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(Reuters) - A second day of interministerial meetings in Brazil to discuss proposed fuel subsidies ended without a decision on Wednesday, four government sources said, as focus shifts to a Senate vote changing the calculation of state taxes for fuels. Earlier in the day, President Jair Bolsonaro met with his chief of staff, the energy... Continue Reading →
(Reuters) - Oil prices plunged over 17% on Wednesday after the United Arab Emirates said the OPEC member would support boosting supply into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine. Brent crude fell more than 17%, or $22, during a sharp selloff before recovering... Continue Reading →
(Reuters) U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. "We're banning all imports of Russian oil and gas energy," Biden told reporters at the... Continue Reading →
(Reuters) - Global oil prices could rise to $200 a barrel if Europe and the United States ban imports of Russian oil, analysts at Oslo-based consultancy Rystad Energy said on Tuesday. Oil prices jumped on Monday to their highest since 2008 on fears of a Western ban on Russian oil imports while a return of... Continue Reading →
(Reuters) - Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday. Global oil futures hit as much as $139 a barrel this week as... Continue Reading →
(Reuters) - The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008. read more Russia is the world's top exporter of crude and oil products combined, at around 7 million barrels per day (bpd ) or 7% of... Continue Reading →
(Reuters) - Global commodities trader Trafigura Group raised a $1.2 billion revolving credit facility from a consortium of banks to increase its financing pool in order to handle soaring energy and commodity prices, the company said on Tuesday. "It was set up in record time...thanks to the support of the group of underwriters, as the... Continue Reading →
(Reuters) - Western allies’ sanctions against Russia have started to blow back in the form of large potential losses for their own banks, companies and investors, often in unexpected ways. In the past, such fires have been precursors to financial crises. But some market participants say they aren’t seeing panic in the market, at least... Continue Reading →
(Rigzone) Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures surpass $200 before the end of March. Prices to buy call options at higher prices surged Monday as the market assessed the possibility of a supply cut-off from Russia,... Continue Reading →
(Reuters) - U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies. Both sides used Saturday's meeting in... Continue Reading →
Brazil Energy Insight 