The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout …
Read More »EU Delays Talks on Russian Oil Price Cap until Next Week
A meeting of European Union government representatives, scheduled for Friday evening to discuss a Group of Seven (G7) proposal to cap Russian seaborne oil prices, was cancelled, EU diplomats said. “There was not enough of a convergence of views,” one diplomat said. “There won’t be a meeting tonight nor this …
Read More »Oil Rises as U.S. Inventories shrink; China COVID Fears Limit Gains
Oil prices rose further on Wednesday after data indicated that U.S. crude inventories shrank substantially in the past week, although the introduction of new anti-COVID curbs in major Chinese cities put a lid on gains. Data from the American Petroleum Institute showed that U.S. crude stockpiles fell a bigger-than-expected 4.8 …
Read More »Saudi Aramco to Push Ahead with IPO of Oil-Trading Unit
Saudi Aramco is pushing ahead with plans for an initial public offering of its energy-trading business and is targeting a listing in Riyadh for the end of the year or early 2023, Bloomberg News reported on Wednesday. The world’s top oil producer is in the process of adding more banks …
Read More »OPEC+ Cutting Oil Output could Send Oil Prices above $100
OPEC+, a group of 24 OPEC and non-OPEC oil producers, announced sharp output cuts Wednesday in a bid to facilitate the recovery of crude prices. The move comes despite calls from Washington to raise oil production to prop up the global economy. Saudi Arabia, the key OPEC member and the …
Read More »Gazprom Threatens Ukraine with Non-Payment for Gas Transit in Fresh Escalation
Russian gas monopoly Gazprom took an important step toward cutting off almost all of its remaining supplies to the EU on Tuesday, as the Kremlin pulled its last remaining levers to pressure western and central Europe into dropping its support for Ukraine. In a post on its official Telegram channel, …
Read More »Crude Oil Rebounds from Nine-Month Lows; EU Price Cap in Doubt
Oil prices stabilized Monday, rebounding after earlier falling to the lowest levels in nine months, after doubts emerged about the possibility of the EU imposing a price cap on Russian oil. By 09:20 ET (13:20 GMT), U.S. crude futures traded 1.1% higher at $79.62 a barrel, while the Brent contract …
Read More »Russia Supports OPEC+ Deal Extension, Country’s Oil Output may Grow in 2022
Russian oil production may increase this year, Deputy Prime Minister Alexander Novak said on Thursday, despite Western sanctions over Ukraine, while the country supports OPEC+ deal extension beyond 2022. He said production of oil and gas condensate is expected at between 520 million tonnes and 525 million tonnes in 2022 …
Read More »Europe Braces for more Cuts in Russian Oil and Gas Exports
Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder …
Read More »Gazprom Says it can’t Guarantee Gas Pipeline will Work after Return of Equipment
Russian gas monopoly Gazprom said on Wednesday it wouldn’t guarantee the resumption of gas shipments to Europe through its pipelines, despite recent political decisions in Canada allowing the return of key compression equipment from maintenance. Under pressure from European allies in the throes of an energy crisis, the Canadian government …
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