Tag Archives: Oil

Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy loomed over the market. Brent crude futures were up $1.59, or 1.7%, to $93.95 a barrel by 11:19 a.m. …

Oil prices eased on Thursday in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand. The prospect that the OPEC+ producer group could curb oil supplies limited the decline in …

Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder …

Oil prices fell over 2% on Tuesday to their lowest since before Russia’s invasion of Ukraine, as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.

Russian President Vladimir Putin on Tuesday said the oil sector was undergoing a “tectonic change,” but claimed Europe would be committing “economic suicide” with its sanctions on Moscow over Ukraine. By seeking to phase out Russian energy supplies, Europe will only hurt itself, Putin said, urging state officials to use …

Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia. Brent crude futures were up $1.88, or 1.8%, at $109.33 a barrel at 1227 GMT, while …

German officials are quietly preparing for any sudden halt in Russian gas supplies with an emergency package that could include taking control of critical firms, three people familiar with the matter told Reuters. The preparations being led by the Ministry for Economic Affairs show the heightened state of alert about …

The entire G7 club of rich nations is “committed to phasing out or banning the import of Russian oil,” the White House said Sunday, escalating pressure on President Vladimir Putin over the invasion of Ukraine. “This will hit hard at the main artery of Putin’s economy and deny him the …

Hungarian Prime Minister Viktor Orban has blasted European Commission Chief Ursula von der Leyen for “attacking” EU unity with a proposed Russian oil ban, saying it crosses a red line.

OPEC and allied oil-producing countries decided Thursday to stick to a modest increase in production, even as Europe’s proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.

Denmark and Finland support a European Commission proposal to apply sanctions on Russian oil, the countries’ Prime Ministers told a press conference in Copenhagen on Wednesday.

The European Commission proposed a gradual ban on Russian oil imports Wednesday to punish Moscow for its invasion of Ukraine, as Russian forces pounded sites to the east of the country and hit targets in the far west near the EU border.

West Texas Intermediate dropped 3.58 percent while global benchmark Brent slid 3.2 percent. Oil declined in tandem with equities as China’s stringent measures to curb Covid-19 threatened a further hit to economic activity and fuel demand. West Texas Intermediate futures slid 3.4% as data showing a sharp economic contraction in …

Libya is losing tens of millions of dollars a day from the shutdown of its oil facilities, while global prices are at their highest in years, the country’s oil minister told AFP. Oil is the lifeblood of the North African country trying to move past a decade of conflict since …

Brussels is weighing options after the total oil and gas embargo was met with strong resistance The European Union has failed to reach a consensus on a full ban on Russian oil and gas imports but says that an agreement will be reached in the coming weeks. Member states are …

Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market. Brent crude futures rose $1.13, or 1.1%, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) …

Lawmaker Hanan al-Fatlawi started legal action against Mustafa al-Kadhimi’s caretaker government seeking an injunction to halt the implementation of the Basra-Aqaba oil pipeline. According to the transcript of the legal proceeding filed by al-Fatlawi, the lawmaker challenged the constitutionality of the cabinet decree upon which Prime Minister Mustafa al-Kadhimi authorized …

Tunisia will raise local fuel prices every month this year by no less than 3 percent, an official in the energy ministry said on Thursday, which may mean an increase of at least 30 percent by the end of 2022. Tunisia raised fuel prices by 5 percent on Wednesday, its …

Russian President Vladimir Putin said on Thursday that Moscow will work to re-direct its energy eastward as European countries try to reduce reliance on Russian exports, adding that Europe will not be able to completely shun Russian gas immediately. Russia has been forging closer ties with Asia and China, the …

Oil prices extended gains on Wednesday after Moscow said peace talks with Ukraine had reached a dead end, feeding worries about tight supplies even after U.S. crude stocks rose by more than 9 million barrels. Brent crude was up $1.94, or 1.9%, to $106.58 a barrel by 11:03 a.m. (1508 …