LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.…
Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary of the tighter U.S. sanctions, numerous unnamed sources …
LONDON – Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar
MOSCOW – Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges …
HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.
Brent March crude …
An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct …
(WO) – The American Petroleum Institute (API) released a statement from President and CEO Mike Sommers on new reports that the Biden administration is moving forward with plans to disrupt the development of U.S. LNG terminals.
“This would …
Russia’s fossil fuel export revenues continued to fall in December from November, as income from oil and gas exports has been dropping since September, a new analysis by the Centre for Research on Energy and Clean Air (CREA) …
(Bloomberg) – Russia’s biggest liquefied natural gas (LNG) producer began production at its Arctic LNG 2 project — despite U.S. sanctions — in a move that could provide some relief to the tight global market for the fuel.…
SINGAPORE/MOSCOW- (Reuters) – U.S. sanctions pose a major obstacle to Russia’s plans to increase exports of seaborne liquefied natural gas (LNG) to offset the decline in pipeline gas exports to Europe, analysts said, as expectations mount of delays to …
MOSCOW – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious …
(Bloomberg) — Oil gained after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through the end of the year. West Texas Intermediate crude increased more than …
LONDON – Saudi Arabia and Russia’s crude supply cuts in tandem with U.S. interest rate rises have disrupted oil’s tendency to move in the opposite direction to the U.S. dollar, although analysts say the darkening economic outlook will eventually …
LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters.…
(Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition …
The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine.
“The fact that the systemic …
Russian oil producers accelerated the drilling of production wells in the first half of this year despite the Western sanctions and Moscow’s pledge to reduce output by the end of the year and cut exports in August, data …
Russia could deliver on at least part of its pledge to reduce oil exports next month as its western ports are planned to ship up to 200,000 barrels per day (bpd) lower crude volumes in August compared to …
LONDON – Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.
Saudi Arabia …
(Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said.
The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows …
Lower crude oil prices, Western sanctions and European push for energy independence combined to shave 36% off Russia’s oil and gas tax collection for last month, compared to a year ago, Bloomberg reports, citing the Russian Finance …
After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February.…
Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday.
Russia first announced the 500,000 bpd production cut …
MOSCOW (AP) — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine.
“As of today, we fully sell …
Europe will find it difficult to replace Russian crude oil and product supply once the full effect of the EU embargoes on Russian petroleum products is felt, according to Russian Deputy Prime Minister Alexander Novak.
“Europe used …
