The European Union’s embargo on Russian oil products, which went into effect on February 5, has resulted in the diversion of Russian diesel not only to Asia, Africa and the Middle East, but also increasingly to Latin America.
The surprise huge new cut in oil production from ‘OPEC+’ – the Saudi Arabia-led OPEC group of countries ‘plus’ Russia – highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S.
Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg.
Crude oil prices started the week steady, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel as supply constraints came into focus.
Oil prices soared at the start of the week as OPEC+ shocked markets with a production cut announcement, but prices have since been capped by growing fears of demand destruction due to economic woes.
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.
Italian oil firm Eni, with its partner PetroCi, has celebrated the sail away of the FPSO Firenze to the giant Baleine oil and gas field offshore Ivory Coast.
China is building or planning to build some 366 GW in new coal generation capacity, accounting for some 68% of global planned new coal capacity as of 2022. This is according to a new report by climate think tank Global Energy Monitor, which also found that China accounted for more than half of the new global coal […]
Extractive industries in Colombia, primarily oil, coal and gold mining, are heavily impacting the strife-torn country’s environment.