Russia’s Deputy Prime Minister Alexander Novak has revealed a possible cutting down of oil output by around 500,000–700,000 barrels per day, early next year as a retaliatory response to price caps imposed by G7 nations on Russian crude exports. While speaking to the local Rossiya-24 TV channel, the deputy prime minister said the reduction by…

European Union (EU) leaders recently agreed on a ninth package of sanctions against Moscow, but the group is facing conflicting opinions about the extent it should go with these sanctions. The latest package imposes export controls and restrictions on certain technological goods that can boost Russia’s defense sector as well as technologies like aircraft engines…

Further tightening its financial sanctions against Russia for invading Ukraine, the European Union has announced a complete ban on crypto payments to Moscow. “The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed),” the…

Europe, which is currently reeling under an energy crisis, could see winter gas shortages last another three years at a minimum according to Ed Morse, global head of commodities research at Citigroup Inc. “It’ll be somewhere between 2025 and 2027 that we’ll see the prices in Europe coming back to where they were at the…

Russian state-owned energy corporation Gazprom has scrapped plans to restart gas flows through its Nord Stream 1 pipeline to Germany, offering no answers as to when operations would resume back to normal. On Aug. 19, Gazprom announced that it would stop gas flows through the pipeline between Aug. 31 and Sept. 2 due to routine…

Ben van Beurden, the CEO of Shell, recently warned about the low spare capacity in the oil markets and raised doubts about replacing Russian gas with LNG in Europe. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” van Beurden told reporters, according…

Oil prices are heading up in summer 2022 according to Goldman Sachs analyst Jeff Currie, who believes prices are being mainly driven by underinvestment in the sector. “The bottom line is the situation across the energy space is incredibly bullish right now. The pullback in prices we would view as a buying opportunity,” said Currie,…

The government of Ukraine has banned the export of key fuels, according to a resolution published on the website of the Cabinet of Ministers. The banned items include liquid fuel and natural gas of Ukrainian origin as well as coal, anthracite, briquettes, pellets, and similar solid fuels derived from coal, except coking coal. The ban…

Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions. The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate…

Gas prices in the United States hit a record high on Tuesday as crude oil continues to remain above $100 per barrel, with some states seeing prices above $5 per gallon. The average price for regular unleaded gas on May 10 was $4.374 per gallon, beating the earlier record of $4.331 per gallon set on…