Russia Bans Oil Sales to Nations and Companies That Comply With Price Cap
Russian President Vladimir Putin issued a decree banning oil sales to countries and companies that comply with a price cap agreed upon by Western countries in response to Moscow’s invasion of Ukraine. Moscow gave its long-awaited response to the price cap on Tuesday. It bans the supply of crude oil and petroleum products starting Feb. […]
China’s Crude Imports and Refining Increased After the Maintenance
China’s oil imports and crude processing rose last month as refineries returned from seasonal maintenance, while net exports of fuel products rose after the allocation of a new quota. Inbound oil shipments rose to 9.83 million barrels per day, the highest level since May, according to Bloomberg calculations based on government data released Monday. Crude […]
Oil prices fall as recession fears trump tight supply
Oil prices fell on Monday, continuing last week’s losses. As concerns about slowing global economic growth overshadowed supply shortages. Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel at 1429 GMT. The previous month’s prices fell 7.3% last week for their first weekly drop in five. U.S. West Texas Intermediate crude […]