Category: Oil

Russia’s central bank just issued a warning about ‘new economic shocks,’ and it shows the new $60/barrel cap on oil...

President Vladimir Putin’s partial mobilization of males for the Ukraine battle hit the Russian financial system briefly, however it has since overcome the droop, stated the Bank of Russia. Mikhail Metzel The worth cap on Russian crude and EU’s oil embargo current “new economic shocks,” the Bank of Russia stated. They might “significantly reduce” Russia’s economic exercise in the coming months, per the bank. Russia…

The EU price cap on Russian oil is already disrupting the market – tankers are piling up off Turkey after...

Turkish President Recep Tayyip Erdoğan TIMOTHY A. CLARY/ Getty Images The EU’s price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance protection. Shipping insurers rejected the request, as Turkey’s asking for protection that might expose them to a breach of sanctions. A European Union price…

House GOP probing ‘secret’ US-Saudi oil deal

Republicans on the House Oversight and Reform Committee are investigating a “secret” deal solid between the Biden administration and Saudi Arabia to spice up manufacturing from the oil-producing alliance OPEC+, a deal that was by no means realized and upset the White House over the failure. Rep. James Comer (R-Ky.), a rating member on the committee, sent a letter to Secretary of State Antony Blinken…

Oil prices surge as OPEC maintains production cut targets and China’s thawing Covid-zero stance sparks hope of demand recovery

OPEC mentioned after its November assembly it is protecting its oil coverage unchanged from October. Vladimir Simieck/AFP/Getty Images Crude oil futures jumped on Monday after OPEC mentioned its oil coverage will stay unchanged from October. The group has been chopping oil output by 2 million barrels a day as a consequence of “market considerations.” Prices have been additionally boosted by hopes that China’s eyeing an…

EU sanctions on Russian oil take effect on Monday – here’s what to expect and why a price cap may...

Russian President Vladimir Putin. Contributor/Getty Images The European Union’s sanctions on Russian oil shipments will take effect on Monday.  But EU officers are nonetheless negotiating precisely the place to set a price cap on Russian oil.  The US has stated ships loaded with Russian oil earlier than December 5 and unloaded at locations earlier than January 19 will not be topic to the price cap….

Oil drops 4% as the EU considers capping Russian oil prices between $65-$70, with the bloc split on the potential...

Suriyapong Thongsawang Oil prices fell Wednesday following studies the European Union is considering capping Russian oil prices at $65-$70 a barrel.  The Group of Seven nations has been working on a worth cap since Russia’s invasion of Ukraine.  But a number of EU diplomats mentioned the proposed vary was too excessive, Bloomberg reported.  Oil prices retreated Wednesday following studies the European Union is considering placing…

China halts some Russian crude purchases as looming oil price cap leaves buyers looking for a bigger discount

Russian President Vladimir Putin. REUTERS/Yves Herman Some Chinese buyers have halted purchases of Russian crude forward of a price cap anticipated to start December 5, Bloomberg reported. Traders say they’re ready to see if the price cap permits for higher offers on provides, per the report. Russian officers have stated they’d not promote to nations that adhere to the US-led price cap.  Chinese buyers have…

Northern Europe has already slashed Russian oil imports by 90%, 2 weeks before the EU ban kicks in

Russian President Vladimir Putin. Getty Images Russia’s crude shipments to Northern Europe fell 92% in the 4 weeks to November 18, in comparison with February. That’s an enormous departure from 2021, when Germany, the Netherlands, and Poland have been the prime European importers of Russian oil. Russia’s crude responsibility income has additionally fallen to its lowest degree since February. A European Union ban on most…

Europe is loading up on Russian diesel 3 months before an import ban kicks in on refined fuels

Europe is loading up on Russian diesel forward of February 2023 sanctions. (Photo by Ying Tang/NurPhoto through Getty Images) Europe is scrambling to safe Russian diesel three months before an import ban kicks in.  Russian diesel loadings to a European refining hub soared 126% between the primary half of November and October, per Reuters.  An EU embargo on refined Russian oil merchandise like diesel will…

Americans are paying the biggest-ever premium for diesel at the pump after its price rose 50%

Diesel costs are now buying and selling at file premiums to different fuels. Denis Doyle/Getty Images US diesel consumers paid a file premium at the pump in October, The Wall Street Journal reported. Diesel costs have jumped 50% this 12 months to $5.35 a gallon as the Ukraine battle fallout hits provides. The excessive costs are squeezing supermarkets and meals firms too, which may feed…

India can buy as much Russian oil as it desires, Yellen says. The caveat: it can’t use Western insurance coverage,...

US Treasury Secretary Janet Yellen mentioned G7’s worth cap on Russian oil will restrict Moscow’s power income even when there’s demand. Brendan Smialowski/AFP through Getty Images India can buy as much Russian oil as it likes, US Treasury Secretary Yellen instructed Reuters. However, India can’t use Western delivery, insurance coverage, and monetary companies in such offers, she mentioned. It can be powerful for closely sanctioned…

Tightening oil supply will drive crude oil prices to $115 a barrel by April, Goldman Sachs strategist says

Felix Cesare/Getty Images Oil benchmarks might cross $115 a barrel by the top of the primary quarter of 2023, in accordance to Goldman Sachs’ Jeff Currie. Tightening supply will drive crude prices greater, the financial institution’s head of commodities analysis stated. Currie added that OPEC+ members have given themselves “optionality” to elevate oil manufacturing if demand climbs. Crude oil prices might leap to $115 a…

Saudi Aramco profits soar 39% in the third quarter to $42 billion fueled by higher global crude prices

Saudi Aramco. Hamad I Mohammed/Reuters Saudi Aramco posted a 39% leap in third-quarter revenue to $42.4 billion in is earnings report Tuesday.  The surge in crude oil prices has pushed bumper earnings for vitality majors throughout the world. Higher oil prices pushed by Russia’s warfare and OPEC+ cuts have helped carry the firm’s profits.  Saudi Aramco posted a 39% leap in third-quarter revenue Tuesday, thanks…

Oil prices could trade above $120 next year – but extremely low diesel inventories pose an even bigger concern, top...

An oil pump jack pumps oil in a subject close to Calgary, Alberta in Canada. Todd Korol/Reuters Oil prices could soar greater into 2023, but the diesel disaster nonetheless poses the better menace, Energy Aspects’ Amrita Sen stated.  Both oil and diesel stockpiles are hovering close to document lows. The EIA warned earlier this month that the US had only some weeks of reserve diesel…

Biden administration considers hindering military aid to Saudi Arabia in a ‘punishing’ response to it cutting oil manufacturing, report says

US President Joe Biden and Saudi Arabian Crown Prince Mohammed bin Salman at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. Royal Court of Saudi Arabia / Handout/Anadolu Agency by way of Getty Images The Biden administration is contemplating intentionally delaying military aid to Saudi Arabia, NBC studies. The transfer is being thought-about in response to the Kingdom’s resolution to lower oil…

Saudi ruler Mohammed bin Salman is seeking to humiliate Biden as part of a global power play

President Joe Biden (behind) and Saudi Crown Prince Mohammed bin Salman (entrance) arrive for a household picture in Jeddah, Saudi Arabia on July 16, 2022. MANDEL NGAN/POOL/AFP by way of Getty Images Relations between the US and Saudi Arabia are worsening.  Saudi ruler Mohammed bin Salman needs to assert himself internationally.  He humiliated the Biden administration by cancelling a secret oil deal.  This week, a…

Tankers filled with dirty Russian oil are piling up around Asian ports ahead of fresh EU sanctions

Getty Images Tankers carrying Russian oil have settled at ports near Malaysia and Singapore ahead of the next round of EU sanctions.  Roughly 1.1 million tons of high-sulfur fuel oil was sitting on vessels for the week ending October 24. New European Union sanctions will ban insurance on tankers holding Russian oil starting December 5.  Tankers carrying Russian oil have settled at ports near Malaysia…

The US and Saudi Arabia traded petty insults in an feud over oil after a reported secret deal fell apart

President Joe Biden and Saudi Crown Prince Mohammed bin Salman at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. Royal Court of Saudi Arabia / Handout/Anadolu Agency via Getty Images The US and Saudi Arabia are in a dispute over reports of an abandoned secret oil deal.  The Saudis claimed to be acting more maturely than the US, prompting a withering put-down….

Saudi Aramco says its energy transition is not delivering and launches a $1.5 billion fund for a more ‘realistic’ plan

Getty Images Saudi Arabia’s state-run oil giant is investing $1.5 billion in a new energy transition plan.  Saudi Aramco’s CEO Amin Nasser said the current framework is “flawed.” The Kingdom has cautioned that the transition could take decades.  Saudi Arabia’s state-run oil giant is investing $1.5 billion in a global energy transition, while cautioning that alternative sources aren’t yet capable of handling demand.  Saudi Aramco…

White House officials thought they’d struck a secret oil deal with Saudi Arabia only for Biden to be humiliated when...

US President Joe Biden meets Saudi Crown Prince Mohammed bin Salman in Jeddah in July. Bandar Algaloud/Reuters White House officials believed they’d struck a secret oil deal with Saudi Arabia, per NY Times.  But Saudi chief Mohammed bin Salman then backtracked on it, taking them unexpectedly.  The Saudi choice to reduce oil output earlier than the midterms angered the White House, per NY Times.  Aides…

The world is in the middle of the ‘first truly global energy crisis’ and needs Russian oil to flow into...

The OPEC+ deal to slash oil output raises the risk of an energy-driven recession next year, IEA director Fatih Birol said. Pavel Golovkin/AFP/Getty Images  The OPEC+ oil output cut is fueling the “first truly global energy crisis”, the head of the IEA said. He warned the Russia and Saudi-driven move cut 2 million barrels a day raises the risk of recession. Russian oil will need…

China’s oil imports from Russia surge 22% as refiners step up their purchases of the cheap supplies

Russia came in second place to Saudi Arabia as China’s top crude supplier. (Photo by Yao Feng/VCG via Getty Images) China’s imports of Russia oil surged 22% year-on-year in September, per official figures. Chinese refiners facing thin margins are stepping up purchases of Russia’s cheap crude, per Reuters. Russia still came second to Saudi Arabia as China’s top supplier of oil, even as Saudi imports…