(Oil Price)– The international gold and foreign exchange reserves held by the world’s biggest oil-producing nations in the EU could be at risk, Russian President Vladimir Putin said on Friday, after EU leaders discussed using frozen Russian assets to help Ukraine. “This is not just a blow to its image; it is an undermining of trust in the euro zone,” Putin
(BOE Report)– The United States is preparing a further round of sanctions on Russia’s energy sector to increase the pressure on Moscow should President Vladimir Putin reject a peace deal with Ukraine, Bloomberg News reported on Wednesday, citing people familiar with the matter. The U.S. is considering options such as targeting vessels in Russia’s so-called shadow fleet of tankers used
(Oil Price)– Pakistan and Russia are discussing a potential cooperation agreement in the oil sector, including in exploration, production, and refining, Pakistani Finance Minister Muhammad Aurangzeb told Russian news agency RIA on Tuesday. “All of these areas are Russia’s strengths. And we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” the Pakistani official was
(Investing) – LONDON – U.S. investment bank Xtellus Partners has proposed to the U.S. Treasury that proceeds from the sale of Lukoil’s foreign assets be used to repay American investors who lost money when Russia’s war in Ukraine froze their Lukoil stock holdings, sources said. U.S. asset managers including BlackRock, JP Morgan and Goldman Sachs lost billions of dollars when they had to first freeze and
(Oil Price)– As exclusively revealed to OilPrice.com some years ago by a very high-ranking official from the Kremlin: “By keeping the West out of energy deals in Iraq, the end of Western hegemony in the Middle East will become the decisive chapter in the West’s final demise.” Consequently, the push has been on from Russia and China – especially since
(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)– Ukraine has agreed to the terms of a potential peace deal with the United States, according to a U.S. official who spoke to ABC News on Tuesday. “The Ukrainians have agreed to the peace deal,” the official said. “There are some minor details to be sorted out but they have agreed to a peace deal.” The peace plan presented
(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
(Oil Price)– China’s crude oil imports last month remained elevated, with purchases from some countries hitting all-time highs, according to customs data cited by Reuters. Imports from the UAE, for instance, rose from 2.05 tons a year ago to 3.82 million tons last month, while purchases from Kuwait went up from 970,000 tons to 2.36 million tons, the data showed. Imports
(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) – HOUSTON -Oil prices held largely steady on Thursday after declining around 4% in the previous session as investors weighed concerns about global oversupply with looming sanctions against Russia’s Lukoil. Brent crude futures rose 30 cents, or 0.5%, to $63.01 a barrel. U.S. West Texas Intermediate crude increased 20 cents, or 0.3%, to $58.69 a barrel, after a decline of 4.2%
(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
