News about Oil
Russian oil company Lukoil has completely devalued its investments in foreign assets amid US sanctions.
The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect from March 21 to 23.
The steady increase in prices for oil products continues in Moldova.
At the opening of the session, oil was trading around $110 per barrel. As of 5:55 Moscow time, the cost of May futures for Brent increased by 4.5% to $112.26 per barrel. In general, oil rose in price by about 11% during the week, and for the month the growth exceeded 50%.
Asian countries are seen as major buyers of Russian oil as exports are being redirected and supplies cut through familiar routes. CNBC reports that countries are lining up for resources from Russia.
ANRE has set the maximum fuel prices that will be in effect tomorrow, March 18.
Relations between the EU and the US are once again on the verge of a deep crisis due to disagreements over security in the Strait of Hormuz, Politico reported, citing European diplomats.
Forța Fermierilor, an association of producers and processors of grain and oilseeds, strongly disagrees with the model of financial assistance to farmers in connection with the rise in the price of diesel fuel envisaged in the draft government decree.
The National Energy Regulatory Agency (ANRE) has set the maximum fuel prices that will be in effect tomorrow, March 17.
According to analysts at Goldman Sachs, a sharp rise in oil prices linked to the conflict in Iran could reduce global economic growth by about 0.3% and lead to higher inflation over the next year.
India has ensured safe passage of liquefied gas tankers through the closed Strait of Hormuz. France and Italy have also started negotiations with Iran on the passage of their ships.
The National Energy Regulatory Agency (NERA) has set the price of basic motor fuel for March 14.
The release of strategic oil reserves by the G7 countries and the US has not yet led to a drop in fuel prices. Despite large-scale interventions, the cost of Brent oil continues to hold at around $100 per barrel.
The International Energy Agency (IEA) has updated its forecast for global oil production rates in 2026.
The International Energy Agency (IEA) proposed to release a record volume of oil from strategic reserves (more than 182 million barrels) to stabilize prices that have risen sharply due to the escalation of the conflict in the Middle East, The Wall Street Journal writes, citing informed sources.
Indian refiners bought about 30 million barrels of Russian crude after the U.S. gave the green light for such deals, with the price topping Dated Brent by $2-8 a barrel, Bloomberg wrote, citing informed sources.
A commission from Hungary has left to inspect the condition of the Druzhba oil pipeline stopped by Ukraine. It will soon become clear whether they will be allowed to enter the country at all and how the situation will develop after their arrival in Kiev. This was stated by Hungarian government spokesman Zoltan Kovacs.
US President Donald Trump announced on Tuesday that America First Refining (AFR) will build a new refinery in the state of Texas. This means that the US will have the first major refinery built in the last 50 years.
Aramco, the world’s top oil company, said Tuesday that the conflict with Iran continues to disrupt shipping in the Strait of Hormuz, which could have “catastrophic consequences” for global oil markets.
No EU country has tapped its strategic oil reserves because of the escalation in the Middle East, European Commission spokeswoman Ana Kaiza Itkonen told a briefing on Monday.
