Saudi Arabia Doubles Q2 Russian Fuel Oil Imports for Power Generation
Although the U.S. and EU have raised sanctions on Russian oil since the country's invasion of Ukraine, China, India and several Middle Eastern countries, including Saudi Arabia, have increased their Russian oil intake.
Russia Warns That G7 Attempt to Cap Oil Price Risks Higher Prices
After the U.S. Treasury Secretary first dismissed the idea to cap oil prices in June, Russian Foreign Ministry spokeswoman Maria Zakharova reinforced the idea, claiming that capping oil might instead lead to a spike in prices.
US Refiners Step Up Imports of Gasoline-friendly West African Crude
West African imports spiked in May with 5.2 million barrels being discharged in the U.S., more than doubling from April. Light oil, like that from West Africa, typically produces a greater percentage of gasoline than heavy oil.
IEA Chief Says Price Cap on Russian Oil Should Include Refined Products
"Critical minerals security will be an important issue for energy security in the future," International Energy Agency executive director Fatih Birol said of the IEA's plan to cap the price of Russian oil to curb inflation.
Kremlin Slams Japan’s ‘Unfriendly’ Stance Amid G7 Oil Price Cap Talk
Kremlin spokesman Dmitry Peskov Medvedev also said Japan “would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project” as a result.
China Oil Imports from Russia Soar, Surpass Top Supplier Saudi
The data, which shows that Russia took back the top ranking of suppliers to the world’s biggest crude oil importer—China—after a gap of five months, indicates that Moscow is able to find buyers for its oil despite western sanctions.
Russia Seizes Control of Sakhalin Gas Project, Raises Stakes with West
Russian LNG production from projects such as Sakhalin-2 was likely to suffer as a results, said Saul Kavonic, head of Integrated Energy and Resources Research at Credit Suisse. “This will tighten the LNG market materially this decade,” he added.
US Authorities Make Checks on Oil Tanker Arriving from Russia
The Vitol-chartered vessel was shipping intermediate oil products including vacuum gasoil and fuel oil from Russia’s Taman port to New Orleans last week, according to a trading source and shipping data.
Why Russian Oil and Gas Price Cap is Easier Said than Done
“The big unknown is Vladimir Putin’s reaction,” said Tamas Varga from oil broker PVM. If Putin decides to reduce oil or gas exports the plan will backfire and lead to a rise in prices: “It is a nightmare scenario—both for Europe and Russia.”
Running Short of Gas: Russia's Pipeline Repair Has Europe Worried
Russia cut gas flows through its Nord Stream 1 pipeline to Europe by 40% of the pipeline capacity, triggering worries that Europe will not have enough gas in the winter if this continues.