Russian oil

In a show of continued cooperation, Saudi Arabia and Russia, two of the world’s largest oil exporters, have deepened oil supply cuts in an effort to bolster flagging prices, Reuters reports. Strengthened Alliance The move is part of the OPEC+ alliance, which includes the Organization of the...

As the West implemented sanctions on Russia, including the oil price cap of $60 per barrel, in the backdrop of the Ukraine war, the country has reportedly lost over half the physical volume of its former gas sales to Europe while gas prices in the continent are now back to pre-February levels. This...

Allianz chief economic adviser and noted economist Mohamed El-Erian has highlighted the fact that although the discount on Russian crude oil relative to Brent crude will increase following Western sanctions, it is still unclear where the absolute prices would be headed. “Assuming the gap is...

President Vladimir Putin's point man on energy and Russian Deputy Prime Minister Alexander Novak said even if Russia has to trim production, it will not sell oil subject to a Western price cap, Reuters reported on Sunday. The Group of Seven (G7) ...

The Group of Seven (G7) nations have agreed to put a price cap of $60-per-barrel on Russian crude oil. On Friday, the European Union decided on the same price. As per the new consensus, the cap will ban companies from shipping, insuring, or financing Russian oil unless the oil is sold below $60 a...

The decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to conduct its Dec. 4 meeting virtually indicates there is little likelihood of a policy change, Reuters reported, citing a source. A virtual meeting also highlights the pending European Union deal on a...

The Group of Seven (G7) rich nations and Australia have decided to set a fixed price when they finalize a price cap on Russian oil later this month, as against adopting a floating rate, Reuters reported, citing anonymous sources. “The Coalition has agreed the price cap will be a fixed price...

Russia became the top oil supplier to India in October as low prices spurred demand from one of the world's largest oil consumers and importers, according to the energy cargo tracker Vortexa. What Happened: Russia supplied 946,000 barrels per day of crude to India last month, edging past the...

As pressure piles on the Indonesian government over surging energy costs, the country is reportedly considering to join its Asian counterparts in buying Russian oil.  What Happened: Indonesian President Joko Widodo said the nation needs to look at “all of the options” as...

The majority of Russia’s oil tycoons have been financially crippled by the global oil price collapse. However, the Wall Street Journal’s Laura Mills reported that one Russian oil billionaire has more than doubled his net worth from $2.4 billion to $5.9 billion during one of the harshest...