Source link Global oil markets are heading for a crash that will slash 20% off of the crude price this year, Russian businessman Oleg Deripaska predicted on Tuesday. The tycoon’s warning comes after oil prices fell by about 4% on Monday on sharp price cuts announced by top exporter Saudi Arabia for exports in February. […]
Source link The attack in Oryol caused a fire which has since been contained, Governor Andrey Klychkov has said Two Ukrainian drones have crashed into an oil facility in the western Russian city of Oryol, causing a fire and injuring three people, local Governor Andrey Klychkov has said. The “enemy” attack on the city around […]
Source link Saudi Arabia’s action aims to support the market amid a seasonal drop in demand and concerns about supply overhang Major oil producer Saudi Arabia has cut the February price of crude for buyers in all regions, Reuters and Bloomberg reported on Sunday, citing a company statement. According to the reports, state producer Saudi […]
Source link Prolonged disruption in the Red Sea could eventually have a major impact on energy markets Global prices for crude oil will double if disruptions triggered by Yemen’s Houthi rebels also affect the Strait of Hormuz, Daan Struyven, Goldman Sachs’ head of oil research, said on Saturday in an interview with CNBC. The Houthis […]
Source link Iraq is planning to halt imports of petroleum products as soon as in 2024 after launching a number of oil refineries, which were stalled during decades of military conflict, according to Oil Ministry spokesman Asim Jihad, as cited by RIA Novosti. The Middle Eastern nation has been purchasing oil products, such as reformulated […]
Source link Russia’s share of Türkiye’s energy imports neared 60% in 2023, according to Hurriyet Russia maintained its position as the top oil and gas supplier to Türkiye in 2023, the Hurriyet newspaper reported on Saturday, citing data from Ankara’s Energy Market Regulatory Authority. In October, the share of Russian gas in Türkiye’s imports reportedly […]
Source link Crude prices had previously surged nearly 3% due to ongoing tensions in the Middle East and an outage in Libya Global prices for crude oil increased on Thursday, stretching gains scored during the previous day as tensions around the Israel-Gaza military conflict continue to escalate, and protesters at the largest oil field in […]
Source link The measure approved by Kazakhstan’s authorities early last month came into force on January 1 Kazakhstan has raised the tariff on the transit of Russian oil by some 20% from January 1, according to an announcement on the official website of the country’s pipeline operator KazTransOil. The measure covers crude transported along the […]
Source link The checks at Bulgaria’s Neftohim coincided with the entry into force of a ban on Russian oil on January 1 Bulgarian officials on Monday raided the Neftohim oil refinery and 50 crude warehouses, according to an announcement on the country’s customs service website. The raids coincided with the start of a ban on […]
Source link A fifth of global supplies were sold and purchased in other currencies, according to analysts’ estimates Global consumers and exporters of crude are now managing without dollar-denominated trade deals, the Wall Street Journal reported this week, citing the head of global commodities strategy at JPMorgan Chase, Natasha Kaneva. The report comes a day […]
Source link Exports to the bloc have plummeted following Western sanctions, Deputy Prime Minister Novak says Russian oil sales to the EU have shrunk to a tenth of their former level due to Western sanctions, Russia’s Deputy Prime Minister Alexander Novak announced on Wednesday. As of the end of 2023, the share of crude deliveries […]
Source link The country’s navy has deployed three guided-missile destroyers in the Arabian Sea after a merchant vessel was hit near Gujarat New Delhi will take “strict action” against those responsible for an attack on a merchant vessel off the Indian coast on Friday, Defense Minister Rajnath Singh has vowed. The Indian Navy has intensified […]
Source link The country’s refineries have reportedly processed over 5 million barrels a day Russia’s oil processing has been on the rise, jumping in the past week close to the highest daily refining runs in more than eight months, Bloomberg reported on Monday, citing sources. According to a person familiar with the matter, the country’s […]
Source link New Delhi has been boosting energy purchases from Moscow despite Western pressure to shun sanctioned crude Indian officials believe that global crude oil prices would have skyrocketed if they had not ramped up imports from Russia in the wake of Western sanctions, local media reported on Monday, citing the country’s Petroleum and Natural […]
Source link Several members of OPEC affirmed on Saturday their commitment to the organization and its objectives after Angola decided to quit the group. The African nation announced earlier this week that membership in OPEC no longer served its interests. The move came after the cartel asked Angola to cut production by 1.1 million barrels […]