Even though the West is taking every measure to limit the use of Russian oil in their regions, it may be difficult to enforce these sanctions absolutely due to the impossibility of tracing Russian oil refined and resold by other nations, according to a major oil executive. During a first quarter webcast with reporters on…

European Commission President Ursula von der Leyen has called on the European Union’s 27 member states to ban the import of Russian oil as part of the sixth package of sanctions against Moscow following Russia’s invasion of neighboring Ukraine. “Let us be clear: it will not be easy. Some member states are strongly dependent on…

Crude oil prices declined on Tuesday trading due to demand worries from China and the country’s weak manufacturing activity data even though prices are getting support from a possible European Union ban on Russian oil. Brent crude oil July futures were trading at $106.10 per barrel on May 3 as of 09:57 UTC after hitting…

Natural gas production in the United States is declining even as several countries, especially in Europe, are looking for alternative sources while they attempt to cut back dependence on Russian gas supplies. The two areas that contribute the most to U.S. natural gas output, West Texas and the Appalachian region, are seeing slowing growth. Growth…

Though Germany is moving “as fast as possible” to end its dependence on Russian energy supplies, such a move cannot be implemented soon, according to Christian Lindner, the country’s finance minister. “We have to be patient,” Lindner said in an interview with the BBC. “We are willing to stop all energy imports from Russia, it’s just…

Oil prices were trading range-bound on Wednesday after the International Monetary Fund (IMF) scaled down its global growth projections for 2022. Prices fluctuated as it received support from concerns about tighter supplies. Brent oil futures were trading at around $108.20 per barrel as of 13:42 UTC on April 20, very near to its opening price….

Moscow has announced that it intends to increase its Government Reserve Fund by 273.4 billion rubles ($3.23 billion), with a major portion coming from oil and gas sales. The funds will be used to implement measures to ensure the stability of the Russian economy as it faces extensive international sanctions, the Kremlin said in an…

Russia’s currency, the ruble, has recovered from much of the devaluation suffered in the aftermath of Western sanctions imposed due to Moscow’s attack on Ukraine. The recovery has put additional pressure on Washington for a stronger response. On Feb. 24, when Russia invaded Ukraine, the ruble was trading against the U.S. dollar at an exchange…

The Austrian government and E-Control—the country’s regulatory agency for gas and electricity—have announced a stage one alert with regard to the supply of natural gas as European countries rejected Moscow’s push for gas to be paid in rubles. Austria’s gas emergency plan has three levels. The first level is triggered if there are reliable indications…

Following international sanctions, tankers from Moscow carrying oil and other petroleum products are increasingly going dark—the practice of switching off the ship’s transponders—and vanishing from tracking systems. “We’re seeing a spike in Russian tankers turning off transmissions deliberately to circumvent sanctions,” Ami Daniel, CEO of predictive intelligence company Windward, said in an interview with CNN….