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Saudi Arabia and Iran agreed to restore diplomatic ties on March 10, bringing an end to seven years of conflict between the two nations in a deal brokered by China that is expected to have wide-ranging consequences.
Iranian Oil Minister Javad Owji said at the weekend that crude oil and gas condensates would be sold to foreign customers on the Iran Energy Exchange (IRENEX). They would be available to domestic buyers at the same price during a particular period.
Russia's oil product exports have slumped by 20% in February, marking the lowest level since May 2022, according to tanker tracking data reported S&P on March 2 in a note. Shipborne exports of crude, however, have held up well and remain robust.
Russia starts reducing its oil output by 500,000 barrels per day from March 1 in a one-month production cut that is intended to “stabilise the market,” according to Deputy Prime Minister Alexander Novak.
The discounts Russia is being forced to offer on its oil exports after twin sanctions were imposed look big, but thanks to huge changes in the market the real price Russia gets for its oil is much higher.
EU sanctions on Russia’s oil products went into effect on February 5 and will take several months to make themselves felt. The products market is very different to the crude oil market.
Despite major efforts by the US, the EU and other countries to restrict Russia's fossil fuel revenues, the country is still earning more than half a billion dollars from oil and gas sales per day.
After the twin price cap sanctions were imposed on Russian oil exports, Ukraine’s supporters cheered as the price of the key Urals blend collapsed. The trouble is, Russian refineries in Europe make the price of Urals increasingly irrelevant.
How many ships are in Russia’s “ghost fleet” of tankers? No one has a clear idea: estimates run from 100 to 600 tankers depending on what you include in the fleet.
RosStat reported an even milder contraction in Russia's GDP in 2022 than the most optimistic forecasts from all the economists that follow Russia on February 20. This has been the least painful of all the crises since the fall of the Soviet Union.
Russia’s previously announced decision to cut oil production by 500,000 barrels per day (bpd) in response to EU sanctions will only apply to output in March, Deputy Prime Minister Alexander Novak ...
African nations boosted the import of Russian oil products, including the all-important diesel exports, in January ahead of the imposition of the latest round of sanctions on Russian oil products.
The oil market took a double shock on December 5 when an EU ban on importing Russian oil and an oil price cap scheme were introduced simultaneously. That was followed by a product ban on February 5. The jury is still out on if these will work.
The caps came into force on February 5, three months after a similar cap of $60 per barrel was introduced on Russian crude oil exports.
The price caps would work by barring Western insurance and shipping companies from insuring or carrying cargoes of Russian oil products unless they were bought at or below the caps, which will be imposed after February 5.
The value of imports into Russia in the fourth quarter of 2022 decreased at a slower pace year on year, the Central Bank of Russia (CBR) reported on January 26. The positive ...
While many Russian energy companies have been hit hard by fallout from the war in Ukraine, the country’s second biggest oil producer Lukoil has remained relatively unscathed. The EU ...
Bulgaria urgently needs non-Russian crude for its Black Sea refinery, but there are multiple challenges to reviving the Burgas-Alexandroupolis project.
The International Energy Agency reports that oil demand this year will grow by 1.9mn bpd, to a record 101.7mn bpd, and supply by 1mn bpd, to 101.1mn bpd, in its first monthly report for 2023 released on January 18.