International

Source: Reuters

Why Russian oil and gas price cap is easier said than done

US News


LONDON – G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow’s ability to fund its invasion of Ukraine, G7 officials said on Tuesday.

 

The officials, who include

Source: Reuters

France’s Macron tells Biden that UAE, Saudi pumping near oil limits

World Oil


(Bloomberg) — French President Emmanuel Macron said that the United Arab Emirates’ ruler confided to him that OPEC’s two leading oil exporters are already pumping almost as much oil as they can.

The UAE is “at maximum” output …

Source: Reuters

Oil prices edge higher amid G7 talks on new Russian sanctions

CNBC


Oil prices edged higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in …

Source: World Oil

Nigeria to investigate Shell permits after $200 million loss

World Oil


(Bloomberg) — Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million.

Senate President Ahmad Lawan formed a committee …

Source: Reuters

Eni SpA becomes second foreign firm to win $29 billion Qatari gas project stake

World Oil


(Bloomberg) — Eni SpA became the second foreign firm to win a stake in a $29 billion project that will expand Qatar’s production of liquefied natural gas as the energy crisis in Europe escalates and prices climb.

The …

Source: Reuters

Brazil’s Petrobras swaps CEOs amid political blowback on fuel prices

Nasdaq


SAO PAULO, June 20 – The chief executive of Brazil’sstate-run oil company Petrobras PETR4.SAresigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns …

Source: Reuters

Europe may shift back to coal as Russia turns down gas flows

US News


FRANKFURT/MILAN – Europe’s biggest Russian gas buyers raced to find alternative fuel supplies on Monday and could burn more coal to cope with reduced gas flows from Russia that threaten an energy crisis in winter if stores are …

Source: Bloomberg

Rosneft continues Vostok Arctic oil project after partner quits

World Oil


(Bloomberg) — Russia’s Rosneft PJSC is proceeding with its flagship Vostok Oil project in the Arctic, Chief Executive Officer Igor Sechin said, just over a week after a key partner announced it’s exiting the development over the invasion …

June 20, 2022 - 11:46 am Crude Oil News, Energy News, International
Source; World Oil

High rates of fuel exports hinder U.S. efforts to build supplies at home

World Oil


(Bloomberg) — Robust demand from Latin America is set to lift U.S. Gulf Coast fuel exports to new heights this month, hampering efforts to build up national inventories amid soaring prices.

Waterborne gasoline and diesel loadings out of …

Source: Reuters

Analysis: With record pump prices, Biden hard-pressed to ramp up Russia sanctions

Reuters


As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

 

U.S. drivers are embarking on summer vacations with gasoline prices averaging more than …

Source: Reuters

Russian oil and fuel revenue up even as exports fall – IEA

Reuters


LONDON: Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions, the International Energy Agency said on Wednesday.

The findings underscore the difficulty of punishing Moscow for its …

Source: BOE Report

Global oil demand set to rise 2% to new high in 2023, says IEA

BOE Report


World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the …

Source" Reuters

Russia becomes India’s second biggest oil exporter, trade sources’ data show

Reuters


NEW DELHI  – Russia rose to become India’s second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed.

In May Indian refiners received …

Source: CNBC

Hungary says it’s impossible for Europe to ban Russian gas anytime soon. Putin agrees

CNBC


Hungarian Foreign Minister Peter Szijjarto has ruled out the prospect of a Russian gas ban in the European Union’s next package of sanctions, saying it would be “impossible.”

Landlocked Hungary is overwhelmingly dependent on Russian hydrocarbons.

Szijjarto’s comments come …

EIA expects Russian oil output to take hit in 2023 from EU sanctions

EIA expects Russian oil output to take hit in 2023 from EU sanctions

World Oil


(Bloomberg) — The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year, the Energy …

Source: Reuters

Eni to join Exxon, Total, Shell, Conoco in Qatar’s mega-LNG expansion – sources

Yahoo Finance


HOUSTON – Italian producer Eni has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world’s largest liquefied natural gas (LNG) project, people with knowledge of the

Source: Reuters

India in talks to increase Russian oil imports from Rosneft

World Oil


(Bloomberg) — India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily-discounted supplies from Rosneft PJSC as international buyers turn down dealings with Moscow over its invasion of Ukraine.…

Source: Reuters

EXCLUSIVE Russia hikes oil exports from major Eastern port to help offset EU ban

Reuters


Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth, aiming to meet surging demand from Asian buyers and offset the impact of European Union sanctions, three sources familiar with the matter …

Source: Reuters

Brazil greenlights study of Petrobras privatization, analysts remain skeptical

US News


SAO PAULO – Brazil President Jair Bolsonaro’s government said it aims to include state oil company Petrobras in its privatization program on Thursday, despite analysts calling it a long-shot for the far-right leader seeking reelection.

Rather than triggering

Source: Reuters

Ukraine signs deal with Westinghouse to end Russian nuclear fuel needs

Reuters


Ukraine has signed a deal for the U.S. nuclear power company Westinghouse to supply fuel to all of its atomic power stations in an effort to end the country’s reliance on Russian supplies, Ukraine’s state nuclear company said on …

Source: Reuters

EXCLUSIVE Kazakhstan renames its export oil to avoid Russia sanctions risk

Reuters


Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks and issues with financing.…

Source: Reuters

Russia has no objection to earlier OPEC+ meeting, say sources

News 18


Moscow/London- Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on …

Source: Reuters

EU agrees gradual Russian oil embargo, gives Hungary exemptions

Reuters


BRUSSELS -European Union leaders have agreed an embargo on Russian oil imports that will kick in around the turn of the year – and for now exempts the pipeline imports that Hungary and two other landlocked Central European states …

Source: Reuters

Russia oil sanctions to burden strained supplies: Reuters poll

Reuters


Tensions over Ukraine will continue setting the tone for oil markets in coming months, with the European Union’s ban on most Russian imports sapping already constrained global crude supplies, a Reuters poll showed on Tuesday.

A survey of 33 …

Source: Reuters

OPEC+ seen sticking with supply plan even as EU sanctions Russia

World Oil


(Bloomberg) — The OPEC+ coalition will likely hold firm to its oil production plans this week even as the European Union moves to sanction group member Russia, delegates said.

Global oil supply and demand levels remain stable, with …

Source: Reuters

Saudi Arabia’s making $1 billion from oil exports every day

World Oil


(Bloomberg) — Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.

The value of crude exports, now almost $1 billion a …

Source: Reuters

EU may clinch summit deal to embargo Russian oil shipments

Reuters


BRUSSELS: EU countries scrambled on Friday to reach a deal that would embargo seaborne deliveries of Russian oil but still allow deliveries by pipeline, a compromise to win over Hungary and unblock new sanctions against Moscow, officials said.

An …

Source: Reuters

OPEC+ set to stick to modest output hike for July, sources say

Reuters


ONDON/DUBAI: OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for …

Source: US News

Oil jumps 3% to 2-month high as EU seeks to ban Russian crude

US News


NEW YORK – Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude