A day after saying it would quit buying Russian crude, Shell was bidding at high prices for barrels produced North Sea oil -- in what may give an early indication of the cost of the switch.
The Biden administration will impose a ban on US imports of Russian energy on Tuesday without the participation of its European allies, according to people familiar with the matter.
TotalEnergies has instructed traders not to buy any oil from Russia as pressure grows to isolate the country from world energy markets.
Even the “tiny fraction” of gas that the UK takes from Russia is “too much”, business secretary Kwasi Kwarteng has said.
The Biden administration is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe, at least initially, according to two people familiar with the matter.
Oil surged, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the US said it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market.
A Ukrainian energy expert living in Aberdeen hopes the bravery displayed by her countrymen will lead to further action against Russia, including UK sanctions on its fossil fuels.
Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency (IEA) warned that global energy security is under threat following Russia’s invasion of Ukraine.
First BP, then Shell. In just two days, Britain’s twin energy giants have dumped Russian investments nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.
Demand destruction is the only thing that can stop oil shooting higher after the US and European allies unleashed additional curbs on Russia following its invasion of Ukraine, according to Goldman Sachs Group Inc.
Oil soared at the open as energy and commodity markets were thrown into a state of disarray after Western nations unleashed more sanctions to isolate Russia following its invasion of Ukraine.
A global energy crisis looks likely to unfold after oil prices spiked above $100 per barrel yesterday as Russian tanks and troops moved closer to Ukraine’s capital.
China has no immediate plan to intervene in oil markets following Russia’s invasion of Ukraine, according to the foreign ministry.
Oil pushed higher in Asian trading following a wild session in which prices spiked above $100 a barrel before giving up gains after Russian energy supplies were spared from sanctions.
Brent oil surged above $100 a barrel for the first time since 2014 as an attack by Russia on cities across Ukraine sparked fears of a disruption to the region’s critical energy exports.
Soaring gasoline prices are fanning inflation and causing a headache for governments and central banks worldwide. In countries with elections coming up, they’re an extra headwind for the incumbents.
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 Russell Hardy.
China National Offshore Oil Corporation (CNOOC) struck $13 billion worth of deals to boost oil and gas supply, as the country aims to avoid a repeat of last year’s energy crunch.
Forget the futures market, the world’s most important oil price just smashed through $100 a barrel with every sign it is going to push higher.
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.
Oil fell after Russia said some troops are starting to return to their permanent bases, easing geopolitical tensions that have rallied prices.
Oil surged at the start of the week as the possibility of war in Ukraine fanned demand, with the US benchmark nearing $95 a barrel.
Oil was steady in Asian trading after a surprise decline in US crude inventories tightened the market further amid signs of strong demand in the world’s biggest economy.
President Joe Biden spoke on Wednesday with King Salman of Saudi Arabia about ensuring stable energy prices as well as Mideast security, in light of recent attacks by Yemeni rebels, and the status of talks over Tehran’s nuclear program.
Oil edged higher after a two-day decline as an industry report pointed to shrinking US crude and gasoline stockpiles.