Oil markets sustain rally as EU commits to Russian embargo May 31, 2022 Oil prices continued to rise today, after the EU finally agreed to a phased and watered down ban on Russian crude imports.
Russia’s biggest bank Sberbank thrown out of SWIFT while EU moves to ban 90 per cent of Russian oil May 31, 2022 Most Russian oil imports into the EU will be blocked by year-end as part of new sanctions on Moscow, European leaders agreed late last night. The compromise was made at a two-day summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing [...]
Oil prices rise above $120 milestone as China finally lifts oppressive lockdown measures May 30, 2022 Oil prices breached the $120 milestone today - hitting a two-month high as China eased Covid-19 restrictions in its biggest city.
Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers May 28, 2022 Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]
Insurance sector exodus could serve major hit to Russia’s energy exports May 25, 2022 Efforts on the part of insurers to cut their links to Russia could put a stranglehold on Russian energy exports, unless the Kremlin fills the void, analysts have said. The push amongst Western insurance companies to distance themselves from Russian clients, to ensure they are not in breach of Western sanctions, could severely impact the [...]
Oil prices remain elevated as US refineries ramp up processing while EU edges toward embargo May 25, 2022 Oil prices rose slightly today, buoyed by US refinery processing levels and growing expectations of an EU ban on Russian imports.
Germany open to EU ban on Russian oil imports that excludes Hungary May 23, 2022 Germany's Economy Minister has revealed his country could support an oil ban on Russian imports that excludes Hungary.
European Commission urges EU to be ready for cut-off in Russian gas supplies May 17, 2022 The European Union should prepare for Russia to switch off gas supplies into Europe, the trading bloc's executive arm will warn tomorrow.
Diesel prices climb to record levels as cost-of-living crisis escalates May 16, 2022 Diesel prices have soared to record levels, piling pressure on motorists amid spiralling inflation and a deepening cost of living crisis.
Aramco revels in record profits powered by booming oil prices May 15, 2022 Saudi Aramco (Aramco) has reported a massive 82 per cent spike in profits over the first three months of the year powered by lucrative oil trading.