Tag: Oil

7 Killed in North Afghanistan as Blast Hits Vehicle With Oil Workers

December 6, 2022
AfghanistanblastMiddle EastOilWorld
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KABUL—At least seven people were killed in Afghanistan on Tuesday when a blast hit a vehicle carrying oil workers in the northern Province of Balkh, while another blast in the eastern city of Jalalabad injured six people. “Today at around 7 a.m. a blast took place in … Balkh on a bus which belonged to…

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Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps

December 6, 2022
Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOiloutputRussiaRussia-Ukraine WarWorld
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MOSCOW—Russia’s January-November oil and gas condensate production rose 2.2 percent from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions. European Union countries that have been primary buyers of Russian crude for decades stopped buying…

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Oil Prices Fall on Higher US Dollar, Economic Fears

December 6, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. Brent crude futures fell 90 cents, or $1.09 percent, to $81.78 a barrel by 1055 GMT. West Texas…

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Russia Ignores the West and Sells Oil at About 30 Percent Above Newly Imposed Price Cap

December 5, 2022
Business & Marketseconomic policiesenergyEuropeOilprice capRussiaRussia-Ukraine WarWorld
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Russia’s ESPO oil blend from the port of Kozmino was selling for around $79 a barrel on Monday, nearly 32 percent higher than the $60 price cap enforced by a coalition of Western nations—a retaliatory measure to curb Moscow’s ability to finance its invasive war in Ukraine. The ESPO blend was trading in Asian markets…

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G7 Price Cap on Russian Oil Kicks In, Russia Will Only Sell at Market Price

December 5, 2022
Business & Marketseconomic policieseconomyenergyEuropeG7Gold and CommoditiesMarketsOilRussia-Ukraine WarRussianUkraineWorld
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BRUSSELS—The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap, to be enforced by the…

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Russia Says Oil Price Cap Won’t Stop It From Financing Ukraine War Effort

December 5, 2022
Business & Marketscrisiseconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilRussiaRussia-Ukraine WarUkraineWorld
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LONDON—Russia said on Monday that a Western price cap on its oil would destabilize global energy markets but would not affect its ability to sustain what it calls its “special military operation” in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing its response to Friday’s move by the G7 and allies, which was aimed…

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Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed

December 5, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude. At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the…

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Russia Says ‘Dangerous’ Price Cap Won’t Curb Demand for Its Oil

December 3, 2022
Business & Marketscapeconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilpriceRussiaRussia-Ukraine WarWorld
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Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a “dangerous” attempt by Western governments to introduce a price cap on its oil exports. A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne…

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Oil Steady Ahead of OPEC+ Meeting, EU Russian Oil Ban

December 2, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesMarketsOilstocks
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LONDON–Oil futures were broadly stable on Friday, but were poised to end the week up, ahead of a meeting by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude oil kicking in on Monday. Brent crude futures were up 14 cents, or 0.2 percent,…

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Oil Rises Ahead of OPEC+ Meeting, Easing China COVID-19 Curbs Lend Support

December 1, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Thursday supported by investor wariness that OPEC+ may cut supply further at its meeting on Sunday and as easing COVID-19 curbs in China raised hopes about higher demand in the world’s top crude importer. Crude gained further support, and the U.S. dollar weakened, after the Federal Reserve Chair opened the door to…

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