Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
Russia’s oil production and exports have shown remarkable resilience in 2022, but 2023 may be a different story, according to Antoine Halff, the co-founder and chief analyst at Kayrros.
The year 2022 was a tough one for the growing number of people living in food insecurity and energy poverty around the world, and the beginning of 2023 is looking bleak
The West’s oil war against Russia is starting to take its toll — sparking calls for tougher measures
Russia’s revenue from fossil fuel exports collapsed in December, according to a new report, significantly hampering President Vladimir Putin’s ability to finance the war in Ukraine.
On December 29, 2022, Kazakhstani state-owned oil and gas company KazMunaiGaz announced plans to export oil to Germany starting in January 2023. Arrangements were made to export a total of 1.2 million tons of oil through the Druzhba pipeline via Russia and Ukraine (Informburo.kz, December 29, 2022).
Russia’s President Vladimir Putin signed a decree on countermeasures against the G7 oil price cap at the end of 2022.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
A new explosion and inferno has hit a strategic Russian oil and gas field amid suspicions key facilities are being targeted in sabotage attacks linked to Vladimir Putin’s war in Ukraine.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.