Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas, sources with knowledge of the Russian position told Reuters on Friday.
India’s spot purchases of crude oil from the Middle East have fallen in recent months, as cheaper Russian spot barrels are making their way to the world’s third-largest crude oil importer, according to the head of the largest Indian refiner.
Russia has failed so far to cut its oil production by 500,000 barrels per day (bpd) as promised, and it may even be looking to boost output to compensate for lost revenues, the International Energy Agency (IEA) said on Tuesday.
Russia’s crude oil exports by sea rose in the four weeks to May 12 to a new record-high and are now estimated to have increased by 10% from early April, tanker-tracking data monitored by Bloomberg showed on Monday. Crude on vessels departed from Russia’s oil export terminals and en route to international markets hit another record at […]
The Kremlin pledged to cut crude output by 500,000 barrels a day in March and maintain it through to December in retaliation for Western restrictions, which include a price cap imposed by the Group of Seven industrialized nations. Yet so far, crude flows from ports have shown little evidence of output cuts.
Russia’s crude oil exports by sea hit a new high of 3.55 million barrels per day (bpd) in the four weeks to May 5, the highest shipments since at least early 2022, tanker-tracking data monitored by Bloomberg showed on Tuesday.
Washington (AFP) – Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy.
The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, dealing a fresh blow to an energy sector already struggling with western sanctions, according to officials from the western coalition.
Greek shipping tycoons and their tanker companies are moving large volumes of Russian oil and are making a lot of money off these trades, which are mostly shunned by other Western ship owners after the West moved to sanction Russia’s crude.
Earlier this year, Russia said it would reduce its oil production rate by half a million barrels daily in response to Western sanctions and as part of OPEC+ efforts to prop up international oil prices.