Oil Price Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made to decouple and
Oil Price Russia’s fuel exports by sea increased by 10.4% in May compared to April as Moscow lifted a gasoline export ban and some refineries returned from maintenance, according to Reuters estimates and data from industry sources. Last month, Russia shipped 9.595 million metric tons of oil products to international markets, as the authorities lifted on May 20 a temporary ban on gasoline exports
Yahoo Finance LONDON – Brent oil futures prices ticked higher on Friday and were on course for their best week in more than four months after projections for solid crude oil and fuel demand in 2024. Brent crude futures were up 53 cents at $83.28 a barrel at 1356 GMT. West Texas Intermediate (WTI) U.S. crude futures were up 41
Oil Price Back in March, S&P Global reported that a record 24 cargoes carrying nearly 1.6 million metric tons of U.S. LNG had reached Asia via the Cape of Good Hope in the first three months of 2024, with exporters choosing the much longer route and shunning the Panama and Suez canals due to various challenges. S&P reported that only 14 cargoes
US News MOSCOW/LONDON – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem was far from trivial. There was only one company that knew how to repair the gasoline-producing unit at the NORSI refinery, located on the Volga River, some 430 km (270 miles) east
Yahoo Finance LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from
Oil Price The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. WTI, according to Bloomberg, has added 14% since the start of the year, topping $82 per barrel earlier this week. Brent crude has gone from around $78 per barrel at the start of the year to over $86
Oil Price Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary of the tighter U.S. sanctions, numerous unnamed sources with knowledge of the matter have told Reuters. Russian oil firms are struggling to collect the payments for their exports on
US News LONDON – Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar offered some support. Front-month Brent crude futures due to expire on Thursday were unchanged at $86.75 a barrel at 1310
Oil Price SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an interview published on Monday. Pressure has mounted on companies, especially in the oil and gas industry, to withdraw from Russia after the invasion of Ukraine in February 2022. Many energy majors
Nasdaq MOSCOW – Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges to OPEC+, three industry sources said on Monday. Earlier this month, Russian Deputy Prime Minister Alexander Novak said that Russia would cut
CNBC Brent crude briefly topped $86 per barrel on Monday for the first time since November, before pulling back, as Ukraine stepped up its attacks on Russian energy infrastructure. Brent crude oil futures for May delivery were up 51 cents at $85.85 a barrel at 1333 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 62
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