World Oil Bloomberg) — Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass. West Texas Intermediate futures fell below $110 a barrel. The EU’s proposal to phase out Russian oil has reached an impasse, with Hungary continuing to oppose the embargo. Eastern Europe is highly dependent on Russian crude, as Russia shipped about 720,000
CNBC The chief executive of Ukrainian state energy giant Naftogaz says oil producer group OPEC is on the wrong side of history in choosing to stick with Russia to stabilize energy markets. Speaking to CNBC’s Hadley Gamble at the World Economic Forum in Davos on Monday, Naftogaz CEO Yuriy Vitrenko warned the Middle East-dominated group of exporting countries to recognize
World Oil (Bloomberg) — Russia’s seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country’s state energy companies. Shipments persist even as Ukrainian President Volodymyr Zelensky renews calls for more sanctions against Moscow. Overall crude shipments edged lower in the seven days to May 20, but showed little clear impact from the EU restrictions that came into effect on May 15.
Reuters Iranian state firms have started preparations to revamp Venezuela’s largest oil refinery, the 955,000-barrel-per-day Paraguana Refining Center, four people close to the talks said, following a contract to repair its smallest facility. A deal would deepen an energy relationship that has become a lifeline for Venezuela’s dilapidated oil industry amid a crisis caused by decades of mismanagement and underinvestment,
Reuters HOUSTON – Oil prices were little changed on Monday, as worries over a possible recession offset an outlook for higher fuel demand with the upcoming U.S. driving season and Shanghai’s plans to reopen after a two-month coronavirus lockdown. Brent crude futures were up 35 cents, or 0.3%, to $112.92 a barrel by 11:24 a.m. ET (1524 GMT). U.S. West Texas Intermediate
World Oil (Bloomberg) — As Texas officials hunt for financial firms hostile to the energy industry, Wall Street is rolling out its fossil fuel bona fides to convince officials not to bar them from doing business with the state. Twenty firms, including JPMorgan Chase & Co. and HSBC, have so far replied to requests from state comptroller Glenn Hegar over
CNBC Oil prices reversed early gains and moved lower Monday, despite U.S. fuel demand, tight supply and a lack of progress towards a European ban on Russian oil, as Shanghai prepares to reopen after a two-month coronavirus lockdown that fuelled economic growth fears. Brent crude futures were down 0.4% at $112.09 per barrel U.S. West Texas Intermediate (WTI) crude slid 90 cents, or
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