Archiv: Oilprice.com (media)


19.04.2023 - 15:28 [ Oilprice.com ]

A Price Cap Loophole Is Undermining Sanctions On Russian Oil

Europe has boosted imports of refined petroleum products from countries that have raised imports of Russian crude oil, as a major loophole in the sanctions risks undermining the effectiveness of the price cap and embargoes, a report from the Centre for Research on Energy and Clean Air (CREA) showed on Wednesday.

The EU, Australia, and most of the G7 countries have banned direct imports of Russian crude oil, but they have raised indirectly imports of Russian oil by purchasing higher volumes of oil products from countries that have become the biggest buyer of Russia’s crude, the Finland-based center said.

19.04.2023 - 14:17 [ Oilprice.com ]

Prices Rally As Crude Oil, Products Draw Down

This week, SPR inventory dropped for the third week in a row losing another 1.6 million barrels for the week to reach 368 million barrels—the lowest amount of crude oil in the SPR since October 1983.

U.S. crude oil production rose during the week ending April 7, to 12.3 million bpd. U.S. production is now 800,000 bpd lower than the peak production seen in March 2020, but 500,000 bpd higher than this time last year.

17.04.2023 - 16:19 [ Oilprice.com ]

U.S. Sends Delegation To Saudi Arabia To Discuss Energy And Security

(Apr 14, 2023)

White House Coordinator for the Middle East and North Africa and the U.S. Special Presidential Coordinator for Global Infrastructure and Energy Security visited Saudi Arabia officials on Friday to discuss regional security and energy matters.

05.04.2023 - 10:13 [ Oilprice.com ]

U.S. Losing Influence As Saudi Arabia Joins Shanghai Cooperation Organization

The Kingdom had already signed a memorandum of understanding on 16 September 2022 granting it the status of SCO dialogue partner, as was exclusively reported by OilPrice.com at the time. However, Saudi Arabia did nothing to encourage the release of the news at that point, unlike now – just after it resumed relations with Iran, in a deal brokered by China.

05.04.2023 - 10:04 [ Oilprice.com ]

Will OPEC’s Surprise Production Cuts Push Oil Prices To $100?

It was Saudi Arabia, the UAE, and Kuwait who led the surprise cuts, alongside OPEC’s second-largest producer Iraq and another half a dozen OPEC+ producers, including Russia.

While Russia’s extension of its own 500,000-bpd cut until the end of the year was no surprise – analysts had largely baked in a drop in Russian production in view of the embargoes and price caps on its oil – the move from OPEC’s heavyweights came as a surprise. And sent a clear message to the market—we are in charge.

11.03.2023 - 14:42 [ Oilprice.com ]

U.S. And EU Look To Launch Trade Talks On Critical Minerals

The United States and the European Union could launch talks on critical materials trade when U.S. President Joe Biden welcomes European Commission President Ursula von der Leyen in the White House on Friday.