One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government. He said that purchase of Russian oil by the two large countries is easing supply constraints in global markets and driving the recent oil price decline.

West Texas Intermediate lost 5.6 per cent to $103.31 a barrel, while Brent was off 5.2 per cent at $108.62.

In an interview to the Bloomberg TV on Wednesday, Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said, “Right now, in particular, oil markets are rather volatile.”

“I have heard part of the explanation is that China&nbsp;and&nbsp;India&nbsp;are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.”

With West sanctions hanging over Russia in the wake of the Ukrainian war, Vladimir Putin has been selling the Russian oil to the Asian markets at a discount amid huge demand.

At the start of 2022, some two-thirds of Russian crude was being exported to Europe, now about 50 per cent of the nation’s oil is going to Asia, according to Gazprom Neft Chief Executive Officer Alexander Dyukov.

Most of the additional oil has gone to two countries—China and India—reports the New York Times citing shipping data by Kpler, a market research firm.

China’s imports of Russian oil rose 28 per cent in May from the previous month, hitting a record high and helping Russia overtake Saudi Arabia as China’s largest supplier.

The other biggest importer of Russian oil has been India, which has gone from taking in almost no Russian oil to bringing in more than 760,000 barrels a day.

Moreover, the Indian government has asked state-owned oil companies to buy large volumes of Russian crude as prices have fallen sharply during Moscow's war against Ukraine, The Wall Street Journal (WSJ) reported on Tuesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-oil-supplies-to-china-and-india-are-growing-noticeably-says-vladimir-putin-490706">Russian oil supplies to China and India are growing noticeably, says Vladimir Putin</a>

Indian companies have been finding ways to keep purchasing Russian oil despite the latest round of sanctions from Europe, the report said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/cant-finger-point-india-says-german-envoy-lindner-on-russian-oil-import-484859">Can't 'finger point' India, says German Envoy Lindner on Russian oil import</a>

To boost the appeal of its oil, Russian petroleum company Rosneft has allowed traders to pay for its crude months after delivery without a letter of credit from a bank, the WSJ reported.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government.

One of US President Joe Biden’s economic advisers has said that India and China may have been buying more Russian oil than previously believed by the US government. He said that purchase of Russian oil by the two large countries is easing supply constraints in global markets and driving the recent oil price decline. West Texas Intermediate lost 5.6 per cent to $103.31 a barrel, while Brent was off 5.2 per cent at $108.62. In an interview to the Bloomberg TV on Wednesday, Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said, “Right now, in particular, oil markets are rather volatile.” “I have heard part of the explanation is that China and India are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.” With West sanctions hanging over Russia in the wake of the Ukrainian war, Vladimir Putin has been selling the Russian oil to the Asian markets at a discount amid huge demand. At the start of 2022, some two-thirds of Russian crude was being exported to Europe, now about 50 per cent of the nation’s oil is going to Asia, according to Gazprom Neft Chief Executive Officer Alexander Dyukov. Most of the additional oil has gone to two countries—China and India—reports the New York Times citing shipping data by Kpler, a market research firm. China’s imports of Russian oil rose 28 per cent in May from the previous month, hitting a record high and helping Russia overtake Saudi Arabia as China’s largest supplier. The other biggest importer of Russian oil has been India, which has gone from taking in almost no Russian oil to bringing in more than 760,000 barrels a day. Moreover, the Indian government has asked state-owned oil companies to buy large volumes of Russian crude as prices have fallen sharply during Moscow's war against Ukraine, The Wall Street Journal (WSJ) reported on Tuesday. Also read | Russian oil supplies to China and India are growing noticeably, says Vladimir Putin Indian companies have been finding ways to keep purchasing Russian oil despite the latest round of sanctions from Europe, the report said. Also read | Can't 'finger point' India, says German Envoy Lindner on Russian oil import To boost the appeal of its oil, Russian petroleum company Rosneft has allowed traders to pay for its crude months after delivery without a letter of credit from a bank, the WSJ reported. (With inputs from agencies) WATCH WION LIVE HERE

India, China purchasing more Russian oil than earlier believed, says US

Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf. Now, the iconic European double-decker is gaining a new lease on life.

A380 makes comeback despite high oil prices

Oil prices are holding near 13-weeks high on Thursday, underpinned by robust demand in the world’s top consumer US while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed.

Oil hovers near 13-week high, China optimism backs price surge

OPEC+ led by Saudi Arabia and Russia bucked market expectations to increase oil output by 50%. Can the gulf states make up for Russia's oil deficit? How is oil shaping the world order in 2022? Palki Sharma tells you.

Gravitas: OPEC+ agrees to increase oil output to cool prices

The OPEC and its allies has agreed to significant oil output increases in July amid calls for the alliance to help contain the surging oil prices.

OPEC+ to boost oil output in July, decision to ease surging prices

Oil prices rose more than one dollar a barrel in early trade today on expectations that easing COVID-19 restrictions in China will boost demand

Oil prices climb on expectations of China demand recovery

Oil prices slumped to near two-week lows on Monday, extending losses from last week, as concerns grew that prolonged COVID-19 lockdowns in Shanghai and potential US rate hikes would hurt global economic growth and fuel demand.

Oil prices extend losses as Shanghai lockdowns hit demand outlook

Whether you like it or not, global oil price fluctuations affect you. You feel the pinch in your pocket when they're up. But what causes the rise and fall of oil prices?

What makes global oil prices go up and down?

In commodities markets oil prices were up today morning as concerns grew about tighter global supply with deepening crisis in Ukraine that raised the prospect of heavier sanctions by the West on top exporter Russia.

Oil prices surges on supply fears amid deepening Ukraine crisis

China's&nbsp;factory-gate&nbsp;inflation&nbsp;was&nbsp;higher&nbsp;than&nbsp;expected&nbsp;in March, official data showed Monday, as Russia's war on Ukraine pushes up&nbsp;oil&nbsp;prices&nbsp;while a domestic COVID-19 resurgence strains food supplies and consumer costs.

The producer price index (PPI) -- measuring the cost of goods at the&nbsp;factory&nbsp;gate -- grew 8.3 per cent on-year, National Bureau of Statistics (NBS) figures showed.

This was slightly more&nbsp;than&nbsp;a Bloomberg poll of economists&nbsp;expected, while PPI also rose on-month.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-makes-secret-delivery-anti-aircraft-missiles-to-serbia-report-470108">China makes secret delivery of anti-aircraft missiles to Serbia: Report</a>

"Geopolitical and other factors have pushed global commodity&nbsp;prices&nbsp;to continue increasing, driving the&nbsp;prices&nbsp;of&nbsp;oil, non-ferrous metals and other related industries to rise further domestically," NBS senior statistician Dong Lijuan said in a statement.

China's consumer price index (CPI), a key gauge of retail&nbsp;inflation, rose more&nbsp;than&nbsp;expected&nbsp;as well, by 1.5 per cent on-year in March, the NBS said.

Although consumer demand eased after festive periods earlier in the year, some food&nbsp;prices&nbsp;have picked up due to "rising international&nbsp;prices&nbsp;of wheat, corn and soybeans" and domestic COVID-19 outbreaks, Dong said.

This comes as world food&nbsp;prices&nbsp;hit an all-time high in March following Russia's invasion of Ukraine, an agricultural powerhouse, according to a UN agency.

Watch |&nbsp;US: China to impose arbitrary COVID rules amid record rise in COVID cases

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-china-to-impose-arbitrary-covid-rules-amid-record-rise-in-covid-cases-470027/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Russia and Ukraine make up a massive share of exports in major commodities such as wheat, vegetable&nbsp;oil&nbsp;and corn.

Zhaopeng Xing of ANZ Research said energy&nbsp;prices&nbsp;had "become the major driver for both CPI and PPI".

"CPI&nbsp;inflation&nbsp;could rise further in April as households across&nbsp;China&nbsp;have been stocking up on food and other necessities after taking lessons from the fallout of Shanghai's lockdown," Nomura's chief&nbsp;China&nbsp;economist Ting Lu told AFP.

As the financial hub locked down almost entirely in recent weeks, residents had trouble getting groceries while Covid controls snarled supply chains to the rest of the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-slams-us-virus-accusations-as-shanghai-lockdown-drags-on-469971">China slams US virus 'accusations' as Shanghai lockdown drags on</a>

"Due to lockdowns and transport disruptions in northeast&nbsp;China, the largest grain production base in&nbsp;China, this year's spring farming may have been delayed and the risk of food shortage may rise in the second half," Lu added.

This piles pressure on the worsening global food shortage caused by the military conflict in Ukraine, he said.

China's factory-gate inflation was higher than expected in March, official data showed Monday, as Russia's war on Ukraine pushes up oil prices while a domestic COVID-19 resurgence strains food supplies and consumer costs.

China's factory-gate inflation was higher than expected in March, official data showed Monday, as Russia's war on Ukraine pushes up oil prices while a domestic COVID-19 resurgence strains food supplies and consumer costs. The producer price index (PPI) -- measuring the cost of goods at the factory gate -- grew 8.3 per cent on-year, National Bureau of Statistics (NBS) figures showed. This was slightly more than a Bloomberg poll of economists expected, while PPI also rose on-month. Also read | China makes secret delivery of anti-aircraft missiles to Serbia: Report "Geopolitical and other factors have pushed global commodity prices to continue increasing, driving the prices of oil, non-ferrous metals and other related industries to rise further domestically," NBS senior statistician Dong Lijuan said in a statement. China's consumer price index (CPI), a key gauge of retail inflation, rose more than expected as well, by 1.5 per cent on-year in March, the NBS said. Although consumer demand eased after festive periods earlier in the year, some food prices have picked up due to "rising international prices of wheat, corn and soybeans" and domestic COVID-19 outbreaks, Dong said. This comes as world food prices hit an all-time high in March following Russia's invasion of Ukraine, an agricultural powerhouse, according to a UN agency. Watch | US: China to impose arbitrary COVID rules amid record rise in COVID cases Russia and Ukraine make up a massive share of exports in major commodities such as wheat, vegetable oil and corn. Zhaopeng Xing of ANZ Research said energy prices had "become the major driver for both CPI and PPI". "CPI inflation could rise further in April as households across China have been stocking up on food and other necessities after taking lessons from the fallout of Shanghai's lockdown," Nomura's chief China economist Ting Lu told AFP. As the financial hub locked down almost entirely in recent weeks, residents had trouble getting groceries while Covid controls snarled supply chains to the rest of the country. Also read | China slams US virus 'accusations' as Shanghai lockdown drags on "Due to lockdowns and transport disruptions in northeast China, the largest grain production base in China, this year's spring farming may have been delayed and the risk of food shortage may rise in the second half," Lu added. This piles pressure on the worsening global food shortage caused by the military conflict in Ukraine, he said.

China factory inflation higher than expected as oil prices bite

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/white-house-says-us-ready-to-become-indias-reliable-supplier-to-counter-russia-dependence-468962">White House says US ready to become India's 'reliable supplier' to counter Russia dependence</a>

This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency.

Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/white-house-says-india-imports-only-1-2-of-russias-total-energy-imports-468628">White House says India imports only 1-2% of Russia's total energy imports</a>

The release of crude reserves aims to drive down the rising fuel prices around the globe.

However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight.

India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move.

Watch |&nbsp;Gravitas: Petrol, Diesel prices soar in India

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-petrol-diesel-prices-soar-in-india-468944/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions."&nbsp;

Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude.

(With inputs from agencies)

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months. As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States. Also read | White House says US ready to become India's 'reliable supplier' to counter Russia dependence This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency. Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th. Also read | White House says India imports only 1-2% of Russia's total energy imports The release of crude reserves aims to drive down the rising fuel prices around the globe. However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight. India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move. Watch | Gravitas: Petrol, Diesel prices soar in India "In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions." Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude. (With inputs from agencies)

Amid global energy crisis, IEA to release 120 million barrels of crude, India supports decision

US President Joe Biden made an announcement on Thursday that will see the country releasing 1 million barrels of oil a day for the next six months from the US Strategic Petroleum Reserve. Biden said that this step would "ease the pain" in light of rising fuel prices.

Biden warned the oil industry not "to&nbsp;sit on record profits" during the current rise in fuel prices. he said that he wanted "to lay a new foundation for true and lasting American energy independence."

Fuel prices have soared particularly after Russian invasion of Ukraine.

"After consultation with allies and partners, the president will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months," the White House said earlier.

In addition, the Defense Production Act will be authorized to support the production and processing of minerals and materials used for large capacity batteries - such as lithium, nickel, cobalt, graphite, and manganese, the White House said.

The scale of the release of oil from the Strategic Petroleum Reserve was described by the White House as unprecedented.

"The world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," it said.

The Department of Energy will use the revenue from the release to restock the SPR in future years, the White House said.

(With inputs from agencies)

US President Joe Biden made an announcement on Thursday that will see the country releasing 1 million barrels of oil a day for the next six months from the US Strategic Petroleum Reserve.

US President Joe Biden made an announcement on Thursday that will see the country releasing 1 million barrels of oil a day for the next six months from the US Strategic Petroleum Reserve. Biden said that this step would "ease the pain" in light of rising fuel prices. Biden warned the oil industry not "to sit on record profits" during the current rise in fuel prices. he said that he wanted "to lay a new foundation for true and lasting American energy independence." Fuel prices have soared particularly after Russian invasion of Ukraine. "After consultation with allies and partners, the president will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months," the White House said earlier. In addition, the Defense Production Act will be authorized to support the production and processing of minerals and materials used for large capacity batteries - such as lithium, nickel, cobalt, graphite, and manganese, the White House said. The scale of the release of oil from the Strategic Petroleum Reserve was described by the White House as unprecedented. "The world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," it said. The Department of Energy will use the revenue from the release to restock the SPR in future years, the White House said. (With inputs from agencies)

To control fuel prices, US to release oil from its strategic reserve

Oil&nbsp;prices&nbsp;plunged on Thursday on news that the United States was considering the&nbsp;release&nbsp;of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR.

Brent crude futures for May fell $4.11, or 3.6 per cent, to $109.34 a barrel by 0637 GMT. The May contract expires on Thursday and the most actively traded June futures were down $4.36 at $107.08, having earlier slid by more than $6.

US West Texas Intermediate futures for May delivery fell $5.33, or 4.9 per cent, to $102.49 a barrel after touching a low of $100.85.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-may-single-out-and-detain-us-citizens-state-dept-issues-another-travel-advisory-466846">‘Russia may single out and detain US citizens’: State Dept issues another travel advisory</a>

US&nbsp;President Joe Biden will give remarks later on Thursday regarding his administration's actions aimed at lowering gasoline prices that have risen to&nbsp;record&nbsp;highs since Russia began its invasion of Ukraine.

Such a&nbsp;release&nbsp;would help the&nbsp;oil&nbsp;market to rebalance in 2022 by increasing supply by 1 million barrels per day (bpd) for six months, Goldman Sachs analysts said in a note.

"This would remain, however, a&nbsp;release&nbsp;of&nbsp;oil&nbsp;inventories, not a persistent source of supply for coming years. Such a&nbsp;release&nbsp;would therefore not resolve the structural supply deficit, years in the making."

International Energy Agency (IEA) member countries are due to meet on Friday at 1200 GMT to decide on a collective&nbsp;oil&nbsp;release, a spokesperson for New Zealand's energy minister said on Thursday.

News of the potential&nbsp;U.S.&nbsp;release&nbsp;overshadowed a meeting set for Thursday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. The group known as OPEC+ is expected to stick to its deal to increase&nbsp;oil&nbsp;production gradually.

The&nbsp;U.S.&nbsp;oil&nbsp;release&nbsp;could be effective in reducing wild volatility and curtail sharp upward movements, but&nbsp;prices&nbsp;need a long-term solution, said Avtar Sandu, a commodities manager at Phillip Futures.

Oil&nbsp;settled up around 3 per cent on Wednesday as peace talks stalled between Ukraine and Russia, which calls its actions a "special operation".

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-war-germany-sounds-early-warning-over-russian-gas-supply-466972">Ukraine war: Germany sounds 'early warning' over Russian gas supply</a>

Russia is the world's second-largest&nbsp;oil&nbsp;exporter and Western sanctions imposed as punishment for the invasion have disrupted flows from the country.

In early March the Biden administration said it would sell 30 million barrels from the strategic reserve as part of a global&nbsp;release&nbsp;of 60 million barrels to lower&nbsp;prices.

In November the United States announced a plan to&nbsp;release&nbsp;50 million barrels from the SPR, mostly through exchanges where the buyer agrees to replace the&nbsp;oil&nbsp;later.

"If it turns out to be as much as that, it would be significant and so would certainly help to a certain extent to fill the shortfall, but not all of it," said Warren Patterson, head of commodities strategy at ING, referring to the 180 million barrels figure.

"Another key question is whether this volume would be part of a wider coordinated&nbsp;release. I guess we need to also see if this would be a straightforward&nbsp;release&nbsp;or an exchange."

The&nbsp;release&nbsp;comes after&nbsp;U.S. commercial&nbsp;oil&nbsp;inventories fell by 3.4 million barrels in the week to March 25, surpassing forecasts of a 1 million barrel drop. At the same time, implied demand for gasoline and distillates declined.

The slower demand came as&nbsp;U.S. production rose by 100,000 bpd to 11.7 million bpd after stagnating at 11.6 million bpd since early February.

Watch |&nbsp;India: New Delhi continues to buy Russian oil, US may restrict other countries' oil purchase

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-new-delhi-continues-to-buy-russian-oil-us-may-restrict-other-countries-oil-purchase-467042/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR.

Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. Brent crude futures for May fell $4.11, or 3.6 per cent, to $109.34 a barrel by 0637 GMT. The May contract expires on Thursday and the most actively traded June futures were down $4.36 at $107.08, having earlier slid by more than $6. US West Texas Intermediate futures for May delivery fell $5.33, or 4.9 per cent, to $102.49 a barrel after touching a low of $100.85. Also read | ‘Russia may single out and detain US citizens’: State Dept issues another travel advisory US President Joe Biden will give remarks later on Thursday regarding his administration's actions aimed at lowering gasoline prices that have risen to record highs since Russia began its invasion of Ukraine. Such a release would help the oil market to rebalance in 2022 by increasing supply by 1 million barrels per day (bpd) for six months, Goldman Sachs analysts said in a note. "This would remain, however, a release of oil inventories, not a persistent source of supply for coming years. Such a release would therefore not resolve the structural supply deficit, years in the making." International Energy Agency (IEA) member countries are due to meet on Friday at 1200 GMT to decide on a collective oil release, a spokesperson for New Zealand's energy minister said on Thursday. News of the potential U.S. release overshadowed a meeting set for Thursday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. The group known as OPEC+ is expected to stick to its deal to increase oil production gradually. The U.S. oil release could be effective in reducing wild volatility and curtail sharp upward movements, but prices need a long-term solution, said Avtar Sandu, a commodities manager at Phillip Futures. Oil settled up around 3 per cent on Wednesday as peace talks stalled between Ukraine and Russia, which calls its actions a "special operation". Also read | Ukraine war: Germany sounds 'early warning' over Russian gas supply Russia is the world's second-largest oil exporter and Western sanctions imposed as punishment for the invasion have disrupted flows from the country. In early March the Biden administration said it would sell 30 million barrels from the strategic reserve as part of a global release of 60 million barrels to lower prices. In November the United States announced a plan to release 50 million barrels from the SPR, mostly through exchanges where the buyer agrees to replace the oil later. "If it turns out to be as much as that, it would be significant and so would certainly help to a certain extent to fill the shortfall, but not all of it," said Warren Patterson, head of commodities strategy at ING, referring to the 180 million barrels figure. "Another key question is whether this volume would be part of a wider coordinated release. I guess we need to also see if this would be a straightforward release or an exchange." The release comes after U.S. commercial oil inventories fell by 3.4 million barrels in the week to March 25, surpassing forecasts of a 1 million barrel drop. At the same time, implied demand for gasoline and distillates declined. The slower demand came as U.S. production rose by 100,000 bpd to 11.7 million bpd after stagnating at 11.6 million bpd since early February. Watch | India: New Delhi continues to buy Russian oil, US may restrict other countries' oil purchase

Oil prices dive as US considers record reserves release

Fuel prices continue to rise, with petrol and diesel prices increasing by 80 paise and 70 paise per litre on Tuesday, respectively, reaching over Rs 5 per litre following seven rate revisions in eight days.

Petrol and diesel prices rose for the sixth time in over a week on Tuesday, with petrol now costing over Rs 100 per litre in the national capital.

After a week of revisions, the overall increase in gasoline prices is nearly Rs 5 due to an increase of 80 paise in petrol and 70 paise in diesel today.&nbsp;

Petrol will cost Rs 100.21 a litre in Delhi today, while diesel will cost Rs 91.47.

Petrol and diesel prices in Mumbai have increased by 85 paise and 75 paise, respectively, to Rs 115.04 and Rs 99.25 a litre.

In Chennai, the price of petrol has climbed by 76 paise to Rs 105.94, and the price of diesel has increased by 67 paise to Rs 96.

In Kolkata, the price of petrol has climbed by 83 paise to Rs 109.68, and the price of diesel has increased by 70 paise to Rs 94.62.&nbsp;

Soon after the news went viral, netizens donned their witty hats and began posting the funniest memes.

The following is how the Internet reacted to the recent increase in fuel prices:&nbsp; 
&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Petrol price increased multiple times after elections <a href="https://t.co/JWYeIMeTMX">pic.twitter.com/JWYeIMeTMX</a>
— Finance Memes (@Qid_Memez) <a href="https://twitter.com/Qid_Memez/status/1508276762819526658?ref_src=twsrc%5Etfw">March 28, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Government too believes in SIP, for petrol; systematic increasing plan.<a href="https://twitter.com/hashtag/PetrolDieselPrice?src=hash&amp;ref_src=twsrc%5Etfw">#PetrolDieselPrice</a>
— D.Muthukrishnan (@dmuthuk) <a href="https://twitter.com/dmuthuk/status/1508004639542677506?ref_src=twsrc%5Etfw">March 27, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/PetrolDieselPriceHike?src=hash&amp;ref_src=twsrc%5Etfw">#PetrolDieselPriceHike</a> <a href="https://twitter.com/hashtag/PetrolDieselPrice?src=hash&amp;ref_src=twsrc%5Etfw">#PetrolDieselPrice</a> 
 
Modi’s way of saying Thank you <a href="https://t.co/h0TpnwH5Z1">pic.twitter.com/h0TpnwH5Z1</a>
— AC (@Veniceofeast) <a href="https://twitter.com/Veniceofeast/status/1505771859790422016?ref_src=twsrc%5Etfw">March 21, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Century 🎉🎉🎉 
Next Target ₹150!!
— Not Funny Abhi (@NotFunnyAbhi1) <a href="https://twitter.com/NotFunnyAbhi1/status/1508607434025156610?ref_src=twsrc%5Etfw">March 29, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Fuel prices continue to rise, with petrol and diesel prices increasing by 80 paise and 70 paise per litre on Tuesday, respectively, reaching over Rs 5 per litre following seven rate revisions in eight days.

Fuel prices continue to rise, with petrol and diesel prices increasing by 80 paise and 70 paise per litre on Tuesday, respectively, reaching over Rs 5 per litre following seven rate revisions in eight days. Petrol and diesel prices rose for the sixth time in over a week on Tuesday, with petrol now costing over Rs 100 per litre in the national capital. After a week of revisions, the overall increase in gasoline prices is nearly Rs 5 due to an increase of 80 paise in petrol and 70 paise in diesel today. Petrol will cost Rs 100.21 a litre in Delhi today, while diesel will cost Rs 91.47. Petrol and diesel prices in Mumbai have increased by 85 paise and 75 paise, respectively, to Rs 115.04 and Rs 99.25 a litre. In Chennai, the price of petrol has climbed by 76 paise to Rs 105.94, and the price of diesel has increased by 67 paise to Rs 96. In Kolkata, the price of petrol has climbed by 83 paise to Rs 109.68, and the price of diesel has increased by 70 paise to Rs 94.62. Soon after the news went viral, netizens donned their witty hats and began posting the funniest memes. The following is how the Internet reacted to the recent increase in fuel prices: Petrol price increased multiple times after elections pic.twitter.com/JWYeIMeTMX — Finance Memes (@Qid_Memez) March 28, 2022 × Government too believes in SIP, for petrol; systematic increasing plan.#PetrolDieselPrice — D.Muthukrishnan (@dmuthuk) March 27, 2022 × #PetrolDieselPriceHike #PetrolDieselPrice Modi’s way of saying Thank you pic.twitter.com/h0TpnwH5Z1 — AC (@Veniceofeast) March 21, 2022 × Century 🎉🎉🎉 Next Target ₹150!! — Not Funny Abhi (@NotFunnyAbhi1) March 29, 2022 ×

India: Petrol costs Rs 100, pocket pinch leads to meme outbursts

White House Press Secretary Jen Psaki on Tuesday (March 15) said that India's oil purchases from Russia would not violate any of the sanctions imposed by the United States on that country.&nbsp;

Recently, reports emerged that India was planning to buy "discounted crude oil" from Russia. On being asked about the same during her briefing, Psaki said, "Our message to any country continues to be that obviously abide by the sanctions that we have put in place and recommended."&nbsp;

The White House Press Secretary further added, "I don't believe this would be violating that." However, she made a moral appeal to cut off petroleum commerce with Russia.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fox-news-veteran-war-zone-photographer-ukrainian-journalist-killed-in-ukraine-462764">Fox News veteran war-zone photographer, Ukrainian journalist killed in Ukraine</a>

She said, "Think about where you want to stand when the history books are written. In this moment in time any support for Russia, the Russian leadership, is support for an invasion that obviously is having a devastating impact".&nbsp;

US President Joe Biden has stopped the import of oil, gas and coal to the US from Russia but there's no ban on other countries to import from Russia. As reports have mentioned that NATO allies of the US continue to import Russian gas and petroleum.&nbsp;

Amid rising oil prices, India's Petroleum Minister Hardeep Singh Puri has said as quoted by news agencies that "discussions are underway" for buying oil from Russia. He added that "there are several issues to be gone into like how much oil is available", as well as payment for it and transportation.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-conflict-joe-biden-to-announce-800-million-in-new-security-aid-to-ukraine-462729">Russia-Ukraine conflict: Joe Biden to announce $800 million in new security aid to Ukraine</a>

Oil&nbsp;prices rose as much as $3 on Wednesday, bouncing back after earlier declines.&nbsp;

The Indian rupee firmed on Wednesday, tracking gains in emerging market assets on the back of weak global crude&nbsp;oil&nbsp;prices.&nbsp;

Most emerging Asian stock markets advanced, buoyed by a fall in China's COVID-19 cases and hopes of progress in Russian-Ukraine peace talks.

WATCH |&nbsp;Ukraine war: Russia quits council of Europe before vote on expulsion

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-war-russia-quits-council-of-europe-before-vote-on-expulsion-462802/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

(With inputs from agencies)

White House Press Secretary Jen Psaki on Tuesday (March 15) said that India's oil purchases from Russia would not violate any of the sanctions imposed by the United States on that country.

White House Press Secretary Jen Psaki on Tuesday (March 15) said that India's oil purchases from Russia would not violate any of the sanctions imposed by the United States on that country. Recently, reports emerged that India was planning to buy "discounted crude oil" from Russia. On being asked about the same during her briefing, Psaki said, "Our message to any country continues to be that obviously abide by the sanctions that we have put in place and recommended." The White House Press Secretary further added, "I don't believe this would be violating that." However, she made a moral appeal to cut off petroleum commerce with Russia. ALSO READ | Fox News veteran war-zone photographer, Ukrainian journalist killed in Ukraine She said, "Think about where you want to stand when the history books are written. In this moment in time any support for Russia, the Russian leadership, is support for an invasion that obviously is having a devastating impact". US President Joe Biden has stopped the import of oil, gas and coal to the US from Russia but there's no ban on other countries to import from Russia. As reports have mentioned that NATO allies of the US continue to import Russian gas and petroleum. Amid rising oil prices, India's Petroleum Minister Hardeep Singh Puri has said as quoted by news agencies that "discussions are underway" for buying oil from Russia. He added that "there are several issues to be gone into like how much oil is available", as well as payment for it and transportation. ALSO READ | Russia-Ukraine conflict: Joe Biden to announce $800 million in new security aid to Ukraine Oil prices rose as much as $3 on Wednesday, bouncing back after earlier declines. The Indian rupee firmed on Wednesday, tracking gains in emerging market assets on the back of weak global crude oil prices. Most emerging Asian stock markets advanced, buoyed by a fall in China's COVID-19 cases and hopes of progress in Russian-Ukraine peace talks. WATCH | Ukraine war: Russia quits council of Europe before vote on expulsion × (With inputs from agencies)

US reacts to reports that India planning to take up Russian discounted oil offer

Oil prices have fallen more than five percent and it's the lowest level in nearly two weeks.

Oil prices falls over 5%, lowest in nearly two weeks

The US is hoping Boris Johnson can convince Saudi Arabia to pump more oil after the kingdom's royal snub for Joe Biden. Can the west convince Arab nations to increase output? Or will the solidarity of OPEC+ prevail? Palki Sharma tells you.

Gravitas: Decoding the bouncing oil prices

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.&nbsp;

USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said.

"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.

"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-may-intensify-assault-in-ukraine-despite-setback-warns-us-intel-460591/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71.

Also Read | <a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration.

"Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report.

Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed.

Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-china-accuses-nato-of-pushing-russia-to-breaking-point-460521">Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point'</a>

On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water.

In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers.

One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday.

Amid concern over supply shortages, there are some signs the market is not short of crude yet.

U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT.

(With inputs from agencies)

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply. USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. "Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue. "The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added. × Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71. Also Read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration. "Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008. Also Read | Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point' On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water. In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday. Amid concern over supply shortages, there are some signs the market is not short of crude yet. U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT. (With inputs from agencies)

Oil prices ease over speculation US ban on Russia oil won't cause problem

Saudi Arabia and United Arab Emirates leaders have declined to take calls from US President Joe Biden. Biden has been trying to gather international support for Ukraine in a bid to arrest the rising oil prices. Saudi officials have been quite critical of the US and its policy in the Gulf amid the deteriorating relationship under the Biden administration.

Saudi Arabia, UAE decline calls with US amid fears of oil prices spike

As the war against Ukraine continues,&nbsp;President Joe Biden announced on Tuesday that his administration is banning Russian oil imports.

The US president said the decision to ban Russian&nbsp;oil&nbsp;imports was done "in close consultation"&nbsp;with allies.

<a href="https://www.wionews.com/world/just-how-crucial-is-russian-gas-for-west-in-spite-of-its-invasion-of-ukraine-460314">Also Read:&nbsp;Just how crucial is Russian gas for West, in spite of its invasion of Ukraine</a>

Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days.

"We're banning all imports of Russian&nbsp;oil&nbsp;and&nbsp;gas&nbsp;and energy. That means Russian&nbsp;oil&nbsp;will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House.

"Russia may&nbsp;continue to grind&nbsp;out&nbsp;its&nbsp;advance&nbsp;at a horrible price but this much is already clear -&nbsp;Ukraine will never be a victory for Putin," Biden said, adding,&nbsp;"Putin may be able to take a city, but he'll never be able to hold the country."

Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices.

Watch:&nbsp;Russia threatens Europe's gas supply

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-war-puts-oil-market-in-turmoil-russia-threatens-europes-gas-supplies-460214/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation.

On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil.

<a href="https://www.wionews.com/world/what-alternatives-can-russia-use-as-allies-deploy-financial-nuclear-weapon-460269">Also Read:&nbsp;Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon'</a>

"Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said.

"As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia.

(With inputs from Agencies)

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies.

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies. Also Read: Just how crucial is Russian gas for West, in spite of its invasion of Ukraine Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days. "We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House. "Russia may continue to grind out its advance at a horrible price but this much is already clear - Ukraine will never be a victory for Putin," Biden said, adding, "Putin may be able to take a city, but he'll never be able to hold the country." Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices. Watch: Russia threatens Europe's gas supply International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation. On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil. Also Read: Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon' "Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said. "As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia. (With inputs from Agencies)

President Biden bans Russian oil imports

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted.

Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82.

Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukrainian-men-take-crash-courses-in-fighting-460253/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The White House said US&nbsp;President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies.

Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials.

The ban is expected to be a gradual phasing out over time and is expected to last about a year to try to stop people panic-buying fuel.

An import ban by Europe and the United States on Russian oil could send global oil prices to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said on Tuesday.

Russian Deputy Prime Minister Alexander Novak said prices could rise to more than $300 a barrel.

Many buyers are already avoiding Russian oil to avoid becoming entangled in existing sanctions.

Shell said it would stop all spot purchases of Russian crude after drawing criticism for a purchase on March 4.

Goldman Sachs raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying that the world economy could face the "largest energy supply shocks ever" because of Russia's key role.

Dimming expectations of an imminent return of Iranian crude to global markets have added to upward pressure on prices amid a slowdown in talks between Tehran and world powers over its nuclear activity.

Oil supply disruptions come as inventories continue to fall worldwide. Five analysts polled by Reuters estimated on average that U.S. crude stockpiles decreased by about 800,000 barrels in the week to March 4.

(With inputs from agencies) 
&nbsp;

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted.

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted. Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82. Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine. × The White House said US President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies. Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials. The ban is expected to be a gradual phasing out over time and is expected to last about a year to try to stop people panic-buying fuel. An import ban by Europe and the United States on Russian oil could send global oil prices to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said on Tuesday. Russian Deputy Prime Minister Alexander Novak said prices could rise to more than $300 a barrel. Many buyers are already avoiding Russian oil to avoid becoming entangled in existing sanctions. Shell said it would stop all spot purchases of Russian crude after drawing criticism for a purchase on March 4. Goldman Sachs raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying that the world economy could face the "largest energy supply shocks ever" because of Russia's key role. Dimming expectations of an imminent return of Iranian crude to global markets have added to upward pressure on prices amid a slowdown in talks between Tehran and world powers over its nuclear activity. Oil supply disruptions come as inventories continue to fall worldwide. Five analysts polled by Reuters estimated on average that U.S. crude stockpiles decreased by about 800,000 barrels in the week to March 4. (With inputs from agencies)

Oil prices shoot up as possible US ban on Russian import looms

President Biden’s advisers are discussing a possible visit to Saudi Arabia this spring to help repair relations and convince the Kingdom to pump more oil. WION's Susan Tehrani brings you more insights.

Reports: Biden advisers weigh Saudi Arabia trip for more oil

In the latest Russia has threatened to close its main gas pipeline to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine, a move that could heighten the turmoil in energy markets and drive consumer prices even higher.

Russia threatens Europe's gas supplies, oil prices hit 14-year high

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. 
 
Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. 
 
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. 
 
Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. 
 
The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. 
 
"A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. 
 
"Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." 
 
"Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." 
 
Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. 
 
Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. 
 
Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. 
 
Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. 
 
Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. 
 
IRAN 
 
Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. 
 
In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. 
 
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. 
 
Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. 
 
"Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. 
 
Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. 
 
Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. "A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. "Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." "Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. IRAN Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. "Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. "Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban, Iran delay

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&amp;P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss.

Also read |&nbsp;<a href="https://www.wionews.com/world/boris-johnson-6-steps-the-west-must-take-to-help-ukraine-right-now-459725">Boris Johnson: 6 steps the West must take to help Ukraine right now</a>

Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears.

Also read |<a href="https://www.wionews.com/india-news/russia-ukraine-conflict-indian-pm-narendra-modi-to-speak-with-ukrainian-president-zelenskyy-459732">&nbsp;Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy</a>

India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation.

Watch |&nbsp;Russia enlists help of Syrian fighters in Ukraine

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-enlists-help-of-syrian-fighters-in-ukraine-459772/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban. The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss. Also read | Boris Johnson: 6 steps the West must take to help Ukraine right now Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears. Also read | Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation. Watch | Russia enlists help of Syrian fighters in Ukraine The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares plummet over 2% as oil prices soar on Ukraine crisis

Is the West feeding Russia's war machine? Oil prices are at record high. Reports claim Russian companies are still exporting oil and "making billions". Palki Sharma tells you more.

Gravitas: Is the West feeding Russia's war machine?

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine. Oil prices have hit the seven years high following the invasion and after Western allies have imposed sanctions on Russia.

US, allies to release oil reserves as US oil prices surges 11% to $106 a barrel

Crude oil prices rose up sharply on Wednesday, surging nearly 5% on concerns of a supply crunch even after countries agreed to release 60 million barrels of oil from reserves around the world.

Oil prices surge $110 per barrel

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Amid Russia's continued strikes on Ukraine, President Zelenksy told US President Biden that the "aggressor" must be stopped as soon as possible referring to Putin.

The White House announced that the International Energy Agency (IEA) member states supported by the European Commission have agreed to collectively "release of an initial 60 million barrels of crude oil from our strategic petroleum reserves."

<a href="https://www.wionews.com/photos/ukraine-war-russias-hunt-for-drone-killer-uav-concept-revealed-457886">Also Read in Pics:&nbsp;Russia's hunt for 'drone-killer UAV concept' revealed</a>

"President Biden will authorise the Department of Energy to release 30 million barrels from the US Strategic Petroleum Reserve," it added.

The White House asserted that the IEA member states would be "monitoring markets" and may "consider further releases as necessary" in order to limit the disruption to energy supply.

"We will also continue our efforts to accelerate the diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponisation of oil and gas," the White House added.

Watch:&nbsp;Russia warns of intelligence infrastructure strike

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-warns-of-intelligence-infrastructure-strike-former-advisor-to-prez-zelenskyy-exclusive-457937/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Meanwhile, France said Rafale jets were patrolling NATO's "eastern flank" while taking off from Mont-de-Marsan airbase daily as Russia continues its offensive in Ukraine even as Belgium said it had deployed 300 soldiers to NATO's response force in Romania.

As European nations imposed sanctions on Russia, Switzerland-based Nord Stream 2 company said it had become "insolvent" and laid off over 100 people after approval was halted.

<a href="https://www.wionews.com/photos/facts-about-ukraine-that-have-long-been-disputed-by-great-empires-457442">Also Read in Pics:&nbsp;Facts about Ukraine that have long been disputed by great empires</a>

The fighting in Kyiv intensified on Tuesday as the mayor of Ukraine's capital said the situation had become "threatening".

"The enemy wants to take the heart of our country. But we will fight and will not give up Kyiv," the mayor said amid bitter fighting in Ukraine's capital city.

(With inputs from Agencies)

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos. Amid Russia's continued strikes on Ukraine, President Zelenksy told US President Biden that the "aggressor" must be stopped as soon as possible referring to Putin. The White House announced that the International Energy Agency (IEA) member states supported by the European Commission have agreed to collectively "release of an initial 60 million barrels of crude oil from our strategic petroleum reserves." Also Read in Pics: Russia's hunt for 'drone-killer UAV concept' revealed "President Biden will authorise the Department of Energy to release 30 million barrels from the US Strategic Petroleum Reserve," it added. The White House asserted that the IEA member states would be "monitoring markets" and may "consider further releases as necessary" in order to limit the disruption to energy supply. "We will also continue our efforts to accelerate the diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponisation of oil and gas," the White House added. Watch: Russia warns of intelligence infrastructure strike Meanwhile, France said Rafale jets were patrolling NATO's "eastern flank" while taking off from Mont-de-Marsan airbase daily as Russia continues its offensive in Ukraine even as Belgium said it had deployed 300 soldiers to NATO's response force in Romania. As European nations imposed sanctions on Russia, Switzerland-based Nord Stream 2 company said it had become "insolvent" and laid off over 100 people after approval was halted. Also Read in Pics: Facts about Ukraine that have long been disputed by great empires The fighting in Kyiv intensified on Tuesday as the mayor of Ukraine's capital said the situation had become "threatening". "The enemy wants to take the heart of our country. But we will fight and will not give up Kyiv," the mayor said amid bitter fighting in Ukraine's capital city. (With inputs from Agencies)

Biden to authorise 30 million barrels of oil to be released from petroleum reserve: White House

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. &nbsp;

The current situation threatens to push inflation, squeezing the global economy even more. &nbsp;

Stocks fell initially on Thursday. The prices have also surged for wheat, oil and other commodities. &nbsp;

This comes as the world is worried that the conflict may disrupt global supplies. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/for-premeditated-ukraine-conflict-us-uk-hit-russia-with-new-sanctions-456254">For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions</a>

But as the day progressed, things started to look better. &nbsp;&nbsp;

The S&amp;P 500 nosedived 2.6 per cent on Wall Street at the start of trading. Soon, it recovered the drop and flipped to a gain of 1.5 per cent. &nbsp;&nbsp;

In Europe, the heaviest losses hit stocks. The German DAX also went down 4 per cent. &nbsp;

The conflict also looked to push prices even higher at gasoline pumps and grocery stores around the world. &nbsp;

On both sides of the Atlantic, the prices of oil briefly went above USD 100 per barrel to its highest levels since 2014. But soon it came down and the price of oil in the US settled at USD 92.81. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/in-russia-police-arrest-thousands-participating-in-anti-war-protests-threaten-with-legal-repercussions-456259">In Russia, police arrest thousands for participating in 'anti-war' protests</a>

For natural gas, the spot price in Europe also jumped over 50 per cent. &nbsp;

The FTSE 100 in London tumbled 3.9 per cent while the Russian indexes plunged by a third or more after stock exchange in Moscow briefly suspended trading on all its markets on Thursday morning. &nbsp;&nbsp;

In Paris, the CAC 40 lost 3.8 per cent, and Asian markets also fell by nearly 2 per cent or more. &nbsp;

(With inputs from agencies)&nbsp;

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. The current situation threatens to push inflation, squeezing the global economy even more.

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. The current situation threatens to push inflation, squeezing the global economy even more. Stocks fell initially on Thursday. The prices have also surged for wheat, oil and other commodities. This comes as the world is worried that the conflict may disrupt global supplies. Also Read: For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions But as the day progressed, things started to look better. The S&P 500 nosedived 2.6 per cent on Wall Street at the start of trading. Soon, it recovered the drop and flipped to a gain of 1.5 per cent. In Europe, the heaviest losses hit stocks. The German DAX also went down 4 per cent. The conflict also looked to push prices even higher at gasoline pumps and grocery stores around the world. On both sides of the Atlantic, the prices of oil briefly went above USD 100 per barrel to its highest levels since 2014. But soon it came down and the price of oil in the US settled at USD 92.81. Also Read: In Russia, police arrest thousands for participating in 'anti-war' protests For natural gas, the spot price in Europe also jumped over 50 per cent. The FTSE 100 in London tumbled 3.9 per cent while the Russian indexes plunged by a third or more after stock exchange in Moscow briefly suspended trading on all its markets on Thursday morning. In Paris, the CAC 40 lost 3.8 per cent, and Asian markets also fell by nearly 2 per cent or more. (With inputs from agencies)

Russia-Ukraine conflict makes markets fall, oil prices soar

Oil prices have surged hitting a record seven-year high as fears over energy supplies escalate. Russia is the world's second largest oil exporter and top natural gas producer.

Oil prices hit a record 7-year-high, fears of global energy supply escalate

oil-prices

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