Data from trade sources showed that India’s imports of crude oil from Russia jumped to a record level of regarding 950,000 barrels per day in June, which constitutes regarding 20 percent of the total imports of the third largest consumer of crude in the world. Brent and Middle East crudes are sold at steep discounts following Western companies and countries halted purchases from Moscow in the wake of its February 24 invasion of Ukraine. The data showed that India imported regarding 4.8 million barrels per day of crude oil in June, down 3.8 percent from May, but up regarding 23 percent from the same month last year. India’s oil imports were low last year as demand was hit hard by a second wave of the Corona virus. Russia maintained its second place among the largest suppliers of crude oil to India following Iraq, while Saudi Arabia remained in third place for the second month in a row.
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Oil falls more than 1% on fears of an economic recession
written by Alexandra Hartman Editor-in-Chief
Oil prices are falling due to economic concerns, fears of a recession in financial markets, and the impact of the spread of the Corona virus in China.
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Brent crude futures fell to $106.26 a barrel
Oil prices fell more than 1% today, Thursday, in a volatile week, as economic concerns and fears of recession negatively affected global financial markets, outweighing concerns regarding supplies and tension in Europe.
Brent crude futures fell $1.25, or 1.2%, to $106.26 a barrel by 03:03 GMT. US West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
Oil prices are under pressure this week, along with global financial markets, amid concerns regarding rising interest rates and the dollar’s rise to its highest level in two decades, and worries regarding inflation and a possible recession. The prolonged shutdown to combat COVID-19 in China, the world’s largest importer of crude, has weighed on the market.
The market, however, was supported by supply concerns from Russia’s operations in Ukraine, with prices up more than 35% since the start of the year.
Prices are also receiving support from the EU’s pending ban on Russian oil, a major supplier of crude and fuel to the bloc, which might further reduce global supplies. The European Union is still haggling over the details of the Russian embargo.
Passing the ban needs consensus, and it was postponed because Hungary opposes the ban because it would be very damaging to its economy.
Yesterday, Wednesday, oil prices jumped 5%, following Russia imposed sanctions on 31 companies in countries that imposed sanctions on it following Military operation in Ukraine. This caused concern in the market, as the flow of Russian natural gas to Europe through Ukraine fell by a quarter. This is the first time that exports through Ukraine have been disrupted by the war.
Concerns regarding deteriorating demand in China, which is trying to stem the spread of the coronavirus, also curbed price increases.
TOKYO (Archyde.com) – Japan’s industry ministry said on Friday it would auction 4.78 million barrels of strategic oil reserves on May 10, as part of a drawdown coordinated by the International Energy Agency to calm rising crude prices.
Prime Minister Fumio Kishida said this month that Japan would withdraw 15 million barrels of its oil reserves as part of a second coordinated withdrawal led by the International Energy Agency.
And the Ministry of Industry announced last week that six million barrels will come from private reserves, while nine million barrels will be withdrawn from government reserves.
The International Energy Agency agreed earlier this month to withdraw 60 million barrels of oil from stocks, to be added to the 180 million barrels that Washington announced to withdraw at the end of March, with the aim of reducing oil prices, which rose sharply following the Russian attack on Ukraine.
A new way for the Germans to reduce Russian oil imports
written by Alexandra Hartman Editor-in-Chief
Some Germans support stopping one day a week from using cars, in an effort to reduce Russian oil and gas imports.
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A new way for the Germans to reduce Russian oil imports
LONDON (Archyde.com) – Many Germans would support a one-day-a-week car stop to reduce dependence on Russian oil and gas imports, an opinion poll concluded on Friday, as rising gasoline and diesel prices pressure both households and Chancellor Olaf Scholz’s coalition government.
A poll conducted by “Sivie” for the “Welt” network showed that 48 percent of Germans would support not using cars, on Sundays of every week, to help “reduce the imports of Russian oil that make them feel guilty.” About 46% of the participants opposed the idea.
Gasoline and diesel prices in Germany rose in February by regarding 26 percent compared to the same period a year ago, with just over 30 percent of oil imports coming from Russia.
The price hike has led to calls to reduce dependence on energy imports from Russia, while protecting consumers from rising prices and preserving the economic recovery from the pandemic.
Finance Minister Christian Lindner wants to achieve a temporary discount on gasoline and diesel, which will cost the state 6.6 billion euros over three months.
Some lawmakers say higher energy prices will reduce driving demand and help Germany cut greenhouse gas emissions, which rose 4.5 percent last year.