Oil
Flaws in Russia's Oil Price Cap Exposed
The oil price cap, introduced by Western nations against Russia, is showing flaws in its implementation. Despite international efforts to limit the sale price of Russian oil to $60 per barrel, Russia has sold the commodity at higher prices. This undermines the …
Russia's oil and gas revenues: Drastic slump
Russia's oil and gas industry, which serves as the country's main source of financing, is experiencing a drastic slump in revenues. This is mainly due to lower prices for raw materials on the world market and the EU embargo and price cap. In addition, Russia …
Uganda plans oil production from 2025: Tilenga project in focus
Uganda plans to start producing oil from the Tilenga project in the first half of 2025, according to Uganda National Oil Co (UNOC) CEO Proscovia Nabbanja. Speaking at an energy conference in Singapore, Nabbanja said drilling had already begun and equipment was …
China's oil imports from Russia reach record levels
China is increasingly relying on Russian oil and has replaced Saudi Arabia as the most important supplier. Last month, Chinese oil imports from Russia reached a new high of 9.71 million tons. This represents an increase of over 32.4 percent compared to the …
OPEC plans less oil production in 2024
The expanded Organization of Petroleum Exporting Countries (OPEC+) decided at a meeting in Vienna to produce less oil in the coming year. The oil cartel had already announced in April that it would cut production, but this had little impact on the oil price.
Oil prices rise due to economic optimism
Oil prices are on the upswing again after falling steadily over the past three weeks for the first time since November. Brent oil futures rose 43 cents, or 0.6%, to $75.73 a barrel on Monday, while U.S. West Texas Intermediate (WTI) crude futures also rose 45 …
Shell and Equinor earnings exceed forecasts
Energy giants Shell and Equinor beat their first-quarter earnings expectations. Both companies used leverage from their trading divisions to offset lower oil and gas prices. The trend continues in the industry after Exxon Mobil, Chevron and BP also posted …
OPEC+ cuts oil production - prices rise
The production cuts by the OPEC+ countries are causing a drastic increase in the price of oil on the international market. Prices rise sharply as supply is tightened. Eight OPEC+ producer countries have announced that they will cut their oil production …
Shell halts biofuel projects in Singapore
Shell has decided not to proceed with two projects in Singapore aimed at producing biofuels and base oils. This was confirmed by a spokesman for the company on Thursday. In an email to Reuters, the company said, "We can confirm that we will stop exploring two …
India's oil deals with Russia threaten dollar dominance
U.S.-led sanctions against Russia have staggered the dollar's decades-long advance in international oil trade. Most oil deals with India - Russia's main outlet for seaborne crude - have been conducted in other currencies. India's oil trade provides the …