Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …
Read More »TotalEnergies to Buy 19.4% of Its Shares from Russian Energy Giant Novatek for $3.7 Billion
France’s TotalEnergies will buy 19.4% of its shares from Russian energy giant Novatek for $3.7 billion, the company said. TotalEnergies will fire two of its representatives from Novatek’s board of directors and will no longer include income from its investment in Novatek in its financial statements. The move will also …
Read More »US Says Russian Oil Price Cap does not Involve Ships through Turkish Waters
A US official said Wednesday that the oil price cap imposed on Russia does not involve ships navigating through Turkish waters. The Treasury Department said Deputy Secretary Wally Adeyemo spoke with Turkish Deputy Foreign Minister Sedat Onal and discussed Russia’s war against Ukraine and the implementation of the price cap …
Read More »Russia Expresses Concern over Oil Tanker Jam Offshore Turkey
Russia is discussing the traffic jam of oil tankers off Turkey’s coasts with shipping and insurance companies as it is concerned that the situation will affect its operators, Russia’s Deputy Foreign Minister Alexander Grushko said on Wednesday, as carried by Russian agency RIA Novosti. Many oil tankers have dropped anchor …
Read More »Novak: Russian Oil will always have Buyers
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 …
Read More »China, India Take Advantage of Discounted Russian Oil amid Sanctions Imposed by West
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 …
Read More »Russian Coal Exports Come Roaring Back after EU Loosens Curbs
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 …
Read More »Europe can’t Count on U.S. Shale to Make up for Russian Crude
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 …
Read More »Japan Sets Price Cap on Russian Crude Oil, Excluding Sakhalin-2
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 …
Read More »OPEC+ Keeps Steady Policy amid Weakening Economy, Russian Oil Cap
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 …
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