Oil Price The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine. “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid
CNBC Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 80 cents, or 0.86%, at $94.10 a barrel by 1154 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 95 cents, or 1.06%, to $90.58 a barrel. Brent
Yahoo Finance (Bloomberg) — Oil resumed its breakneck rally on Thursday after Russia banned gasoline and diesel exports, further tightening an already stressed global fuel market. The measures, designed to stabilize Russia’s domestic fuel prices, will remove supplies from the global diesel market at a time when refiners are struggling to meet demand. So far this year, Russia was the world’s
World Oil (Bloomberg) – Rosneft PJSC Chief Executive Officer Igor Sechin said Russia’s intermittent oil production cuts are curbing the development of the nation’s biggest crude producer. “Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the company from fully unleashing its potential,” Sechin said in a statement on Wednesday following the release of
Oil Price Russian oil producers accelerated the drilling of production wells in the first half of this year despite the Western sanctions and Moscow’s pledge to reduce output by the end of the year and cut exports in August, data seen by Bloomberg showed on Monday. Russian exploration and production companies drilled more overall length of production wells in the first
Oil Price Russia could deliver on at least part of its pledge to reduce oil exports next month as its western ports are planned to ship up to 200,000 barrels per day (bpd) lower crude volumes in August compared to July, Reuters reported exclusively on Friday, quoting sources with knowledge of the export plans. Russia said last week that it would cut its
Nasdaq LONDON – Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Yet the
CNBC Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August,
Nasdaq LONDON – Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world’s largest producers. Brent crude futures LCOc1 were down 8 cents, or 0.1%, at $73.77 a barrel by 0900 GMT. U.S. West Texas Intermediate crude (WTI) CLc1 was
CNBC Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude. According to a report released late Sunday, the investment bank lowered its Brent outlook for December to $86 a barrel, down from $95 a barrel. In the same report, Goldman also revised down
Oil Price Despite the Western sanctions, Russian oil companies boosted their gasoline exports by 37% between January and May compared to the same period in 2022, Russian daily Kommersant reported on Friday, citing sources familiar with the data. The Russian Energy Ministry last month asked oil companies to reduce their exports and raise supply on the domestic market, according to Kommersant’s sources.
Oil Price (Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said. The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows to make timely and effective steps to maintain the balance of oil supply and demand,” according to a statement late
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