Nasdaq LUXEMBOURG – The European Union’s executive is drafting proposals for an EU oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, although there is still no agreement to ban Russian crude. “They are now working on ensuring that oil is part of the next sanctions package,” Irish Foreign Minister Simon Coveney said
CNBC Asia will become the default market for Russian oil as the country tries to find buyers for its energy exports, said Dan Yergin, vice chairman of S&P Global. Major oil importers in Asia like China and India have been pressured by oil prices which have soared since Russia invaded Ukraine in late February. Besides the appeal of cheaper Russian
Reuters LONDON – OPEC officials believe a possible European Union ban on oil from its partner Russia would hurt consumers and the group has conveyed its concerns to Brussels, OPEC sources said. Major OPEC members, such as Saudi Arabia and the United Arab Emirates, have tried to navigate a neutral course between the West and Moscow, while OPEC+, a grouping
Yahoo Finance (Bloomberg) — TotalEnergies SE said it will stop buying Russian crude and diesel by the end of the year, becoming the latest energy giant to shun the country’s oil in protest against the invasion of Ukraine. The announcement marks a further effort to reduce financial flows to the regime of President Vladimir Putin as punishment for the attack
World Oil (Bloomberg) — President Joe Biden said the U.S. will ban imports of Russian fossil fuels including oil, a major escalation of Western efforts to hobble Russia’s economy that will further strain global crude markets. Source: World Oil “We’re banning all imports of Russian oil and gas and energy,” Biden said Tuesday at the White House. “We will not
Reuters MOSCOW/LONDON – The rapidly rising price of Russia’s flagship Urals blend oil has forced European refineries to cut purchases from Moscow and look for crude supplies elsewhere, traders said on Friday. Urals, a blend of heavy sour oil from the Urals mountains and Volga river region and light oil from Western Siberian fields, has traded at a hefty premium
From Bloomberg Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members. In the first half of May, 13 ships from Russia delivered almost 5 million barrels of crude and oil products, according to a report by Caracas Capital Markets managing partner Russ
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