President Joe Biden announced a ban on all Russian oil imports Tuesday in the latest move from the United States to isolate Russia’s economy in response to its invasion of Ukraine. This latest measure comes in addition to sanctions already placed on Russian financial systems and individuals in Russian President Vladimir Putin’s inner circle. “This…
Bulgaria May Seek Exception to Any EU Sanctions on Russian Gas and Oil
March 8, 2022
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SOFIA—Bulgaria supports sanctions on Russia as a means to halting its invasion of Ukraine, but will likely seek an exception on banning Russian natural gas and oil imports if such a proposal is put forward, Prime Minister Kiril Petkov said on Monday. EU and NATO member Bulgaria is almost completely dependent on gas supplies from…
Libya’s Oil Company Says Production Resumed at Largest Field
CAIRO—Libya’s national oil company said it resumed oil production Tuesday from the country’s largest field three days after an armed group shut it down. The state-run National Oil Corporation said pump valves at the Sharara field were opened a few minutes after midnight local time. It said it lifted a force majeure, a legal maneuver…
Oil Gains as Spectre of Sanctions on Russian Oil Spurs Supply Worry
March 8, 2022
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LONDON—Oil prices rose on Tuesday, with Brent surging past $127 a barrel, as the possibility of formal U.S. sanctions against Russian oil exports spurred concerns over supply. Benchmark Brent crude futures for May climbed $3.56, or 2.9 percent, to $126.77 a barrel at 11:03 GMT. U.S. West Texas Intermediate (WTI) crude futures for April delivery…
Berkshire Hathaway Reveals $5 Billion Occidental Stake as Icahn Exits
March 8, 2022
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Warren Buffett’s Berkshire Hathaway Inc. revealed a more than $5 billion stake in Occidental Petroleum Corp., as oil prices soared to their highest level in about a decade. Berkshire said it owns 91.2 million Occidental shares, or nearly 10 percent of those outstanding, including 61.4 million bought from March 2 to March 4. Buffett’s company…
Capitol Report (March 7): US Considers Cutting Out Russian Oil
We’re seeing the highest gas prices in decades. But the White House is saying U.S. oil companies are not producing enough. What’s the administration doing next for energy security? Secretary of State Antony Blinken is visiting Eastern Europe amid Russia’s invasion of Ukraine. He is also pressing China to condemn the invasion. As Russia has…
White House on Possible Russian Oil Embargo; Border Patrol Detains 300 Haitians in Florida | NTD Evening News
The third round of talks between Russia and Ukraine yield little progress, experts warn that increasing weapon shipments to Ukraine could prolong the war, and the White House is considering a potential Russian oil embargo.
Germany Can’t Afford to Drop Russian Energy; Wheat Prices Jump 40%, Set 14-Yr Record | NTD Business
Energy prices are swinging wildly, but all ending up again for the day. One major economy says it just can’t afford not to buy from Russia. Gas prices are at levels not seen since the 2008 financial crisis. Could the national average even hit $5 a gallon? Is the United States producing more? A number…
German Rejects Calls to Ban Russian Oil, Supports Seeking Alternative Energy Supplies
March 7, 2022
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German Chancellor Olaf Scholz rejected calls to ban Russian oil and gas, saying energy imports from Russia are “essential” for Germany. “At the moment, Europe’s supply of energy for heat generation, mobility, power supply, and industry cannot be secured in any other way. It is therefore of essential importance for the provision of public services…
Germany Rejects Calls to Ban Russian Oil, Supports Seeking Alternative Energy Supplies
March 7, 2022
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banBusiness & EconomycommoditieseconomyEuropeGermanyMarketsOilRussiaRussia-Ukraine WarUSUS NewsWorld
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German Chancellor Olaf Scholz rejected calls to ban Russian oil and gas, saying energy imports from Russia are “essential” for Germany. “At the moment, Europe’s supply of energy for heat generation, mobility, power supply, and industry cannot be secured in any other way. It is therefore of essential importance for the provision of public services…
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