has always been in demand in the world market and will always have buyers, given the growth in the economy and limited supply, Deputy Prime Minister Alexander Novak said. “Global consumption and economic growth needs energy. There is not much oil in the world, and Russian oil has …

The two biggest consumers of Russian oil now are China and India while Western countries impose sanctions and limit trade. Russia has been selling its oil at a discount to eager purchasers in Asia while major oil-producing countries try to preserve world prices by restricting output. This year, China’s purchases …

Russia’s seaborne coal exports returned to near the highest levels on record after the European Union loosened restrictions on transporting the commodity, making it easier to redirect volumes to Asia. Shipments in October were almost 16.6 million tons — just shy of the level in June, which was the highest …

OPEC+ yesterday decided to leave its production quotas where they are, at 2 million bpd lower than they were in October, which is an effective cut of 1 million bpd of production. Three days earlier, the European Union reached an agreement to set a price cap on Russian crude oil …

Despite the fact that U.S. crude oil production has recently hit the highest level since the pandemic low of below 10 million barrels per day (bpd) in May 2022, the growth rate has markedly slowed this year as the shale patch struggles, labor shortages, supply chain delays, and the high …

An oil tanker traffic jam has formed in Turkey following the EU’s introduction of a price cap on global Russian crude supplies, the Financial Times reported on December 5, with Turkish authorities demanding new proof of full insurance coverage for vessels passing through the Bosphorus and Dardanelles straits. The EU, …

The Government of National Unity (GNU), announced that it had lifted the force majeure for oil and gas explorations on Monday. The GNU invited international oil companies that have contracts with the state-oil company (NOC) to resume their work in the country. The government of Abdul Hamid Dbeibah had signed …

Japan implemented a price cap on Russian crude oil from Monday, but crude oil imported from the Sakhalin-2 plant will be excluded, the government said in a statement. The decision follows an agreement by the Group of Seven nations and Australia on Friday to limit the price of Russian crude …

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven …

Russia has repeatedly said it will not supply oil to countries that implement the cap – a stance reaffirmed by Mikhail Ulyanov, Moscow’s ambassador to international organizations in Vienna, in posts on social media on Saturday. “Starting from this year Europe will live without Russian oil,” he said. The G-7 …