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
Yahoo Finance HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production. Brent March crude futures settled at $80.06 a barrel, up $1.50, or 1.9%. Front-month U.S. West Texas Intermediate crude futures contract (WTI) for
Nasdaq LONDON – Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show. Nord Stream AG names Lloyd’s Insurance Company and Arch Insurance (EU) DAC ACGL.O as defendants in its lawsuit, which was filed at London’s High Court last month. Switzerland-based Nord
Yahoo Finance LONDON/WASHINGTON-Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials. The shift reflects the close relationship between the U.S. and the flag administration
Oil Price An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an investigation by NGO Global Witness showed on Friday. For more than a year, the EU has had a
Oil Price The United States and the EU, together with partners, discussed this week the potential of slapping “robust” new sanctions on Russia ahead of the second anniversary of the Russian invasion of Ukraine, a senior U.S. official told Reuters. The partners met in Brussels and “Many of us are prepared to roll out quite robust anniversary packages,” the official told
Yahoo Finance NEW YORK – Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies. Brent crude futures settled higher by 66 cents, or 0.9%, at $77.99 a barrel and U.S. West Texas Intermediate crude futures settled at $72.78 a barrel, up
World Oil (Bloomberg) – A drone strike that killed U.S. troops in Jordan and a separate attack on a fuel tanker in the Red Sea have led to an escalation of tensions in the region key to energy production and global trade. The White House blamed Iranian-backed militias for the assault on U.S. soldiers, which was denied by Tehran, while
World Oil (WO) – The American Petroleum Institute (API) released a statement from President and CEO Mike Sommers on new reports that the Biden administration is moving forward with plans to disrupt the development of U.S. LNG terminals. “This would be a win for Russia and a loss for American allies, U.S. jobs and global climate progress. There is no
Oil Price Russia’s fossil fuel export revenues continued to fall in December from November, as income from oil and gas exports has been dropping since September, a new analysis by the Centre for Research on Energy and Clean Air (CREA) showed on Tuesday. Fossil fuel revenues for Russia dropped by 8% last month from November, for a decline of $63 million (58
World Oil (Bloomberg) – Russia’s biggest liquefied natural gas (LNG) producer began production at its Arctic LNG 2 project — despite U.S. sanctions — in a move that could provide some relief to the tight global market for the fuel. The first train of the Novatek PJSC-led Arctic LNG 2 project “has actually started operating,” Russia’s Deputy Prime Minister Alexander
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