In October of that year, Opec+ members agreed to cut output by 2 million bpd oil after benchmark prices fell by around a quarter from above $110 per barrel as recession fears trumped conflict-related supply concerns.
Russia claimed it damaged ground infrastructure of one of the largest natural gas storage sites in Ukraine’s Lviv region during a series of attacks on the country’s energy sector on Wednesday.
Russia has slammed the new hefty U.S. sanctions on its oil industry and exports and vowed to move forward with major domestic oil and gas projects, claiming that it remains “a key and reliable player in the global fuel market.”
Following Friday’s U.S. sanctions against tankers shipping Russian oil, India expects its flows of crude from Russia not to be disrupted until March as the sanctioned tankers will be allowed to discharge until then, a senior Indian government official told Reuters on Monday.
Russia has formed a new government commission to coordinate clean up of the biggest spill of oil products in the Black Sea in recent history as the Kremlin continues to assess the full scale of the catastrophe.
Russia’s oil proceeds to the state budget increased by almost a third last year to the highest since at least 2018, spurred by higher crude prices as the nation adapted to international sanctions.
Serbia can pay Gazprom Neft PJSC and Gazprom PJSC to exit the Balkan country’s only refiner in order to preserve local fuel production after it became ensnared in new US sanctions on Russia’s oil industry.
The Foreign Ministry in Chisinau said it “strongly refutes the dangerous disinformation spread by the embassy of the Russian Federation in the Republic of Moldova, which seeks to deflect responsibility for a crisis that Moscow itself has created.”
Even as Russian troops and tanks moved into Ukraine in February 2022, Russian natural gas kept flowing through the country’s pipeline network — set up when Ukraine and Russia were both part of the Soviet Union — to Europe, under a five-year agreement.
European countries are ramping up sanctions pressure on Russia as they look to reduce Vladimir Putin’s oil revenues that fund the war in Ukraine.