Western sanctions struggle to hit Russian revenues, reveals IEA report June 15, 2022 Higher crude oil and fuel prices allowed Russian revenues to climb in May, revealed the International Energy Agency in its latest report.
UBS hikes oil price expectations as supplies tighten across global markets June 14, 2022 Low oil inventories, dwindling spare capacity, and supply fears have prompted UBS to rise its pricing forecast for crude oil this year
Oil prices flat as tight markets compete with dropping demand ahead of IEA report June 13, 2022 Oil prices have flatlined - with benchmarks being pulled from both directions by competing factors in a volatile market.
New Chinese lockdowns and inflation drives down oil prices ahead of trading this week June 12, 2022 Oil prices dipped last week, after US consumer prices rose more than expected and China imposed more restrictions on millions of people.
Biden hits out at Big Oil’s record profits as White House fails to tame inflation June 12, 2022 US President Joe Biden called on ExxonMobil to drill for more oil and pay higher taxes in a stunning broadside on the US oil industry.
Trafigura’s profits rise to $2.7bn following surge in commodities price June 11, 2022 Trafigura’s profits have soared after the price of commodities surged following the Russian invasion of Ukraine. In the six months ended 31 March, the group’s net earnings went up to £2.7bn – 22 per cent above 2021 levels – while revenue rose 73 per cent to around $171bn. “The Ukraine crisis placed supply chains under [...]
Moscow will cover Russian oil tankers hit by UK and EU insurance ban, Putin ally says June 8, 2022 Vladimir Putin’s right-hand man has said Moscow will cover Russian oil tankers to ensure they are able to continue making deliveries, if they are unable to get insurance due to Western sanctions. Speaking via messenger platform Telegram, former Russian president and key Putin ally Dmitry Medvedev said the Kremlin will cover uninsured ships, through assurances [...]
Oil markets volatile as Saudi Arabia hikes crude prices June 7, 2022 Oil prices continued to hover around the $120 milestone, after Saudi Arabia raised its July crude prices amid tightening supplies.
North Sea oil and gas sector jeopardised by windfall tax warns Investec June 5, 2022 The windfall tax could accelerate the decline of the UK's oil and gas sector and increase the country's dependence on overseas suppliers, argued Investec.
Oil markets to open high as supply concerns escalate despite OPEC+ boost June 5, 2022 Oil prices will begin trading next week just below the $120 milestone, with expectations of rebounding demand putting pressure on tight supplies.