Asia spends on record oil imports ahead of sanctions against Russia

Asia’s biggest buyers imported record volumes of oil in November as the world’s top importers scrambled to buy cheaper crude in anticipation of the EU embargo and the price cap on Russian oil that comes into effect on December 5. Lower reference prices and the push to secure oil supplies before sanctions against Russia take … Read more

Europe agrees to limit the price of Russian oil to $60 a barrel

London CNN affairs — The European Union has reached a consensus on the price at which Russian oil should be capped, just days before import bans on most products come into effect. There was news of the deal, which required the approval of the remaining Poland confirmed on Twitter by European Commission President Ursula von … Read more

Oil prices rise weekly as China eases Covid restrictions

After a series of weekly declines, crude oil prices appear to be on track this week following news that China is easing Covid-related restrictions. Indeed, Reuters reported earlier today that some Chinese cities where Covid cases are still rising are easing their testing and quarantine rules, following protests in several cities. In some of them, … Read more

Oil prices are rising as the market sees another possible OPEC+ cut

Crude oil prices rose on Tuesday ahead of the next OPEC+ meeting as the group dispelled previous rumors that it could agree to increase crude production at the next meeting. Brent crude oil costs rose $2.07 at 9:45 a.m. ET to $85.26 a barrel. WTI rose $1.66 a barrel to $78.90, though both benchmarks are … Read more

US oil price lowest in almost a year, gas 6% down in a month

London CNN affairs — Oil prices in the US have fallen to their lowest level since December 2021 amid fears China’s protests over Covid-19 lockdowns will hurt demand. West Texas Intermediate crude oil futures, the North American benchmark, fell 3.2% Monday to trade near $74 a barrel, a level last reached in late December. Brent … Read more

China’s markets collapse as protests break out over Covid lockdowns

Hong-Kong CNN affairs — Major stock indices and the Chinese currency opened sharply lower on Monday as widespread protests against the country’s strict Covid-19 restrictions over the weekend rocked investor sentiment. Hong Kong’s Hang Seng (HSI) index fell as much as 4.2% in early trading. It has since offset some losses and most recently traded … Read more

The diesel crisis is global

A perfect storm is unfolding in global diesel markets. Refining capacity is tight and supplies are depleting as the northern hemisphere’s cold season begins. Supply shortages could jeopardize critical transportation networks as the industrial fuel powers ships, trucks and trains. The fuel is also used to heat homes and businesses, as well as an energy … Read more

More bad news for oil demand as China’s Covid case count rises

A new spike in Covid infections in China threatens more downward pressure on oil prices as Chinese authorities reported a new daily record of new infections on Thursday. China recorded nearly 32,700 new infections on Thursday, of which only about 3,000 were symptomatic, according to Reuters, but this doesn’t seem to make a difference to … Read more

US, Allies Eye $60 price cap on Russian crude

The United States and its allies hope to set the price level at which Russian crude will be capped, people familiar with the talks told the Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russia’s crude oil will be capped at $60 a barrel. The group will meet on … Read more

OPEC Ready to Intervene “For the Benefit of the Oil Markets”

OPEC Secretary General Haitham al-Ghais said Wednesday the organization is ready to “intervention in favor of the oil marketsSaudi Arabia-owned Al-Arabiya TV reports, quoting Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. At the beginning of October, OPEC+ announced plans reduce oil production by 2 mb/d in November 2022 from … Read more