Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers May 28, 2022 Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]
Insurance sector exodus could serve major hit to Russia’s energy exports May 25, 2022 Efforts on the part of insurers to cut their links to Russia could put a stranglehold on Russian energy exports, unless the Kremlin fills the void, analysts have said. The push amongst Western insurance companies to distance themselves from Russian clients, to ensure they are not in breach of Western sanctions, could severely impact the [...]
Oil prices remain elevated as US refineries ramp up processing while EU edges toward embargo May 25, 2022 Oil prices rose slightly today, buoyed by US refinery processing levels and growing expectations of an EU ban on Russian imports.
Germany open to EU ban on Russian oil imports that excludes Hungary May 23, 2022 Germany's Economy Minister has revealed his country could support an oil ban on Russian imports that excludes Hungary.
European Commission urges EU to be ready for cut-off in Russian gas supplies May 17, 2022 The European Union should prepare for Russia to switch off gas supplies into Europe, the trading bloc's executive arm will warn tomorrow.
Diesel prices climb to record levels as cost-of-living crisis escalates May 16, 2022 Diesel prices have soared to record levels, piling pressure on motorists amid spiralling inflation and a deepening cost of living crisis.
Aramco revels in record profits powered by booming oil prices May 15, 2022 Saudi Aramco (Aramco) has reported a massive 82 per cent spike in profits over the first three months of the year powered by lucrative oil trading.
Oil prices rebound heading into next week’s trading with China to ease pandemic restrictions May 15, 2022 Oil prices are up heading into next week, with China set to ease some of its pandemic restrictions while the EU weighs up a Russian oil ban.
Oil bodies downgrade demand expectations as lockdowns and inflation bite May 13, 2022 Leading oil bodies have downgraded expectations for crude demand this year, amid continued volatility in the market.
Italy floats creation of new cartel to meet European interests May 12, 2022 Italian Prime Minister Mario Draghi has proposed the creation of a new cartel of oil consumers to make markets more favourable to Western buyers.