Oil prices closed with gains on Friday, but recorded losses for the week as investors await the OPEC+ meeting next week. Particularly, the US WTI crude for October delivery It gained 26 cents, or 0.3%, to $86.87 a barrel, having earlier touched $89.66. On a weekly basis, it fell by 4.6%. Alongside, Brent for November […]
Tag: oil
Agreement of the G7 Ministry of Finance on a ceiling on Russian oil
Group of Seven (G7) finance ministers plan to impose a price ceiling on Russian crude oil and oil products, according to a joint statement on Friday, Reuters reports. “Today, we confirm our common political intent to finalize and implement a comprehensive ban on services that enable the international maritime transport of crude oil from Russia […]
Norwegian energy group Equinor has fully withdrawn from Russia
Norwegian energy group Equinor said on Friday it had completed its exit from Russia, fulfilling a promise it made after Moscow’s invasion of Ukraine in February to exit the Russian market entirely. Equinor’s move marks the first full, orderly exit of an international oil and gas company from Russia, as pressure mounts for other energy […]
Oil closed at a two-week low with a ‘plunge’ of more than 3%
Oil prices closed at a near two-week low as China imposed new coronavirus lockdown measures. Chinese authorities imposed a lockdown on Chengdu, a city of 21 million people, in an effort to control the spread of the coronavirus, raising concerns about the country’s economic growth and demand for oil. Against this backdrop, Brent for November […]
New energy threat from Russia: ‘We will cut off oil in countries that will impose a ceiling’
LAST UPDATE: 20.36 Russia will stop deliveries of oil and oil products to countries that decide to curb the cost of Russian oil, Russian Deputy Prime Minister Alexander Novak said, according to Russian news agency TASS. “Regarding the ceiling on prices. If they impose a ceiling, we simply to such companies or countries that will […]
On the G7 table is the imposition of a price ceiling on Russian oil
G7 finance ministers will hold talks on whether to allow the world to buy Russian oil with a price cap, a move the US says will de-escalate pressures on the energy market while reducing revenue for Moscow. Specifically, as reported by Bloomberg citing American officials, the country’s Minister of Finance Janet Yellen and her G7 […]
WTI plunges more than 9%, Brent more than 12% in August
Oil prices hit a two-week low on Wednesday, with U.S. crude losing more than 9% on the month amid heightened concerns about a global economic slowdown and reduced demand as central banks continue aggressive hikes of their interest rates in order to tame inflation. Completely reasonable concerns as economists and investment banks expect a slowdown […]
Losses of more than 1.5% for oil – In the region of 250 euros for natural gas
The prices in the energy sector show a mild de-escalation, with oil investors moving hesitantly due to fears of a worsening of the global economy, while the prices of European natural gas also show a slight decline. In particular, with oil walking a tightrope between inflationary risks weighing on the outlook for the global economy […]
3% drop for oil – In the region of 260 euros for natural gas
LAST UPDATE 14:30 The prices of the energy sector show a mild de-escalation today, with oil investors moving hesitantly as the possibility of Iran’s return to the market recedes, while the prices of European natural gas also show a slight decline. In particular, recently oil has been walking a tightrope between the inflationary risks that […]
EIA: Russia’s oil production has not fallen as much as expected — Fatih Birol
The head of the International Energy Agency (EIA), Fatih Birol, He noted on Monday that Russia’s oil production had not fallen as much as expected because it managed to find new markets outside Europe and added that domestic demand remained strong, according to Reuters. “In the future, it would be difficult for Russia to maintain […]