Tag Archives: Russia

OPEC and its allies remain in firm control of the oil market, key members Saudi Arabia and the UAE said March 29, as the group prepares to meet to decide on May production levels amid an outcry from crude importing countries over tight supplies and rising fuel prices. Market balances …

Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan. The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in …

For the time being, India will not pay in rupees for oil from Russia or any other oil exporter, the junior petroleum minister of the world’s third-largest oil importer said on Monday. “At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from …

Companies in Russia hit by the international sanctions imposed in reprisal for the invasion of Ukraine are increasingly exploring ways to relocate to neighboring countries, including Kazakhstan, according to entrepreneurs working in the export sector. Speaking at a press conference on March 23, Alexander Tsygankov, a representative from KazakhExport, a …

Russian oil exports fell last week, with average shipments of around 3.63 million barrels per day (bpd) between March 17 and 23, down by 26.4 percent compared to the previous week, Bloomberg reported on Monday, citing industry data it had seen. While most Western countries—with the exception of the United …

The countries of the Group of Seven announced they have rejected the Kremlin’s demands that Russian gas be paid for using Russian rubles, Reuters reported. Last week, Russian President Vladimir Putin suggested that “unfriendly” countries would be required to pay for gas using rubles. “I have decided to implement a …

Russia said on Monday it will not supply gas to Europe for free as it works out methods for accepting payments for its gas exports in roubles but G7 nations refused the demand. At a meeting of European Union leaders on Friday, no common position emerged on Russia’s demand last …

Increased China purchases of Russian natural gas will not make up for the loss of the European market, but their real importance to Moscow will be as a channel for necessary goods in the face of strict Western sanctions, according to a leading energy analyst. The European Union and Britain …

Ukrainian President Volodymyr Zelenskyy called on energy producing countries on Saturday to increase output so that Russia cannot use its oil and gas wealth to “blackmail” other nations. Addressing the Doha Forum international conference by video link, Mr Zelenskyy said countries such as Qatar could make a contribution to the …

Global oil prices closed at more than 12% of weekly gains today, Saturday. Brent crude closed in its last session yesterday, Friday, with a rise of 1.62 dollars, to reach 120.65 dollars, and achieved a weekly profit of 12.72 dollars or 11.79%. US West Texas Intermediate crude also closed up …