Futures contracts widened as US and Europe drafted new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, raising concerns about a halt to supply while talks on Iran’s nuclear program. Brent futures are up $ 1.20, or 1.1%, at $ 108.73 a barrel, while West Texas Intermediate is up $ […]
Tag: oil
4% jump for slow and closing over $ 100.
Oil prices closed higher on Monday, with the US contract returning more than $ 100 a barrel as horrific images of dead civilians in Ukrainian cities sparked a debate over new sanctions following the withdrawal of Russian troops. Moscow. Crude for May delivery gained $ 4.01, or 4%, to close at $ 103.28 a barrel […]
Exxon invests $ 10 billion in Guyana’s vast offshore oil field
Exxon Mobil Corp. announced on Monday its decision to invest $ 10 billion in a fourth offshore oil project in Guyana, the country’s largest oil field. Guyana is one of Exxon’s top bets on future production growth, as it expects to produce up to 1.2 million barrels of oil and gas per day by 2002, […]
Russia: Oil production fell in March, for the first time in seven months
Russia’s oil production slowed in March for the first time in seven months, but remained above the 11 million barrel per day mark, according to an Interfax report. In particular, Russia pumped 46.57 million tons of crude oil and concentrates in March, according to an anonymous source quoted by the independent Russian news agency. That […]
Germany: Banks warn of deep recession if gas and oil imports cut
Germany will face a deep recession if imports or supplies of gas and oil are cut off, German banks warn. Europe’s largest economy is heavily dependent on Russia for energy, and national banks are worried about a possible power outage, as has been voiced by big names in the industry in recent days. Christian Sewing, […]
Slight rise in oil prices
Oil prices rose again on Monday as concerns about limited supply persisted, despite the release of supplies from the strategic stocks of major consumer countries and the truce in Yemen, which sparked hopes that supply problems in the Middle East would subside. Brent futures rose 9 cents, or 0.09%, to $ 104.48 a barrel, while […]
Oil: Dropped more than 11% in the biggest weekly drop in 2 years
Oil prices fell on Friday, with US crude slipping 12.8% on the week, the worst five-day period since the end of April 2020, according to the Dow Jones Market Data. In particular, on Thursday, Joe Biden announced the release of 1 million barrels per day from the US for six months, starting in May, in […]
Biden: More than 30 countries to release oil from strategic reserves
US President Joe Biden today assured that “more than 30 countries” will follow the example of Washington and draw oil from their strategic reserves, in an effort to reduce the price of black gold. Referring to the initiative of the International Energy Agency (IEA), Biden said: “This morning, more than 30 countries met in an […]
ILO: Releases oil from its reserves
The member states of the International Energy Agency (IEA) have completed an emergency inter-ministerial meeting aimed at stabilizing oil markets in the wake of Russia’s invasion of Ukraine, the Japanese Ministry of Industry has announced. “Minister Koichi Hagiyuda attended the ILO emergency meeting at which member states discussed additional, coordinated action on oil reserves” to […]
Russia accounted for almost 40% of German oil imports in January
Russia accounted for 39.5% of oil imports to Germany in January, according to official figures on Friday, according to Reuters. Volume of imports in January increased by 8.5% compared to a year earlier, amid recovery from the coronavirus pandemic, while costs increased by 85.7% due to higher prices, as shown by foreign service statistics BAFA […]
