Page 7 - Oil Trade

Major traders, banks cut business ties with Russia-backed Nayara: Report

Nayara per se has not been sanctioned as part of the international response to what Russia calls its 'special military action' against Ukraine but sanctions are in place against Rosneft.

Oil prices rise after Saudi warns OPEC could cut output to correct drop

Brent crude futures rose 32 cents to $96.80 a barrel by 0004 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat

Gulf states to gain $1.3 trillion in additional oil revenue by 2026: IMF

The gains, due to high oil prices, are expected to provide 'firepower' to the region's sovereign wealth funds (SWFs), one of the largest in the world

Oil prices fall below $94 a barrel, awaits news of Iran nuclear deal

Brent crude futures fell $2.27, or 2.4%, to $92.83 a barrel. The contract hit a session low of $92.51 per barrel, the lowest since Feb. 18

Opec cuts oil demand forecasts as economic growth slows, says report

The Vienna-based producers' group cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day, citing the impact of slowing global economies

Keeping Europe warm this winter will come down to Asia's weather amid war

The Asian countries, among the world's biggest importers of liquefied natural gas and seaborne coal, all share a peak heating demand season during the winter with Europe

After talks with Joe Biden, Opec+ goes for 'minuscule' output hike

The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House

Oil prices steady after sharp decline of nearly 3% on weak US demand

Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States and a pick-up in supply from Libya

Oil could top $300-400 if price capped, says ex-Russian President

Commenting on the proposal, Medvedev said Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" as a result

Russian rouble up; Gazprom shares plummet after it skips dividend

Gazprom shares fell 27% to 218 roubles ($4.16) by 0941 GMT after the company said its shareholders had decided against distributing dividends on the 2021 results

Opec+ struggles to meet its supply targets amid high crude prices

A recovery from Covid-19 and a shortage of refining capacity to make fuels continue to keep prices at record highs

India's consideration for crude oil purchases very well understood: Kwatra

The foreign secretary said India's consideration for crude oil purchases has been very well understood by the global community

Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq

The Iraqi grades are an outlier in Asia, where robust demand led to an earlier-than-usual start of the trading cycle for physical crude buying

Shipping costs soar as Russian fallout overpowers global fuel flows

The Russian invasion has exacerbated a tightening of energy markets, upending trade flows and forcing buyers to scour the world for alternative fuel supplies

Oil turbulence may last five years, says ExxonMobil CEO Darren Woods

He also pointed out that ExxonMobil is one of the few companies in the US actively investing in refining and had started an aggressive investment programme since 2017

RIL, Nayara account for a combined 69% of Russian oil shipments to India

The push by Reliance and Nayara to scoop up Russian Urals from the market propelled Russia to become India's second biggest oil supplier last month

China buys $7.5 billion of Russian energy with crude oil at record

The increase in shipments came as the war in Ukraine entered a fourth month and other buyers continued to shy away from Russian oil, gas and coal

Oil prices fall after US rate hike, but tight supply still in focus

Oil prices have taken a dive after US decided on an interest rate hike. The hike increased by the Fed Reserve by 2% overnight is the highest in more than a two and a half decades

Oil prices are 'nowhere near' peak, says UAE minister; brent rises

The comments serve as an acknowledgment that last week's decision by the OPEC+ coalition to bolster output will give consumers little respite from the soaring cost of energy this summer

Oil shock devastates poorer nations as shortages, protests mount

Higher fuel bills are exacerbating inflation in countries that are already struggling with soaring food prices