LONDON—Benchmark Brent crude oil prices climbed close to $120 a barrel on Thursday, with Russian oil exports disrupted as traders try to avoid becoming entangled in sanctions. Support also came from U.S. crude stockpiles at multi-year lows, helping to lift Brent crude futures as high as $119.84 a barrel for the highest level since 2012….
Bilateral Trade Surges as China and Russia Grow Closer
BEIJING—China and Russia have grown increasingly close in recent years, including as trading partners, a relationship that brings both opportunities and risks as Russia reels from tough new sanctions led by the West in response to its invasion of Ukraine. Total trade between China and Russia jumped 35.9 percent last year to a record $146.9…
Biden: Ban on Russian Oil Not ‘Off the Table’; China Says It Won’t Sanction Russia | NTD Business
Oil prices soaring 9 percent today, topping $110 dollars. Meanwhile President Biden says he could still consider banning oil imports from Russia, over its invasion of Ukraine. An official statement from China. Beijing won’t follow the west’s actions in sanctioning Russia. NTD talks to a number of experts for possible reasons. Fed chair Jerome Powell…
OPEC+ Sticks to Oil Output Plans
March 2, 2022
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DUBAI/LONDON—OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher. Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as…
Oil Prices Rise to $106 Per Barrel
The cost of oil has surpassed $106 in the United States, setting the price of gas at a 7-year high, altogether constituting an over 10 percent rise in the cost of fuel. After Russia’s recent invasion of Ukraine, the economic sanctions imposed by the United States with cooperation from Europe have resulted in scarcity in…
White House Issues Muted Call for Oil Companies to Ramp Up Production
March 2, 2022
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Business & Economyeconomic policieseconomyEuropeExecutive BranchInternationalJoe BidenMarketsOilPoliticsRussia-Ukraine WarUSUS NewsWorld
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A White House official said on Tuesday that U.S. oil and gas companies can and should boost domestic production while dismissing the idea that the Biden administration’s energy policies were preventing companies from doing so. Bharat Ramamurti, who serves as deputy director of the White House National Economic Council, told Bloomberg in an interview that…
Oil Markets Hit Multiple Records as Russia Sanctions Bite, Disrupt Trade Flows
March 2, 2022
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Oil benchmarks are hitting multiple prices and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms, and importers. Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries…
White House Rejects Calls for Oil Drilling
The United States and the rest of the world face a conundrum. Crude oil prices are above $100 for the first time in nearly eight years amid tight market conditions and Russia’s invasion of Ukraine. If the West were to impose embargoes on Russia’s oil and gas exports, which are an immense source of revenue…
With Oil Prices Climbing, US and World Still Dependent on Russian Energy
March 1, 2022
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Business & EconomycommoditieseconomyEuropeInternationalinvasionMarketsOilPolicies & ImpactsPoliticsRussiaRussia-Ukraine WarUkraineUSUS NewsWorld
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As Russia’s invasion of Ukraine continues, the global economy’s continued reliance on Russian oil and gas has prompted a wave of policy responses alongside pushback from U.S. lawmakers seeking to halt imports and boost domestic production. Brent crude, a key international benchmark, has surged since the invasion began on Feb. 24, rising from under $97…
Russian Attack Threatens World’s Wheat Supply; Big Tech Cracks Down on Russian Media | NTD Business
The Russian invasion of Ukraine is threatening the world’s wheat supply. We take a look at the challenges and who could be affected the most. Oil prices jump again today. The United States and allies agree to release some of their oil reserves, trying to reassure markets there’ll be enough supply. Russia and China are…
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