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 $5 a gallon for the first time ever. And rising oil and natural gas prices are helping to boost inflation
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 Information Administration (EIA) said in a monthly report. Production of Russian liquid fuels is set to reach 9.3 million barrels
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. “Due to recent significant geopolitical changes … and to avoid negative effect of the changes on Kazakh oil exports via
Yahoo Finance LONDON -Oil prices were mixed on Monday as investor fears of a global recession spurred by lockdowns in China and weak economic data vied with signs the European Union was stepping closer to an import ban on Russian crude. Brent crude was down 18 cents, or 0.2%, at $111.37 a barrel at 1342 GMT, while U.S. West Texas
Nasdaq LONDON – OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the producer alliance seen by Reuters showed. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. The
CNBC Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks. Brent crude futures were up $4.09, or 3.7%, at $114.32, reversing a 2% loss in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to
Finance Yahoo ABU DHABI – German Economy Minister Robert Habeck added his voice to Western appeals for OPEC to increase oil production and said Gulf states should not profit from global sanctions against Russia over its invasion of Ukraine. OPEC heavyweights Saudi Arabia and the UAE have resisted Western calls, including from the United States, to use their spare oil
World Oil (Bloomberg) — U.S. refiners Valero Energy Corp and Marathon Petroleum Corp., along with Shell Plc’s trading unit Shell Western Supply and Trading, are rushing to secure Ecuadorian barrels after America banned imports of Russian crude. Ecuador’s state oil company EP Petroecuador held back-to-back meetings this week in Louisiana with several refiners and trading houses, according to Petroecuador’s oil
NBC News MIAMI — Senior U.S. officials secretly traveled to Venezuela over the weekend in a bid to unfreeze hostile relations with Vladimir Putin’s top ally in Latin America, a top oil exporter whose re-entry into U.S. energy markets could mitigate the fallout at the pump from a possible oil embargo on Russia. The outcome of the talks with President
CNBC The U.S. and its allies need to prevent Russia from exporting oil and natural gas as an economic deterrent for its unprovoked invasion of Ukraine, Sen. Marco Rubio told CNBC on Tuesday. On “Squawk Box,” the Florida Republican, a member on the Senate Foreign Relations Committee, cited two reasons why Russian President Vladimir Putin thinks he can get away attacking Ukraine: “No. 1 is
Nasdaq BERLIN, Feb 23 – Germany’s decision to halt the certification of Nord Stream 2 has raised questions about the future of the $11 billion, 1,230-km gas pipeline under the Baltic Sea and the prospect of compensation lawsuits by its Russian owner Gazprom GAZP.MM. Here is what to expect next regarding Europe’s most divisive energy project: IS NORD STREAM 2
Reuters LONDON – Two tankers have had their environmental and safety classification withdrawn by a U.S. company that provides such certification, after accusations by a U.S. advocacy group that they had shipped cargoes of Iranian oil, documents seen by Reuters show. Countries targeted by tougher U.S. sanctions, including Iran and Venezuela, have responded to the mounting pressure with elaborate
