Commodity companies will find it much harder to buy and sell Russian oil from the middle of this month, according to the world’s largest independent crude trader, as Europe tightens sanctions against Moscow for invading Ukraine, according to Bloomberg. Russia’s exports of crude and oil products have probably fallen by about 1 million barrels a […]
Tag: oil
EU: No solution to Russian oil embargo – Hungary continues blockade
Hungary has continued to block a European Union proposal to ban Russian oil imports by delaying a full package of sanctions aimed at President Vladimir Putin over the war in Ukraine, according to sources familiar with the talks. Bloomberg agency. A meeting of the 27 EU ambassadors ended today without an agreement, and talks are […]
Oil: ‘Jump’ 4.9% per week
Oil prices closed higher on Friday, gaining on a weekly basis, despite worries about global growth, as the European Union’s imminent sanctions on Russian crude raise the prospect of a narrower supply. In this climate, the Brent July delivery gained $ 1.49 or 1.3% to $ 112.39 a barrel, up 4.9% on the week. Alongside, […]
WTI set to end the week higher around $110
Oil looks set to end the week higher, with WTI poised to end the week near $110. Anticipation of an imminent deal on an EU embargo on Russian oil is cited as support. Growth concerns, China lockdown risks and torrid conditions in equity markets are preventing WTI from breaking above $110 for now. World oil […]
Ukrainian Ministry of Foreign Affairs demands full embargo on Russian oil and gas
Ukrainian Finance Minister Sergiy Martchenko today called for a full international embargo on Russian oil and gas over Moscow’s invasion of Ukraine. Marchenko told an online news conference that Ukraine was finding it difficult to balance its budget after 10 weeks of war, adding that as finance minister he could not be satisfied with the […]
Borrell: “Sanctions on Russian gas are not for tomorrow, but for the day after tomorrow”
A meeting of European Union foreign ministers will take place next week if the bloc countries do not reach an agreement on an oil embargo against Russia by the weekend, EU foreign policy chief Josep Borrell said on Friday. reports Reuters. The European Commission is proposing changes to the planned embargo on Russian oil in […]
Oil continues to rise – Gas is declining
Oil prices are on a steady uptrend in the $ 110 area for the third day in a row as investors’ attention continues to focus on supply level concerns, ignoring fears of stock markets for a global recession. In particular, Brent July futures are trading at $ 1.7%, or $ 1.87, at $ 112.79 a […]
New jump of 2% in oil – Declining gas
LAST UPDATE 14:00 Oil prices are on a steady uptrend in the $ 110 area for the third day in a row as investors’ attention continues to focus on supply level concerns, ignoring fears of stock markets for a global recession. In particular, Brent July futures are trading at $ 2.2%, or $ 2.5, at […]
EU: Revises oil embargo plan, gives Hungary another year
The European Union has proposed a revision of the embargo on Russian oil, which would give Hungary and Slovakia another year, by the end of 2024, to comply with sanctions. According to Bloomberg sources, the Czech Republic will also receive an exemption by June 2024. All other Member States will phase out their imports by […]
Saudi Arabia: Working in the background for the EU’s independence from Russian oil?
By Mark Finley Since the beginning of the Russian invasion of Ukraine, Saudi Arabia has been clear: it will not change its oil policy. The country’s leadership has repeatedly rejected calls by President Biden and oil-importing nations to speed up production. It was this refusal that prompted – to a large extent – the US […]