Oil Price Lower crude oil prices, Western sanctions and European push for energy independence combined to shave 36% off Russia’s oil and gas tax collection for last month, compared to a year ago, Bloomberg reports, citing the Russian Finance Ministry. Crude oil and oil products, which accounted for some 75% of Moscow’s total hydrocarbon revenues in May, saw a 31% drop
Oil Price Russian state-run oil giant Rosneft saw its first-quarter 2023 net profit rise by over 45% to around $4 billion, beating analyst expectations as production increases despite Moscow’s 500,000 barrel-per-day output cuts that started three months ago. In addition to a 45.5% jump in net profit, Rosneft, headed by Igor Sechin, said it saw EBITDA rise for the
CNBC Oil prices ticked up on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude was last up 53 cents at $76.79 a barrel, while U.S. West Texas Intermediate rose 63 cents to $72.46 a barrel. Benchmarks had settled more than $2 per barrel lower
Oil Price After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February. The data also shows a slight increase in Saudi production to 10.46 million bpd ahead of the surprise production cut, which was
Yahoo Finance Russia’s Deputy Energy Minister Pavel Sorokin held a call this month with Western analysts about country’s oil production, trying to convince them that Russia had reduced output as targeted, three sources with knowledge of the call told Reuters on Thursday. Russia has classified or delayed key statistics, including on oil production, since the start of what the Kremlin
Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products
Oil Price Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday. Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk of lower oil production this year due to EU import
Oil Price Russian revenues from oil fell in February as exports declined after the EU embargo on oil product imports from Russia by sea, the International Energy Agency (IEA) said on Wednesday. Last month, Russia’s total oil exports dropped by 500,000 barrels per day (bpd) to 7.5 million bpd as the EU embargo on refined oil products came into
BOE Report Oil prices edged lower on Monday as a stronger dollar discouraged buying though losses were limited by supply concerns after Russia halted exports to Poland via a key pipeline. West Texas Intermediate U.S. crude futures (WTI) traded at $75.88, down by 51 cents or 0.67%. Benchmark Brent crude futures were down 41 cents, or 0.50%, at $82.40 a
Oil Price In his latest speech, Vladimir Putin blamed Ukraine and the West for “provoking” Russia into invading Ukraine. Putin also issued a new warning to the West by suspending Russia’s participation in a major nuclear arms control treaty with the U.S. In his two-hour-long state of the nation address today, Putin accused the West and Ukraine of starting the war
Yahoo Finance MOSCOW (AP) — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to
US News BAGHDAD – Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. “We will discuss this problem with the American side. There are sanctions in place that should not be imposed on the Iraqi side because the cooperation with Russian companies is
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