Russia’s Deputy Prime Minister Alexander Novak has revealed a possible cutting down of oil output by around 500,000–700,000 barrels per day, early next year as a retaliatory response to price caps imposed by G7 nations on Russian crude exports. While speaking to the local Rossiya-24 TV channel, the deputy prime minister said the reduction by…
Russia May Implement Oil Output Cut of Up to 700,000 Barrels per Day
December 23, 2022
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Business & MarketseconomyenergyEuropeeuropean sanctions on russiaGold and CommoditiesMarketsoil outputRussian oilrussian oil price capRussian Oil TradeWorld
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Shortage of Cargo Ships Affecting Energy Prices
The energy crisis in Europe and the resultant higher demand for cargo ships to transport fuels is creating upward pressure on fuel costs. Following Russia’s invasion of Ukraine, the European Union (EU) imposed sanctions on the Kremlin. In response, Russia began curtailing gas supplies to the region, creating a scramble for energy on the continent….
Winter Gas Shortages in Europe Likely to Last 3–5 Years, Says Commodities Expert
September 8, 2022
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Business & Marketseconomyenergyenergy costsenergy crisisEuropeeuropean sanctions on russiagas shortageGerman energy crisisinflationRussian Oil TradeWorld
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Europe, which is currently reeling under an energy crisis, could see winter gas shortages last another three years at a minimum according to Ed Morse, global head of commodities research at Citigroup Inc. “It’ll be somewhere between 2025 and 2027 that we’ll see the prices in Europe coming back to where they were at the…
Russia’s Gazprom Shuts Down Nord Stream 1 Pipeline Indefinitely, Gas Prices Soar in Germany
Russian state-owned energy corporation Gazprom has scrapped plans to restart gas flows through its Nord Stream 1 pipeline to Germany, offering no answers as to when operations would resume back to normal. On Aug. 19, Gazprom announced that it would stop gas flows through the pipeline between Aug. 31 and Sept. 2 due to routine…
Oil Markets Affected by Supply Squeeze and Fears of Recession
July 13, 2022
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Business & MarketsGold and CommoditiesinflationInternationalInternational Energy AgencyMarketsoil marketsOPEC oilrecessionRussian Oil TradeWorld
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Global oil markets are in a tough spot as recession fears and worries about supply push the sector into “walking a tightrope,” an International Energy Agency (IEA) report warned. Though a “resilient Russian supply” and weaker-than-expected oil demand growth in advanced economies have “loosened headline balances,” price tensions persist and refinery margins remain extreme, said…
Shell CEO Warns of ‘Very Low’ Spare Capacity, Highlights ‘Problematic’ Gas Situation in Europe
June 29, 2022
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Ben van Beurden, the CEO of Shell, recently warned about the low spare capacity in the oil markets and raised doubts about replacing Russian gas with LNG in Europe. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” van Beurden told reporters, according…
Goldman Sachs Analyst: ‘Incredibly Bullish’ on Oil, Upside Risk is ‘Tremendously High’
June 27, 2022
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Oil prices are heading up in summer 2022 according to Goldman Sachs analyst Jeff Currie, who believes prices are being mainly driven by underinvestment in the sector. “The bottom line is the situation across the energy space is incredibly bullish right now. The pullback in prices we would view as a buying opportunity,” said Currie,…
Ukraine Bans Export of Liquid Fuel, Gas, and Coal
June 14, 2022
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Business & Marketscoal importsEuropeeuropean sanctions on russiafuel exportsInternationalMarketsRussia-Ukraine WarRussian Oil TradeUkrainian economyWorld
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The government of Ukraine has banned the export of key fuels, according to a resolution published on the website of the Cabinet of Ministers. The banned items include liquid fuel and natural gas of Ukrainian origin as well as coal, anthracite, briquettes, pellets, and similar solid fuels derived from coal, except coking coal. The ban…
Oil Prices Rise as OPEC+ Meets to Discuss Production
June 2, 2022
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Brent crude oil prices rose as OPEC+ members met Thursday to discuss production policy for July amid a decline in Russian output. The oil market kept a close eye on the meeting, which includes the 13 Organization of the Petroleum Exporting Countries (OPEC) nations and 10 non-OPEC partners, including Russia. August futures of Brent crude, the…
Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports
May 30, 2022
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Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions. The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate…
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