(Oil Price)– Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd. The OPEC+ member has been able to increase oil output
(Investing) – NEW YORK -Oil prices held at two-month lows on Wednesday as a surprise build in U.S. fuel stockpiles signalled demand weakness and a potential peace deal between Russia and Ukraine continued to weigh on prices. Brent crude was down 31 cents, or 0.42%, at $72.71 a barrel by 11 a.m. EST (1600 GMT) and U.S. West Texas Intermediate crude oil futures fell
(Investing) – LONDON – Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were down 6 cents, or 0.1%, at $74.37 barrel by 1302 GMT while U.S. West Texas Intermediate crude futures declined by 14 cents, or 0.2%,
(BOE Report) – The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU’s energy commissioner has said. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow’s 2022 invasion of Ukraine. While Russian pipeline
(Investing) – Oil prices fell on Friday, but were on course to secure a weekly gain, as traders eyed supply chain disruptions in Russia and a drawdown in U.S. gasoline and distillate stockpiles. Brent oil futures had fallen by 0.8% to $75.86 per barrel as of 08:05 ET (13:05 GMT), while West Texas Intermediate (WTI) crude futures had slipped by 0.9% to $71.85 per
(Investing) – NEW YORK – Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the U.S., while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine. Brent futures were up 65 cents, or 0.9%, at $76.49 a barrel by 10:38 a.m.
(Oil Price) – American and European companies in the nuclear energy supply chain have become increasingly vulnerable to a possible supply shock in the uranium market amid fierce resource competition from China and Russia and the planned surge in nuclear power generation to meet electricity demand. As many countries are now looking to nuclear power to cut emissions and reliance on
(BOE Report) – Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim of western
(BOE Report) – Lower oil prices, budget constraints and a rise in bad corporate debt are among the top economic risks facing Russia, documents prepared for an internal government discussion show, with a possible jump in U.S. and OPEC oil output of notable concern. President Vladimir Putin and top officials have in public regularly extolled the Russian economy’s resilience in
(Investing)– Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to improve its bargaining position amid expectations
(Oil Price) – Diesel prices in Asia, Europe, and the U.S. jumped this week as the latest U.S. sanctions on Russia’s oil industry added to colder winter weather to boost futures prices and margins amid expectations of reduced diesel and crude supply from Russia. On January 10, the outgoing U.S. Administration imposed the most aggressive sanctions on Russia’s oil yet, designating two
(Investing) – MOSCOW – Russia’s vast Arctic oil business is facing major disruption from U.S. sanctions on its tankers and depots, stranding crude supplies previously snapped up by Asian buyers in storage, according to three sources familiar with its logistics. The sanctions unveiled on Friday are the toughest yet on Russia’s oil sector, targeting major producers Gazprom (MCX:GAZP) Neft and Surgutneftegas
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