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(Reuters) - The Swiss-based company which built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, two sources familiar with the situation said, as it attempts to settle claims ahead of a U.S. sanction deadline for other entities to stop dealings with it. The United States sanctioned Nord Stream... Continue Reading →
(Reuters) - Oil prices surged on Tuesday as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. May Brent crude futures were up $3.63, or 3.71%, to $101.60 a barrel by 1116 GMT, after early hitting $102.32 a barrel. The benchmark touched a... Continue Reading →
(Reuters) - International energy major BP has opted to leave Russia after Western countries imposed severe sanctions on its companies and individuals following Moscow's military attack on Ukraine. read more BP, the biggest foreign investor in Russia, said it was abandoning its stake in state oil company Rosneft (ROSN.MM) at a cost of up to $25 billion, shrinking... Continue Reading →
(Reuters) - The Kremlin on Monday said Russia's economic reality had changed but saw no reason to doubt the effectiveness and reliability of the central bank, which hiked interest rates to 20% as it sought to shield the economy from unprecedented Western sanctions. The bank has also introduced some capital controls as the West seeks... Continue Reading →
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude LCOc1 rose $4.82, or 4.9%, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade. The Brent contract for April... Continue Reading →
In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity. "Demand will take a long time to recover if it recovers at all,"... Continue Reading →
(Reuters) - At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said citing market uncertainty after Russia invaded Ukraine. "Banks are not willing to open LC’s for the moment so it is a bit of a standoff,"... Continue Reading →
Oil prices surged on Thursday, with Brent breaching $100 a barrel for the first time since 2014, after Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy supplies. After Russian President Vladimir Putin authorized what he called a special military operation, Ukraine's Foreign Minister Dmytro Kuleba said in a tweet... Continue Reading →
(Reuters) - Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel. The United States and its European allies are poised to announce new sanctions against... Continue Reading →
(Bloomberg) Oil prices could be set for a “prolonged period” above $100 a barrel over the next six to nine months, with the world setting fresh demand records this year, said Vitol Group Chief Executive Officer Russell Hardy. Crude already surged to within a few dollars of that level earlier this month, as the recovery... Continue Reading →
Brazil Energy Insight 