(BOE Report)– Russia sees scope to boost oil exports to China and to deepen cooperation on supplies of liquefied natural gas, Deputy Prime Minister Alexander Novak said on Tuesday in Beijing. China and India have become the main buyers of Russian oil since the start of Russia’s military campaign in Ukraine in February 2022. China imports roughly 1.4 million barrels
(Investing) – Oil prices edged marginally higher Monday, steadying after last week’s sharp losses as markets weighed the prospects of a potential peace deal in Ukraine. At 07:50 ET (12:50 GMT), Brent Oil Futures expiring in January edged up 0.2% to $62.08 per barrel, while West Texas Intermediate (WTI) crude futures rose 0.7% to $58.20 per barrel. Both contracts recorded losses of nearly
(World Oil)– Russian energy giant Lukoil PJSC dissolved the supervisory board of its international business, the latest sign of how U.S. sanctions — the first of which begin on Friday — are affecting the firm. As part of the dissolution, the Moscow-based firm “recalled” Sergei Kochkurov, chief executive officer of the parent company, as well as Evgeny Khavkin and Gennady
Investing – LONDON -Oil prices fell on Friday, extending declines for a third session as the United States pushed for a Russia-Ukraine peace deal that could swell global supply while uncertainty over interest rates curbed investors’ risk appetite. Brent crude futures dropped by $1, or around 1.6%, to $39 a barrel by 1417 GMT. U.S. West Texas Intermediate crude (CLc1) was down
(Investing) – LONDON-Oil prices fell sharply on Wednesday after a report of a U.S. proposal to end the Russian war in Ukraine and as oversupply concerns continued to weigh on prices. Brent crude futures fell $1.72, or 2.65%, to $63.17 a barrel by 1421 GMT after gaining 1.1% the previous session. U.S. West Texas Intermediate crude futures were down $1.65, or 2.72%,
(Investing)– Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world. The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier
(Investing) – LONDON -U.S. oil major Chevron is studying options to buy global assets of sanctioned Russian oil firm Lukoil, five sources familiar with the process told Reuters on Monday. The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20
(Investing) – LONDON -Oil prices climbed nearly 2% on Friday, boosted by supply fears after the Black Sea port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the major Russian energy hub. Brent crude futures were up $1.04, or 1.65%, at $64.05 a barrel by 1428 GMT, while U.S. West Texas Intermediate crude advanced
(Oil Price) – Nearly a third of Russia’s current seaborne oil export potential is now stuck in tankers as the U.S. sanctions upend crude flows and Russia’s top buyers, China and India, are still struggling to assess the implications of the sanctions, according to JPMorgan. “Russia’s oil exports are entering a new phase of disruption as sanctions targeting Rosneft and Lukoil
(World Oil) – Governments across Europe and the Middle East are rushing to ensure the sprawling oil operations of Russian energy giant Lukoil PJSC can keep running after the U.S. Treasury sanctioned the company and then quashed a key bid for its assets last week. Russia’s second-largest oil company runs a vast international operation that includes oil fields, refineries and filling
(World Oil)– Governments across Europe and the Middle East are rushing to ensure the sprawling oil operations of Russian energy giant Lukoil PJSC can keep running after the U.S. Treasury sanctioned the company and then quashed a key bid for its assets last week. Russia’s second-largest oil company runs a vast international operation that includes oil fields, refineries and filling
(World Oil) – Russia’s Lukoil PJSC declared force majeure on oil shipments from its giant West Qurna 2 field in Iraq, according to a person with knowledge of the matter. The move is a sign that sanctions against Russia’s No. 2 oil producer are beginning to impact its international operations. The U.S. announced penalties against the firm last month as part
