UAE Ambassador to Washington says his country favours production increases and will encourage OPEC to consider higher production levels. The UAE marks the first OPEC+ member to call for more production. Brent crude has dropped more than $15 per barrel as traders have begun to take profits. In a complete oil industry turnaround, The UAE’s …
Continue reading “Oil Prices Crash By 11% As UAE Calls On OPEC To Open The Taps”
OPEC members raised their production in February by a collective 480,000 bpd. Combined, OPEC+ produced 560,000 bpd more in February than it did in January. The figures show that 14 members of the group underproduced their quota for the month. OPEC+ has found itself in the crosshairs of the global oil industry with its repeated …
Continue reading “OPEC Raises Oil Production By Most In 7 Months”
Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country’s biggest bank and its energy sector. Berlin is the leading power resisting efforts to add Sberbank PJSC to the list of Russian financial institutions cut off from SWIFT — the bank messaging system behind much of global …
Continue reading “Germany Is Stalling EU Efforts to Broaden Russia’s SWIFT Ban”
LONDON, March 8 (Reuters) – The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union’s decision to continue imports was unlikely to make much difference to disarray in Russian oil trade, analysts said on Tuesday. U.S. President Joe Biden on Tuesday …
Continue reading “U.S. sanctions on Russian oil to leave more cargoes at sea with no buyers”
Saudi Crown Prince Mohammed bin Salman has reaffirmed his country’s commitment to the OPEC+ agreement with Russia. The Kingdom has not made a move to bring extra crude onto the market despite the current spike in crude prices. Since 2017, Russia and Saudi Arabia have signed a string of high-profile energy deals that have pulled …
Continue reading “Saudi Arabia Reaffirms Commitment To Russia Despite War In Ukraine”
The de facto leaders of Saudi Arabia and the United Arab Emirates declined to arrange calls with President Joe Biden in recent weeks as the U.S. worked to contain a spike in oil prices driven by Russia’s war on Ukraine, Citing U.S. and Middle Eastern officials, the Journal reported that Saudi Crown Prince Mohammed bin …
https://youtu.be/DN9KQwA211w FRANKFURT (Reuters) – Wingas, a German subsidiary of Gazprom, is curbing gas deliveries in Germany by no longer offering new forward contracts, a German newspaper reported on Tuesday. Handelsblatt cited an unnamed Wingas salesperson as well as an unnamed broker for a portfolio manager that buys natural gas for German municipal utilities and energy …
Continue reading “Gazprom’s Wingas curbs gas deals in Germany, says Handelsblatt”
Poland has agreed to hand over all of its MIG-29 fighter jets to a US airbase “immediately and free of charge” as part of a plan to provide aircraft to the Ukrainians. “The MIG-29 is not the best aircraft around at the moment but it’s better than nothing. “NATO has been giving arms openly to …
Continue reading “Poland offers its MiG-29 fleet to Ukraine”
LONDON (Reuters) – The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne. The surge was blamed on short-covering by one of the world’s top producers as Western sanctions squeezed Russia, a major nickel producer. Traders said some holders of nickel …
Continue reading “Explainer-LME nickel surge puts clearing houses in the spotlight”
WASHINGTON (Reuters) – U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. “We’re banning all imports of Russian oil and gas energy,” Biden told reporters …