Turkey saves billions on Russian oil amid sanctions, boosting imports

The US is considering tightening sanctions on Iran's crude oil exports in response to Tehran's alleged backing of the Palestinian militant group Hamas.

US: Biden administration would consider curbing Iranian crude exports | World News | WION

Indian rupee slides to lifetime low of 83.22 against USD, crude oil breaches $90/barrel mark

Russian crude oil prices have risen over a group of seven caps, but Western trade services have not been affected. Western-owned or insured ships visiting the nation's ports had dropped marginally since early July when Urals surged over $60.

Russia’s flagship oil above $60 does little to halt G7 services

India sees 34 per cent fall in oil imports from Saudi Arabia; supplies from Russia increase

Indonesia's Coast Guard has seized an Iranian flag super tanker which has been suspected of illegal transhipment of crude oil.

Iran-flagged tanker seized over suspected crude oil transfer by Indonesia

India and China, the world's leading oil consumers, have become major buyers of heavily discounted Russian crude oil. According to the international energy agency (iea), these two economic powerhouses accounted for a staggering 80 percent of Russia's crude oil exports in may. India's imports, which were almost non-existent before, have surged to nearly 2 million barrels per day, while china has increased its liftings to 2.2 million barrels per day.

India & China lead surge in Russian crude imports

European refiners are being hit hard by a surge in prices for middle eastern crude, as the region faces limited supplies of 'medium sour' crude since imposing sanctions on Russian shipments late last year. With prices soaring to all-time highs, the pressure is on for Europe to find new sources of affordable crude to keep the wheels turning.

Barrel of woes: Europe's oil woes escalate as prices skyrocket

Sour and expensive: Europe's crude oil woes reach a boiling point

Saudi Arabia, the world's biggest oil producer, has lowered its oil prices for Asia. That is driven by concerns that a global economic slowdown could hurt oil demand. State-controlled Saudi Aramco's key Arab light-grade crude was reduced to 2.55 dollars a barrel for June.

Saudi Arabia cuts oil prices for Asia

India losing 'steep discounts' on Russian crude oil due to China: Report

Oil prices rose on Thursday, paring earlier losses. But the recovery is too little after the commodity slipped more than 4% overnight.

Crude prices slip 4% over recession fears

Pakistan purchases first cargo of discounted Russian oil

The price of crude oil dropped by more than $1 a barrel as traders booked profits after benchmarks reached multi-month highs the previous session and an OPEC report fueled concerns about summer demand. Only the second time this month did the global benchmark Brent crude finish lower, down $1.24 or 1.4% to settle at $86.09 per barrel. US West Texas Intermediate (WTI) prices fell $1.10, or 1.3%, to $82.16 per barrel at the market close.

Crude oil prices decline 1% after scaling multi-month highs

The Indian government has provided some respite to the crude oil industry. The government has slashed windfall gains tax on domestic crude oil to nil from Rs 3,500 per tonne. The government also halved the tax on diesel exports to 50 paise per litre. The levies on the export of aviation turbine fuel (ATF) and petrol continue to be nil.

Why has India slashed the windfall tax on crude oil to zero?

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

War, oil price cap to weigh on Russia's budget; Moscow likely to hike tax

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

President Vladimir Putin has delivered Russia’s long-awaited response to a western price cap, signing a decree that bans the supply of crude oil and oil products to nations that impose the cap. The ban will come into effect on 1 February and last for five months.

Russia bans oil exports to countries that imposed price cap

Chinese President Xi Jinping arrives in Riyadh on Wednesday, will meet Saudi and Arab leaders

Pakistan’s hopes dashed, delegation fails to get crude oil on discount from Moscow

India has taken a call to double its trade with Russia. The decision comes amidst staggering US led sanctions and Russia owing to its Ukraine invasion. The increase in trade comes mainly in the backdrop of sharply higher imports of discounted Russian crude oil by India.

India to double its trade with Russia, sharp rise in Russian crude imports

Sri Lanka power cut: Govt official blames poor oil quality, minister threatens legal action 

Suez Canal blocked again as Saudi Arabia-bound crude oil tanker Affinity V gets stuck, clogs traffic

The repeated theft of crude oil and pipeline vandalism has led to serious revenue deficit for the state. Every year Nigeria loses millions of barrels of crude oil due to theft and vandalism.

Nigeria loses millions of barrels of crude oil, ex-militant Tompolo gets contract

crude-oil

Crude Oil, News on Crude Oil, stories on Crude Oil, articles on Crude Oil, Crude Oil stories at Wion, Crude Oil news, Crude Oil latest news