The US Department of Energy announced the withdrawal of an additional 26 million barrels of oil from its strategic petroleum reserves during the month of February, in order to compensate for the losses in oil prices, as oil prices witnessed significant declines since the beginning of this month. The price of a barrel exceeded 85 … Read more
Russian ruble coin in Moscow. (Photo: AFP/VNA) Ruble Russia’s currency fell to a nearly three-week low against the dollar on November 30, having lost some of its support from corporate tax payments at the end of the month. The ruble fell 0.6% against USDdown to 69.87 rubles/USD, the lowest level since January 11. The Russian … Read more
Oil prices rise by about $3 at the settlement, after Moscow talked about the possibility of reducing crude production in response to the price ceiling imposed by the Group of Seven on Russian crude. Oil rose $3 on supply concerns Oil prices rose about $3 when settling on Friday, posting gains for the second week … Read more
Brussels: European Union and G7 countries set the price of Russian oil. The price set by the European Union and the G7 countries is $60 per barrel. The new rate will be effective from Monday. After days of long negotiations, the European Union also came with the decision to set a price limit for Russian … Read more
The reduction of Russian oil discounts, coupled with pressure from the United States, India’s imports of Russian oil fell sharply. (Schematic, Archyde.com) [Financial Channel/Comprehensive Report]Concerns about a global economic recession have emerged, international crude oil prices have fallen, and Russia’s discounts to Russian oil buyers have been reduced. Coupled with pressure from the United States, … Read more
OPEC Plus, which includes OPEC member countries and allies led by Russia, agreed on Monday to slightly reduce oil production to boost prices that have fallen due to fears of an economic slowdown. Crude producers will cut production by 100,000 barrels per day, which is equal to 0.1 percent of global demand, in October, and … Read more
The G7 finance ministers confirmed plans to set a “price ceiling” for Russian oil, and according to US media, the plan would allow buyers of Russian oil at a specified price to continue accessing vital services, such as financing and insurance for tankers. Bloomberg describes this as a “gambit” through which the United States hopes … Read more