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(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 →
(Reuters) - Oil prices fell about 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages and could unlock more crude supplies, but losses were limited by tension between top energy exporter Russia and the West over Ukraine. "(The) oil market is locked in a tug of war between... Continue Reading →
(Reuters) - At the risk of being dropped from Texas pension funds, BlackRock Inc (BLK.N) has ramped up its message that the world's largest asset manager is a friend of the oil and gas industries. As a large and long-term investor in fossil fuel companies, "we want to see these companies succeed and prosper," BlackRock executives wrote... Continue Reading →
The National Petroleum Agency (ANP) announced the areas that will be offered in the 3rd Cycle of the Permanent Offer, scheduled for April 13. The list was defined this week during a meeting of the Special Bidding Commission (SBC) of the regulatory body. This time, the Campos Basin will not be present in the bidding.... Continue Reading →
(EV) Global oil markets are reacting to news from Eastern Europe that Russia has retracted troops from the Ukrainian border. However, price relief may be short-lived as bullish factors remain, reckons consultancy Rystad Energy. In a classic knee-jerk reaction, oil markets are losing ground on news of a Russian de-escalation on the Ukrainian border, Rystad... Continue Reading →
(Reuters) - An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated. "Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for... Continue Reading →
(Reuters) - European banks are providing billions of dollars of funding to expand oil and gas production, a report on Monday showed, despite International Energy Agency guidance against new facilities in order to slow global warming. Last year, 25 of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil... Continue Reading →
Brazil Energy Insight 