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(OE) Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers. The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several... Continue Reading →
(Reuters) - Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel, the highest since June... Continue Reading →
(Reuters) - Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored energy shortage concerns. Members of the International Energy Agency (IEA), which include the United States and Japan, agreed... Continue Reading →
(Reuters) - TotalEnergies (TTEF.PA) condemned what it called Moscow's military aggression in Ukraine but stopped short on Tuesday of joining rivals Shell (SHEL.L) and BP in planning to exit positions in resource-rich Russia. The French oil major, which holds a 19.4% stake in Novatek (NVTK.MM), Russia's largest producer of liquefied natural gas, said it "will no longer provide capital for... Continue Reading →
(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 →
Brazil Energy Insight 