Oil prices fell in early Asian trade on Monday, paring gains from the previous session. Oil supply remained tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Oil prices slip as recession fears rumble on

The Sri Lankan government has extended a two-week closure of non-essential state institutions until further notice in order to save fuel, maintaining only a skeleton staff to provide minimum services. The cash-strapped country on Sunday announced sending ministers to Russia and Qatar to try and secure cheap oil a day after the government said it had all but run out of fuel, as reported by AFP.&nbsp;

Energy Minister Kanchana Wijesekera said two ministers will travel to Russia on Monday to discuss getting more oil following last month's purchase of 90,000 tonnes of Siberian crude. The shipment was arranged through Coral Energy, a Dubai-based intermediary, but politicians have been urging the authorities to negotiate directly with President Vladimir Putin's government.

"Two ministers are going to Russia and I will go to Qatar tomorrow to see if we can arrange concessionary terms," Wijesekera told reporters in Colombo.

Wijesekera had announced on Saturday that Sri Lanka was virtually out of petrol and diesel after several scheduled shipments were delayed indefinitely due to "banking" reasons. Fuel reserves were sufficient to meet less than two days' demand and it was being reserved for essential services, Wijesekera said while apologising for the situation.

The state-run Ceylon Petroleum Corporation on Sunday hiked the price for diesel by 15 per cent to 460 rupees ($1.27) a litre and petrol by 22 per cent to 550 rupees. Since the beginning of the year, diesel prices have gone up nearly four-fold and gasoline has almost tripled.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/diamond-city-of-india-loses-its-sheen-as-ukraine-war-disrupts-supply-chains-491987">‘Diamond city’ of India loses its sheen, as Ukraine war disrupts supply chains</a>

Wijesekera said there would be an indefinite delay in getting new shipments of oil and urged motorists not to queue up until he introduces a token system to a limited number of vehicles daily. Unable to repay its $51 billion foreign debt, the government declared it was defaulting in April and is negotiating with the International Monetary Fund for a possible bailout.

Ranil Wickremesinghe, Prime Minister of Sri Lanka said, "Our economy has faced a complete collapse. We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food." Sri Lanka's official inflation at the end of May was 45.3 per cent, according to official data, but private economists have placed it at 128 per cent, the second-highest in the world after Zimbabwe.

(with inputs from agencies) 
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The Sri Lankan government has extended a two-week closure of non-essential state institutions until further notice in order to save fuel, maintaining only a skeleton staff to provide minimum services.

The Sri Lankan government has extended a two-week closure of non-essential state institutions until further notice in order to save fuel, maintaining only a skeleton staff to provide minimum services. The cash-strapped country on Sunday announced sending ministers to Russia and Qatar to try and secure cheap oil a day after the government said it had all but run out of fuel, as reported by AFP. Energy Minister Kanchana Wijesekera said two ministers will travel to Russia on Monday to discuss getting more oil following last month's purchase of 90,000 tonnes of Siberian crude. The shipment was arranged through Coral Energy, a Dubai-based intermediary, but politicians have been urging the authorities to negotiate directly with President Vladimir Putin's government. "Two ministers are going to Russia and I will go to Qatar tomorrow to see if we can arrange concessionary terms," Wijesekera told reporters in Colombo. Wijesekera had announced on Saturday that Sri Lanka was virtually out of petrol and diesel after several scheduled shipments were delayed indefinitely due to "banking" reasons. Fuel reserves were sufficient to meet less than two days' demand and it was being reserved for essential services, Wijesekera said while apologising for the situation. The state-run Ceylon Petroleum Corporation on Sunday hiked the price for diesel by 15 per cent to 460 rupees ($1.27) a litre and petrol by 22 per cent to 550 rupees. Since the beginning of the year, diesel prices have gone up nearly four-fold and gasoline has almost tripled. Also Read: ‘Diamond city’ of India loses its sheen, as Ukraine war disrupts supply chains Wijesekera said there would be an indefinite delay in getting new shipments of oil and urged motorists not to queue up until he introduces a token system to a limited number of vehicles daily. Unable to repay its $51 billion foreign debt, the government declared it was defaulting in April and is negotiating with the International Monetary Fund for a possible bailout. Ranil Wickremesinghe, Prime Minister of Sri Lanka said, "Our economy has faced a complete collapse. We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food." Sri Lanka's official inflation at the end of May was 45.3 per cent, according to official data, but private economists have placed it at 128 per cent, the second-highest in the world after Zimbabwe. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-strapped Sri Lanka on lookout for discounted Russian oil

United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump. He warned the oil industry of unspecified emergency measures over high fuel prices at the heart of 40-year high inflation.&nbsp;

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent.

The letter, sent to seven major oil corporations, was Biden's most direct salvo yet in a campaign to blame the industry for stoking price increases.&nbsp;

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent.

"Refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden wrote in the letter to executives from Shell, Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron and BP.

Biden said the economy is in "a time of war," referring to the global fallout from President Vladimir Putin's invasion of Ukraine and subsequent sanctions against energy exporter Russia.

"My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said, without detailing what kind of actions he could take.

Biden has regularly lambasted the oil industry for what he says is a failure to tap into already approved wells and increase output.&nbsp;

However, the letter, accompanied by a graph depicting rising producer profits, marked an escalation in the war of words.

In the letter, he asked for an "explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months, including transportation measures to get the refined product to market."

"The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis," he wrote. 
Biden's Democratic Party risks a heavy defeat, losing control of Congress, in the November elections and polls show that fears over the economy dominate.

Also Read:&nbsp;<a href="https://www.wionews.com/photos/in-pics-sheep-fire-flames-engulf-dense-vegetation-in-southern-california-488426">In pics: Sheep fire flames engulf dense vegetation in southern California</a>

In a fiery speech Tuesday, Biden blamed Republican obstruction in Congress and Russia's war in Ukraine for price increases that he said are "sapping the strength of a lot of families."

The Federal Reserve was due Wednesday to raise interest rates again in an aggressive effort to tamp down inflation, amid fears that the unintended result will be a recession.

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United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump.

United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump. He warned the oil industry of unspecified emergency measures over high fuel prices at the heart of 40-year high inflation. Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent. The letter, sent to seven major oil corporations, was Biden's most direct salvo yet in a campaign to blame the industry for stoking price increases. Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent. "Refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden wrote in the letter to executives from Shell, Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron and BP. Biden said the economy is in "a time of war," referring to the global fallout from President Vladimir Putin's invasion of Ukraine and subsequent sanctions against energy exporter Russia. "My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said, without detailing what kind of actions he could take. Biden has regularly lambasted the oil industry for what he says is a failure to tap into already approved wells and increase output. However, the letter, accompanied by a graph depicting rising producer profits, marked an escalation in the war of words. In the letter, he asked for an "explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months, including transportation measures to get the refined product to market." "The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis," he wrote. Biden's Democratic Party risks a heavy defeat, losing control of Congress, in the November elections and polls show that fears over the economy dominate. Also Read: In pics: Sheep fire flames engulf dense vegetation in southern California In a fiery speech Tuesday, Biden blamed Republican obstruction in Congress and Russia's war in Ukraine for price increases that he said are "sapping the strength of a lot of families." The Federal Reserve was due Wednesday to raise interest rates again in an aggressive effort to tamp down inflation, amid fears that the unintended result will be a recession. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Joe Biden calls out oil refineries to take ‘immediate actions’ over soaring gas prices

The situation between Russia and India on oil trade has changed within months of Russia-Ukraine war. Now Russia has emerged as India's second biggest supplier of crude oil pushing Saudi Arabia to third position.

Russia, now India's 2nd largest oil supplier

Russia has replaced Saudi Arabia as India's 2nd largest oil supplier as Indian refiners lap up cheaper crude oil. Russia now accounts for 18% of India's crude oil imports.

Indian refiners lap up cheaper crude oil as Russia is now India's 2nd largest oil supplier

Oil&nbsp;prices dropped more than 2 dollars on Monday as a flare-up in&nbsp;COVID-19&nbsp;cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global&nbsp;inflation&nbsp;and&nbsp;sluggish economic growth further depressed the market.

Brent crude futures fell 2.3 dollars, or 1.89 per cent, to 119.71 dollars a barrel by 0647 GMT, while US&nbsp;West Texas Intermediate crude was at 118.4 dollars&nbsp;a barrel, down 2.27 dollars, or 1.88 per cent.

Prices fell after Chinese officials warned on the weekend of a "ferocious" spread of&nbsp;COVID-19&nbsp;in the capital, where mass testing is planned until Wednesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/nearly-200-covid-infections-linked-to-a-single-bar-in-beijing-487673">Nearly 200 Covid infections linked to a single bar in Beijing</a>

"China remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand&nbsp;as a powerful positive for&nbsp;oil", Stephen Innes of SPI Asset Management said in a note.

That was despite the potential for lockdown noise in coming weeks, Innes added, with demand&nbsp;still far from reflecting normal conditions.

Both global&nbsp;oil&nbsp;benchmarks rose more than 1 per cent&nbsp;last week after data showed robust&nbsp;oil&nbsp;demand&nbsp;in the world's top consumer, the United States, despite&nbsp;inflation&nbsp;concerns.

Watch |&nbsp;Gravitas: Western powers want to fix Russian oil price?

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Their rise was aided by hopes for a consumption rebound in the second-biggest global consumer China after lockdown measures were lifted starting June 1.

Concerns&nbsp;about further interest rate hikes after Friday's red-hot US inflation&nbsp;data are also weighing on global financial markets.

The US consumer price index increased a bigger-than-expected 8.6 per cent&nbsp;last month, in its largest annual increase since December&nbsp;1981, official figures showed, dashing hopes that&nbsp;inflation&nbsp;had peaked.

Also read |&nbsp;<a href="https://www.wionews.com/south-east-asia/mass-covid-testing-announced-for-beijings-chaoyang-district-amid-ferocious-outbreak-487540">Mass COVID-19 testing announced for Beijing's Chaoyang district amid 'ferocious' outbreak</a>

"Worries over slowing economic growth dampening global consumption in the coming&nbsp;months&nbsp;and&nbsp;persistent&nbsp;COVID&nbsp;curbs in China denting its consumption in the short term are dominating market sentiment", Vandana Hari, founder of analysis provider Vanda Insights, said in a note.

Oil&nbsp;producers&nbsp;and&nbsp;refiners are running at full throttle to meet peak summer demand, while traders are watching closely for any possible impact from labour disputes in Libya, Norway&nbsp;and&nbsp;South Korea on&nbsp;oil&nbsp;exports&nbsp;and&nbsp;consumption.

To boost supplies in the West, top exporter Saudi Arabia plans to divert some crude to Europe from China in July, traders said.

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Oil prices dropped more than 2 dollars on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market.

Oil prices dropped more than 2 dollars on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. Brent crude futures fell 2.3 dollars, or 1.89 per cent, to 119.71 dollars a barrel by 0647 GMT, while US West Texas Intermediate crude was at 118.4 dollars a barrel, down 2.27 dollars, or 1.88 per cent. Prices fell after Chinese officials warned on the weekend of a "ferocious" spread of COVID-19 in the capital, where mass testing is planned until Wednesday. Also read | Nearly 200 Covid infections linked to a single bar in Beijing "China remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand as a powerful positive for oil", Stephen Innes of SPI Asset Management said in a note. That was despite the potential for lockdown noise in coming weeks, Innes added, with demand still far from reflecting normal conditions. Both global oil benchmarks rose more than 1 per cent last week after data showed robust oil demand in the world's top consumer, the United States, despite inflation concerns. Watch | Gravitas: Western powers want to fix Russian oil price? Their rise was aided by hopes for a consumption rebound in the second-biggest global consumer China after lockdown measures were lifted starting June 1. Concerns about further interest rate hikes after Friday's red-hot US inflation data are also weighing on global financial markets. The US consumer price index increased a bigger-than-expected 8.6 per cent last month, in its largest annual increase since December 1981, official figures showed, dashing hopes that inflation had peaked. Also read | Mass COVID-19 testing announced for Beijing's Chaoyang district amid 'ferocious' outbreak "Worries over slowing economic growth dampening global consumption in the coming months and persistent COVID curbs in China denting its consumption in the short term are dominating market sentiment", Vandana Hari, founder of analysis provider Vanda Insights, said in a note. Oil producers and refiners are running at full throttle to meet peak summer demand, while traders are watching closely for any possible impact from labour disputes in Libya, Norway and South Korea on oil exports and consumption. To boost supplies in the West, top exporter Saudi Arabia plans to divert some crude to Europe from China in July, traders said. Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil falls on Beijing's COVID-19 warning and inflation concerns

Russia earned nearly 100 billion dollars from export of fossil fuels during the first 100 days of Ukraine war, research has revealed. The research has said that most of USD 98 billion worth of fossil fuels has been sent to the European Union.

The study has been done by Centre for Research on Energy and Clean Air (CREA), an independent, Finland-based group. The study report has come as Kyiv is urging the West to sever all ties with Russia.

Europe is heavily dependent on Russian oil. Earlier this month, the EU agreed to halt most of these imports. Though the bloc aims to reduce gas shipments by two-thirds this year, an embargo is not in the cards at present.

As per the research report, supply to EU made up 61 per cent of Russia's fossil fuel exports in first 100 days of Ukraine war. The exports were worth USD 60 billion. China was the top importer at 12.6 billion euros, Germany (12.1 billion) and Italy (7.8 billion).&nbsp;

Russia's fossil fuel revenues come first from the sale of crude oil (46 billion), followed by pipeline gas, oil products, liquefied natural gas (LNG) and coal.&nbsp;

Russia invaded Ukraine on February 24. Russia's exports plunged in May as countries and companies moved away from purchase. However, global rise in fossil fuel price benefitted Russia.

The report added that some countries like China, India, the UAE and France had upped their purchases from Russia.

(With inputs from agencies)

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Russia earned nearly 100 billion dollars from export of fossil fuels during the first 100 days of Ukraine war, research has revealed. The research has said that most of USD 98 billion worth of fossil fuels has been sent to the European Union.

Russia earned nearly 100 billion dollars from export of fossil fuels during the first 100 days of Ukraine war, research has revealed. The research has said that most of USD 98 billion worth of fossil fuels has been sent to the European Union. The study has been done by Centre for Research on Energy and Clean Air (CREA), an independent, Finland-based group. The study report has come as Kyiv is urging the West to sever all ties with Russia. Europe is heavily dependent on Russian oil. Earlier this month, the EU agreed to halt most of these imports. Though the bloc aims to reduce gas shipments by two-thirds this year, an embargo is not in the cards at present. As per the research report, supply to EU made up 61 per cent of Russia's fossil fuel exports in first 100 days of Ukraine war. The exports were worth USD 60 billion. China was the top importer at 12.6 billion euros, Germany (12.1 billion) and Italy (7.8 billion). Russia's fossil fuel revenues come first from the sale of crude oil (46 billion), followed by pipeline gas, oil products, liquefied natural gas (LNG) and coal. Russia invaded Ukraine on February 24. Russia's exports plunged in May as countries and companies moved away from purchase. However, global rise in fossil fuel price benefitted Russia. The report added that some countries like China, India, the UAE and France had upped their purchases from Russia. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Russia earns almost USD 100 bn from fuel exports in 100 days of Ukraine war

Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures.

Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Nintendo Co. Issues surged 1.9 per cent in afternoon trading, while Honda Motor Co. Stocks gained more than 0.9 per cent.

The Japanese yen has recently slid to fresh 20-year lows against the US dollar, a trend the International Monetary Fund and other analysts expect to continue for a while because of higher interest rates in the US and Europe, compared to Japan, where long-term interest rates remain at near-zero.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

The dollar was trading at 133.80 Japanese yen after hitting 134 yen levels earlier in the day, down from 134.20 yen late Wednesday. The euro cost USD 1.0721, inching up from USD 1.0718.

The Governing Council of the European Central Bank is holding a monetary policy meeting later in the day.

Comments from Christine Lagarde, head of the European Central Bank, have markets anticipating an interest rate hike in July, with possibly more to follow.

"Nonetheless, the economic recovery remains fragile and subject to down side risks from geo-political risks, eroding real incomes, supply chain constraints and limited fiscal support",&nbsp;said Venkateswaran Lavanya of the Asia &amp; Oceania Treasury Department at Mizuho Bank in Singapore.

To that end, ECB will not want to throw the baby out with the bath water,&nbsp;calibrating monetary tightening in a more sustained, even if slow, pace,&nbsp;she said in a commentary.

Watch |&nbsp;Oil hovers near 13-week high, China optimism backs price surge

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Japan's benchmark Nikkei 225 gained 0.2 per cent in afternoon trading to 28,290.06. Australia's S&amp;P/ASX 200 slipped 1.2 per cent to 7,037.10. South Korea's Kospi fell 0.4 per cent to 2,616.46. Hong Kong's Hang Seng shed 1.0 per cent to 21,788.494, while the Shanghai Composite lost&nbsp;1.1 per cent to 3,228.08.

The impact from inflation has worsened since Russia's invasion of Ukraine, which has put more pressure on energy and food prices. US&nbsp;Crude oil prices rose 2.3 per cent on Wednesday and are up 63 per cent for the year, while wheat prices are up 39 per cent in 2022.

Supply chains have also gotten tighter following a series of lockdowns for Chinese cities fighting COVID-19 cases.

In energy trading, benchmark US crude was up 29 cents to USD 122.40 a barrel. It gained USD 2.70 on Wednesday.

Brent crude, the international standard for pricing oil, gained 35 cents to USD 123.93 a barrel.

Greater inflation pressure from the conflict in Ukraine and lockdowns in China prompted the Organisation for Economic Cooperation and Development to cut its forecast for economic growth, following several other international groups, including the World Bank.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistani-rupee-nosedives-to-all-time-low-of-20283-against-us-dollar-486263">Pakistani rupee nosedives to all-time low of 202.83 against US dollar</a>

Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority.&nbsp;

The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week.

That would be the second straight increase of double the usual amount, and investors expect a third in July.

Stocks fell broadly on Wall Street, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation's impact on businesses and another gloomy outlook on the global economy.

The S&amp;P 500 index fell 1.1 per cent to 4,115.77. The Dow Jones Industrial Average shed 0.8 per cent to 32,910.90 and the Nasdaq slipped 0.7 per cent to 12,086.27.

Smaller company stocks fell more than the rest of the market.

The Russell 2000 declined 1.5 per cent to 1,891.01.

Bond yields rose. The yield on the 10-year Treasury, which banks use to set rates on mortgages and other loans, rose to 3.02 per cent from 2.97 per cent late Tuesday.

The big concerns on Wall Street remain rising inflation and whether the Federal Reserve's shift to aggressively raise interest rates will help temper the impact or possibly push the economy into a recession.

The Fed's goal is to slow economic growth enough to cushion inflation's impact. Demand for goods had been outpacing supplies and production capacity through most of the post-pandemic recovery.

But, investors worry the Fed could go too far too fast in raising rates, nudging the US economy into a recession.

The next big update on inflation arrives Friday, when the US government releases its latest reading on the consumer price index.&nbsp; 
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Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures.

Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures. Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Nintendo Co. Issues surged 1.9 per cent in afternoon trading, while Honda Motor Co. Stocks gained more than 0.9 per cent. The Japanese yen has recently slid to fresh 20-year lows against the US dollar, a trend the International Monetary Fund and other analysts expect to continue for a while because of higher interest rates in the US and Europe, compared to Japan, where long-term interest rates remain at near-zero. Also read | Dollar gains as US stocks fall, ECB decision on tap The dollar was trading at 133.80 Japanese yen after hitting 134 yen levels earlier in the day, down from 134.20 yen late Wednesday. The euro cost USD 1.0721, inching up from USD 1.0718. The Governing Council of the European Central Bank is holding a monetary policy meeting later in the day. Comments from Christine Lagarde, head of the European Central Bank, have markets anticipating an interest rate hike in July, with possibly more to follow. "Nonetheless, the economic recovery remains fragile and subject to down side risks from geo-political risks, eroding real incomes, supply chain constraints and limited fiscal support", said Venkateswaran Lavanya of the Asia & Oceania Treasury Department at Mizuho Bank in Singapore. To that end, ECB will not want to throw the baby out with the bath water, calibrating monetary tightening in a more sustained, even if slow, pace, she said in a commentary. Watch | Oil hovers near 13-week high, China optimism backs price surge Japan's benchmark Nikkei 225 gained 0.2 per cent in afternoon trading to 28,290.06. Australia's S&P/ASX 200 slipped 1.2 per cent to 7,037.10. South Korea's Kospi fell 0.4 per cent to 2,616.46. Hong Kong's Hang Seng shed 1.0 per cent to 21,788.494, while the Shanghai Composite lost 1.1 per cent to 3,228.08. The impact from inflation has worsened since Russia's invasion of Ukraine, which has put more pressure on energy and food prices. US Crude oil prices rose 2.3 per cent on Wednesday and are up 63 per cent for the year, while wheat prices are up 39 per cent in 2022. Supply chains have also gotten tighter following a series of lockdowns for Chinese cities fighting COVID-19 cases. In energy trading, benchmark US crude was up 29 cents to USD 122.40 a barrel. It gained USD 2.70 on Wednesday. Brent crude, the international standard for pricing oil, gained 35 cents to USD 123.93 a barrel. Greater inflation pressure from the conflict in Ukraine and lockdowns in China prompted the Organisation for Economic Cooperation and Development to cut its forecast for economic growth, following several other international groups, including the World Bank. Also read | Pakistani rupee nosedives to all-time low of 202.83 against US dollar Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority. The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week. That would be the second straight increase of double the usual amount, and investors expect a third in July. Stocks fell broadly on Wall Street, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation's impact on businesses and another gloomy outlook on the global economy. The S&P 500 index fell 1.1 per cent to 4,115.77. The Dow Jones Industrial Average shed 0.8 per cent to 32,910.90 and the Nasdaq slipped 0.7 per cent to 12,086.27. Smaller company stocks fell more than the rest of the market. The Russell 2000 declined 1.5 per cent to 1,891.01. Bond yields rose. The yield on the 10-year Treasury, which banks use to set rates on mortgages and other loans, rose to 3.02 per cent from 2.97 per cent late Tuesday. The big concerns on Wall Street remain rising inflation and whether the Federal Reserve's shift to aggressively raise interest rates will help temper the impact or possibly push the economy into a recession. The Fed's goal is to slow economic growth enough to cushion inflation's impact. Demand for goods had been outpacing supplies and production capacity through most of the post-pandemic recovery. But, investors worry the Fed could go too far too fast in raising rates, nudging the US economy into a recession. The next big update on inflation arrives Friday, when the US government releases its latest reading on the consumer price index. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Asian shares fall as oil lingers above USD 120, yen sinks

Saudi Arabia has raised the official selling price of oil. Global oil prices have also witnessed a jump in price.

Saudi Arabia raises the official selling price of oil

The Organization of the Petroleum Exporting Countries (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+ agrees to significant oil output increases in July to ease surging prices

Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter.

The price of oil was lower on Thursday morning, falling more than 2%. After a 0.5 percent gain on Wednesday, US West Texas Intermediate (WTI) crude fell to roughly $112 per barrel.

After increasing 0.6 per cent the day before, Brent crude was down to $113 a barrel.

Despite the fact that the price of oil has soared to its highest level in a decade, Saudi Arabia has resisted efforts from the White House to increase production.

The monarchy has stated that it needs to retain extra capacity on hand.

Fears of an oil scarcity grew as the EU imposed more sanctions on Moscow, including a prohibition on importing Russian oil via seaborne cargo.

Watch | Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

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Later this year, a pact with the United Kingdom that prohibits insurance of ships carrying oil could limit Moscow's ability to divert oil to other regions, according to reports.

According to the article, the decision to increase production could be disclosed during the OPEC+ meeting on Thursday.

Production increases that were supposed to happen in September would now happen in July and August.

While difficulties between the US and Saudi officials have existed in the past, recent trips by a high-level US team have helped to strengthen the relationship.

WATCH WION LIVE HERE

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Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter.

Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter. The price of oil was lower on Thursday morning, falling more than 2%. After a 0.5 percent gain on Wednesday, US West Texas Intermediate (WTI) crude fell to roughly $112 per barrel. After increasing 0.6 per cent the day before, Brent crude was down to $113 a barrel. Despite the fact that the price of oil has soared to its highest level in a decade, Saudi Arabia has resisted efforts from the White House to increase production. The monarchy has stated that it needs to retain extra capacity on hand. Fears of an oil scarcity grew as the EU imposed more sanctions on Moscow, including a prohibition on importing Russian oil via seaborne cargo. Watch | Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting Later this year, a pact with the United Kingdom that prohibits insurance of ships carrying oil could limit Moscow's ability to divert oil to other regions, according to reports. According to the article, the decision to increase production could be disclosed during the OPEC+ meeting on Thursday. Production increases that were supposed to happen in September would now happen in July and August. While difficulties between the US and Saudi officials have existed in the past, recent trips by a high-level US team have helped to strengthen the relationship. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil prices slide on report that Saudi is ready to pump more if Russian output sinks

Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.

Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

According to reports, EU is divided over Russian oil ban and now a temporary compromise is being discussed among EU countries in an attempt to get Hungarian Prime Minister's support.

EU mulls diluting Russian oil ban; move to bring Hungary on board

India's response to the crude-oil shock has been quick. It seems to be visibly changing its oil-supply chain. The most visible change is the absence of the US from the top suppliers league in Q2CY22.

How India's oil supply is changing? India's oil supply from Russia surge

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy. However, things can get better for Vladmir Putin as a Reuters report claimed that China is taking advantage of the situation by buying oil from Russia at bargain prices.

According to estimates by Vortexa Analytics, the report claimed that China’s oil imports can go up to a near-record 1.1 million barrels per day – up from 750,000 in the first quarter of 2022.

Also read |&nbsp;<a href="https://www.wionews.com/world/g7-countries-pledge-financial-aid-of-198-billion-to-ukraine-amid-russian-invasion-480736">G7 countries pledge aid of $19.8 billion to Ukraine amid Russian invasion</a>

The report further claimed that the purchases are being carried out by Unipec, the trading arm of Asia’s top refiner Sinopec Corp, and Zhenhua Oil, a unit of China’s defense conglomerate Norinco.

According to shipping data and various traders, the Reuters report also pointed out Livna Shipping Limited as the main shipper of Russian oil into China. This is a huge reprieve for Russia after Vitol and Trafigura, the worst’s biggest commodity traders, stopped buying oil from Russian producers.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/china-looking-to-construct-military-bases-in-pakistan-report-480699" hreflang="en">China looking to construct military outposts in Pakistan: Report</a>

“The situation began taking a drastic turn after the exit of Vitol and Trafigura that created a vacuum, which could only be filled by companies that can provide value and are trusted by their Russian counterparts,” one Chinese trader, who asked not to be named, told Reuters.

It also helped China in getting the oil for extremely low prices – almost $29 less per barrel – as it enabled them to save money and redirect it to other sectors of their COVID-19 pandemic-hit economy.

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(With agency inputs)

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy.

The ongoing conflict in Ukraine has resulted in a number of western countries stopping their business with Russia when it comes to the purchase of oil. The United States and a number of European countries are looking to stop the oil and gas imports completely dealing a major blow to the Russian economy. However, things can get better for Vladmir Putin as a Reuters report claimed that China is taking advantage of the situation by buying oil from Russia at bargain prices. According to estimates by Vortexa Analytics, the report claimed that China’s oil imports can go up to a near-record 1.1 million barrels per day – up from 750,000 in the first quarter of 2022. Also read | G7 countries pledge aid of $19.8 billion to Ukraine amid Russian invasion The report further claimed that the purchases are being carried out by Unipec, the trading arm of Asia’s top refiner Sinopec Corp, and Zhenhua Oil, a unit of China’s defense conglomerate Norinco. According to shipping data and various traders, the Reuters report also pointed out Livna Shipping Limited as the main shipper of Russian oil into China. This is a huge reprieve for Russia after Vitol and Trafigura, the worst’s biggest commodity traders, stopped buying oil from Russian producers. Also read | China looking to construct military outposts in Pakistan: Report “The situation began taking a drastic turn after the exit of Vitol and Trafigura that created a vacuum, which could only be filled by companies that can provide value and are trusted by their Russian counterparts,” one Chinese trader, who asked not to be named, told Reuters. It also helped China in getting the oil for extremely low prices – almost $29 less per barrel – as it enabled them to save money and redirect it to other sectors of their COVID-19 pandemic-hit economy. WATCH WION LIVE HERE - (With agency inputs)

China quietly purchasing large amounts of low-priced Russian oil - Report

Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and coal than we consume. In particular, horizontal drilling and hydraulic fracturing — fracking — transformed the United States from the world’s largest oil importer to a net exporter of both oil and gas.

This kind of physical energy security is a blessing when conflict disrupts the global energy trade. Europe’s frantic dash to free itself of Russian energy illustrates how deeply problematic it can be to not have it.

Yet look at prices at the pump, and you’ll see why we can’t drill our way to true energy security. That’s why the Senate must finalize legislation now that will marshal the full might of America’s energy arsenal to defeat Vladimir Putin, reduce energy costs, secure our economy against the next energy crisis and confront the critical threat of climate change.

Oil, coal and, increasingly, natural gas are globally traded commodities, which leaves the U.S. economy dangerously exposed to the vagaries and volatility of energy prices. The decisions of a single autocrat on the other side of the world can send the cost of filling the tank in Des Moines or Denver soaring. Every $10 per barrel increase in the price of oil is a nearly $200 million per day tax on American households and businesses, and soaring energy costs are a primary driver of inflation, threatening to topple the U.S. economy back into recession.

These threats to America’s economic security will persist as long as our households, businesses and industry remain dependent on fossil fuels. Only by reducing our use of oil and gas can we insulate America’s economy from fossil fuel price shocks.

Prices at the pump today are at their highest levels since 2008. Back then, the United States imported over half of our oil and U.S. natural gas production had just begun to climb out of a four-decade-long plateau. Wind and solar power were expensive, supplied less than 2 percent of U.S. electricity and could not, it seemed, scale to meet the moment. And just 100 of Tesla’s original Roadsters had rolled off production lines.

In that context, it is almost understandable to think even more drilling is America’s only path to energy security. But in the ensuing years, the energy landscape fundamentally changed. Even as oil and gas production boomed, supportive public policies at home and across the world scaled up wind and solar power, driving down costs by 72 percent for wind and 90 percent for solar since 2009. These once-costly alternative energy technologies are now the cheapest and fastest growing sources of electricity available today.

Lithium-ion battery costs have also plummeted as fast as solar, and all major automakers are now racing to bring affordable, mass-market electric vehicles to every consumer segment, including perennially popular pickup trucks and S.U.V.s.

It is true that to aid our European allies (including Ukraine), cut off Russia’s biggest source of foreign currency and starve the Kremlin’s war effort, the United States must export as much liquefied natural gas, oil and coal as we can muster. Yet that’s only the start of a new approach to energy security. Congress must also enact a bold investment package to grow renewable electricity, preserve existing nuclear plants, catalyze new hydrogen, carbon capture and advanced nuclear industries, help American households and businesses adopt electric vehicles and efficient electric heating and increase energy productivity in American industries.

The House of Representatives has already passed such an energy investment package as part of the Build Back Better Act, but it has stalled in the Senate. The REPEAT Project, which I lead, has modeled the energy provisions in that bill. If enacted, we estimate that by 2028, U.S. oil consumption could fall by nearly 500 million barrels per year and natural gas consumption could decline by two trillion cubic feet. At current energy prices, that’s roughly $70 billion in annual savings for American homes and businesses, making the U.S. economy far more energy secure.

We also find these investments in energy security would put the United States within easy reach of the nation’s commitment to cut climate-warming greenhouse gas emissions to 50 percent of peak levels by 2030, confronting another urgent threat to national and global security.

Senator Joe Manchin of West Virginia has been a key holdout on the energy package in the Build Back Better Act passed by the House, but he also seems to recognize that Mr. Putin’s assault on Ukraine changes the context for energy legislation. “This is, in many ways, an energy war,” Mr. Manchin aptly stated as the conflict began, and he’s since convened talks to try to hammer out a deal to address “our nation’s climate and energy security needs head on,” according to a spokesman. But with summer recess on the horizon and midterm campaigning ramping up, the sands are running out of the hourglass for Congress to act.

The only viable strategy is to simultaneously increase domestic fossil fuel production while driving down oil and gas use at home through investment in clean energy, efficiency and electrification. That strategy would allow the United States to surge exports to our allies abroad much faster than a “drill, baby drill” approach alone. In fact, the REPEAT Project estimates that by 2028, this strategy could increase U.S. exports enough (relative to 2021 levels) to completely replace the oil and natural gas Russia supplies to Europe. Boosting production and decreasing demand will also open a second front to drive down global energy prices that focusing on the supply side only would not.

Hand in hand with tax credits for carbon capture and storage and new efforts to eliminate wasteful and polluting methane leaks in the oil and gas supply chain — two measures Mr. Manchin supports — the United States can ensure our energy exports are the cleanest in the world, a critical step to remain globally competitive in a carbon-concerned world.

Finally, tax credits and loans for advanced energy manufacturing and production of critical components and materials can secure the supply of technologies that will be the foundation of energy security in the 21st century.

Presented with yet another energy crisis, we cannot afford to ignore America’s persistent economic vulnerability. It’s time to do whatever it takes to deliver true energy security for America’s economy, citizens and allies.

Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and coal than we consume.

Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and coal than we consume. In particular, horizontal drilling and hydraulic fracturing — fracking — transformed the United States from the world’s largest oil importer to a net exporter of both oil and gas. This kind of physical energy security is a blessing when conflict disrupts the global energy trade. Europe’s frantic dash to free itself of Russian energy illustrates how deeply problematic it can be to not have it. Yet look at prices at the pump, and you’ll see why we can’t drill our way to true energy security. That’s why the Senate must finalize legislation now that will marshal the full might of America’s energy arsenal to defeat Vladimir Putin, reduce energy costs, secure our economy against the next energy crisis and confront the critical threat of climate change. Oil, coal and, increasingly, natural gas are globally traded commodities, which leaves the U.S. economy dangerously exposed to the vagaries and volatility of energy prices. The decisions of a single autocrat on the other side of the world can send the cost of filling the tank in Des Moines or Denver soaring. Every $10 per barrel increase in the price of oil is a nearly $200 million per day tax on American households and businesses, and soaring energy costs are a primary driver of inflation, threatening to topple the U.S. economy back into recession. These threats to America’s economic security will persist as long as our households, businesses and industry remain dependent on fossil fuels. Only by reducing our use of oil and gas can we insulate America’s economy from fossil fuel price shocks. Prices at the pump today are at their highest levels since 2008. Back then, the United States imported over half of our oil and U.S. natural gas production had just begun to climb out of a four-decade-long plateau. Wind and solar power were expensive, supplied less than 2 percent of U.S. electricity and could not, it seemed, scale to meet the moment. And just 100 of Tesla’s original Roadsters had rolled off production lines. In that context, it is almost understandable to think even more drilling is America’s only path to energy security. But in the ensuing years, the energy landscape fundamentally changed. Even as oil and gas production boomed, supportive public policies at home and across the world scaled up wind and solar power, driving down costs by 72 percent for wind and 90 percent for solar since 2009. These once-costly alternative energy technologies are now the cheapest and fastest growing sources of electricity available today. Lithium-ion battery costs have also plummeted as fast as solar, and all major automakers are now racing to bring affordable, mass-market electric vehicles to every consumer segment, including perennially popular pickup trucks and S.U.V.s. It is true that to aid our European allies (including Ukraine), cut off Russia’s biggest source of foreign currency and starve the Kremlin’s war effort, the United States must export as much liquefied natural gas, oil and coal as we can muster. Yet that’s only the start of a new approach to energy security. Congress must also enact a bold investment package to grow renewable electricity, preserve existing nuclear plants, catalyze new hydrogen, carbon capture and advanced nuclear industries, help American households and businesses adopt electric vehicles and efficient electric heating and increase energy productivity in American industries. The House of Representatives has already passed such an energy investment package as part of the Build Back Better Act, but it has stalled in the Senate. The REPEAT Project, which I lead, has modeled the energy provisions in that bill. If enacted, we estimate that by 2028, U.S. oil consumption could fall by nearly 500 million barrels per year and natural gas consumption could decline by two trillion cubic feet. At current energy prices, that’s roughly $70 billion in annual savings for American homes and businesses, making the U.S. economy far more energy secure. We also find these investments in energy security would put the United States within easy reach of the nation’s commitment to cut climate-warming greenhouse gas emissions to 50 percent of peak levels by 2030, confronting another urgent threat to national and global security. Senator Joe Manchin of West Virginia has been a key holdout on the energy package in the Build Back Better Act passed by the House, but he also seems to recognize that Mr. Putin’s assault on Ukraine changes the context for energy legislation. “This is, in many ways, an energy war,” Mr. Manchin aptly stated as the conflict began, and he’s since convened talks to try to hammer out a deal to address “our nation’s climate and energy security needs head on,” according to a spokesman. But with summer recess on the horizon and midterm campaigning ramping up, the sands are running out of the hourglass for Congress to act. The only viable strategy is to simultaneously increase domestic fossil fuel production while driving down oil and gas use at home through investment in clean energy, efficiency and electrification. That strategy would allow the United States to surge exports to our allies abroad much faster than a “drill, baby drill” approach alone. In fact, the REPEAT Project estimates that by 2028, this strategy could increase U.S. exports enough (relative to 2021 levels) to completely replace the oil and natural gas Russia supplies to Europe. Boosting production and decreasing demand will also open a second front to drive down global energy prices that focusing on the supply side only would not. Hand in hand with tax credits for carbon capture and storage and new efforts to eliminate wasteful and polluting methane leaks in the oil and gas supply chain — two measures Mr. Manchin supports — the United States can ensure our energy exports are the cleanest in the world, a critical step to remain globally competitive in a carbon-concerned world. Finally, tax credits and loans for advanced energy manufacturing and production of critical components and materials can secure the supply of technologies that will be the foundation of energy security in the 21st century. Presented with yet another energy crisis, we cannot afford to ignore America’s persistent economic vulnerability. It’s time to do whatever it takes to deliver true energy security for America’s economy, citizens and allies.

We can’t drill our way to energy security

When the global prices for fuel are rising, motorcyclists in the Philippines are buying domestic fuel for cheaper rates. People here are still buying fuel at older prices, but how?

People in this country are buying fuel at cheaper prices, but how?

After months of reluctance, the European Union is leaning towards a ban on Russian oil. The curbs will form part of a sixth package of sanctions against Russia over its invasion of Ukraine.

Russia-Ukraine conflict: European Union likely to approve Russian oil embargo

Saudi Arabia has recorded the fastest growth rate in 10 years. The global oil demand amid the ongoing Russian invasion of Ukraine has propelled growth.

Saudi Arabia records fastest growth rate in 10 years as oil propels growth

A report by a think tank has exposed the West's doublespeak. It suggests that the US and EU continued to import oil from Russia despite the attack on Ukraine.

Report by a think tank: US & EU import oil from Russia despite attack on Ukraine

Report by a think tank exposes West: US, EU import oil from Russia

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically. However, Russian energy giant Gazprom has earned record high profits in 2021 due to rising oil and gas prices.

The COVID-19 pandemic has proven to be a problem for a lot of businesses, but Gazprom announced that they have earned a net profit of $29 billion in 2021 which was a substantial increase from 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/finland-sweden-will-begin-nato-membership-process-in-may-says-local-media-474770">Finland, Sweden will begin NATO membership process in May, says local media</a>

According to the official statement, a profit of 2.09 trillion Roubles was earned by the energy company in comparison to 135 billion Roubles in 2020. When it comes to revenue, it rose 62 per cent to 10.2 trillion Roubles which is also a record, and it accounts for five per cent of Moscow’s trade.

However, it is unlikely that the growth will be uniform in 2022 because of the sanctions imposed by a number of countries in response to the aggression in Ukraine. Europe is the main consumer for Russian oil and gas, but the sanctions mean that the Russian economy can take a hit this year.

Also read |&nbsp;<a href="https://www.wionews.com/world/human-rights-groups-concerned-as-uk-brings-about-biggest-overhaul-to-its-asylum-law-474772">Human rights groups&nbsp;concerned as&nbsp;UK makes&nbsp;biggest overhaul to its asylum laws</a>

Earlier, Gazprom decides to stop deliveries to Bulgaria and Poland as they said that they will only be taking payment in Rubles from now on.

Although the United Nations have termed this move ‘blackmail’ in response to the sanctions, Russia is adamant that they will stop supplies to any nation not willing to pay them in Roubles and this can be a big problem for the European Union.

WATCH |&nbsp;Russia-Ukraine Crisis: Ukraine soldier narrates ground situation in Mariupol

&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukraine-crisis-ukraine-soldier-narrates-ground-situation-in-mariupol-474849/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">(With inputs from agencies)</div>

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically.

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically. However, Russian energy giant Gazprom has earned record high profits in 2021 due to rising oil and gas prices. The COVID-19 pandemic has proven to be a problem for a lot of businesses, but Gazprom announced that they have earned a net profit of $29 billion in 2021 which was a substantial increase from 2020. Also read | Finland, Sweden will begin NATO membership process in May, says local media According to the official statement, a profit of 2.09 trillion Roubles was earned by the energy company in comparison to 135 billion Roubles in 2020. When it comes to revenue, it rose 62 per cent to 10.2 trillion Roubles which is also a record, and it accounts for five per cent of Moscow’s trade. However, it is unlikely that the growth will be uniform in 2022 because of the sanctions imposed by a number of countries in response to the aggression in Ukraine. Europe is the main consumer for Russian oil and gas, but the sanctions mean that the Russian economy can take a hit this year. Also read | Human rights groups concerned as UK makes biggest overhaul to its asylum laws Earlier, Gazprom decides to stop deliveries to Bulgaria and Poland as they said that they will only be taking payment in Rubles from now on. Although the United Nations have termed this move ‘blackmail’ in response to the sanctions, Russia is adamant that they will stop supplies to any nation not willing to pay them in Roubles and this can be a big problem for the European Union. WATCH | Russia-Ukraine Crisis: Ukraine soldier narrates ground situation in Mariupol (With inputs from agencies)

Russian energy giant Gazprom posts record-high net profit of $29 billion in 2021

The prices of other edible oils such as soyoil, sunflower oil and rapeseed oil are expected to rise on the account of Indonesia banning palm oil export and the Russian invasion of Ukraine, experts have said.

This comes at a time when the prices of agricultural commodities prices have already seen a jump after Ukraine, a leading grain and sunflower oil supplier to world markets, stopped exports due to the war, reports The Financial Times.

The move by Indonesia, the world’s biggest exporter of edible oil, is expected to put a further strain on the Asian and African economies, which have been reeling under high fuel and food prices.

The UN Food and Agricultural Organization’s vegetable oil price index has surged 40 per cent this year.

“Indonesia’s decision affects not only palm oil availability, but vegetable oils worldwide,” James Fry, chairman of commodities consultancy LMC International, told Reuters.

Palm oil is used in everything, from cakes and frying fats to cosmetics and cleaning products and accounts for nearly 60 per cent of global vegetable oil shipments.

Indonesia and Malaysia account for 56 per cent and 31 per cent of the global palm oil supply worldwide, respectively.

Apart from that, Palm oil is also used as biodiesel feedstock. Indonesia and Malaysia have made make it mandatory for biodiesel to be mixed with a certain amount of palm oil – 30 per cent and 20 per cent.

“This is happening when the export tonnages of all other major oils are under pressure: soya bean oil due to droughts in South America; rapeseed oil due to disastrous canola crops in Canada; and sunflower oil because of Russia’s war on Ukraine,” Fry was quoted as saying.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/edible-oil-prices-may-rise-further-in-india-due-to-indonesias-palm-oil-export-ban-473118">Edible oil prices may rise further in India due to Indonesia's palm oil export ban</a>

President Widodo had announced to ban exports from April 28 until further notice, in a bid to tackle rising domestic prices.

Also read |&nbsp;<a href="https://www.wionews.com/world/nigeria-looks-to-revive-ailing-palm-oil-sector-417839">Nigeria looks to revive ailing palm oil sector</a>

"I will monitor and evaluate the implementation of this policy so availability of cooking oil in the domestic market becomes abundant and affordable,” Widodo said on Friday.

Watch |&nbsp;Economic fall out of Russia-Ukraine war: Indonesia bans palm oil exports

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/economic-fall-out-of-russia-ukraine-war-indonesia-bans-palm-oil-exports-473409/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

The prices of other edible oils such as soyoil, sunflower oil and rapeseed oil are expected to rise on the account of Indonesia banning palm oil export and the Russian invasion of Ukraine, experts have said.

The prices of other edible oils such as soyoil, sunflower oil and rapeseed oil are expected to rise on the account of Indonesia banning palm oil export and the Russian invasion of Ukraine, experts have said. This comes at a time when the prices of agricultural commodities prices have already seen a jump after Ukraine, a leading grain and sunflower oil supplier to world markets, stopped exports due to the war, reports The Financial Times. The move by Indonesia, the world’s biggest exporter of edible oil, is expected to put a further strain on the Asian and African economies, which have been reeling under high fuel and food prices. The UN Food and Agricultural Organization’s vegetable oil price index has surged 40 per cent this year. “Indonesia’s decision affects not only palm oil availability, but vegetable oils worldwide,” James Fry, chairman of commodities consultancy LMC International, told Reuters. Palm oil is used in everything, from cakes and frying fats to cosmetics and cleaning products and accounts for nearly 60 per cent of global vegetable oil shipments. Indonesia and Malaysia account for 56 per cent and 31 per cent of the global palm oil supply worldwide, respectively. Apart from that, Palm oil is also used as biodiesel feedstock. Indonesia and Malaysia have made make it mandatory for biodiesel to be mixed with a certain amount of palm oil – 30 per cent and 20 per cent. “This is happening when the export tonnages of all other major oils are under pressure: soya bean oil due to droughts in South America; rapeseed oil due to disastrous canola crops in Canada; and sunflower oil because of Russia’s war on Ukraine,” Fry was quoted as saying. Also read | Edible oil prices may rise further in India due to Indonesia's palm oil export ban President Widodo had announced to ban exports from April 28 until further notice, in a bid to tackle rising domestic prices. Also read | Nigeria looks to revive ailing palm oil sector "I will monitor and evaluate the implementation of this policy so availability of cooking oil in the domestic market becomes abundant and affordable,” Widodo said on Friday. Watch | Economic fall out of Russia-Ukraine war: Indonesia bans palm oil exports (With inputs from agencies)

Indonesia’s decision to ban palm oil exports sparks global food inflation concerns: Report

Vehicles were left burnt out and fuel pooled on the ground in Nigeria's Imo state on Sunday (April 24) following an overnight explosion at an illegal oil refining depot.

Explosion at Nigerian illegal oil refinery kills over 100

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?

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

In a bid to manage the soaring oil prices triggered by the ongoing Russia Ukraine conflict, US President Joe Biden has now ordered the release of one million barrels of crude oil per day from the country's strategic reserves.

US President Joe Biden orders to release oil from strategic stockpile, 1 million barrel per day

European leaders have assembled in Brussels to establish trust funds for Ukrainians. U.S. President Joe Biden has also sealed the energy deal to help Europe and said that the U.S. will provide natural gas to Europe.

EU holds special summit on energy crisis in a bid to reduce dependence on Russian oil

Amid the ongoing Russian invasion of Ukraine, gas prices have soared globally. Now, The U.S, allies discuss further oil release.

The U.S, allies discuss further oil release due to the rise in gas prices worldwide

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports.

In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports.

"We have been proposing to China for a long time to switch to settlements in national currencies for rubles and&nbsp;yuan," Zavalny said, according to the translation. \

"With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added.

The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday.

The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-us-sign-mega-lng-deal-in-an-attempt-to-curb-reliance-on-sanctions-hit-russia-465514" hreflang="en">EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia</a>

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-says-will-accept-only-rubles-for-gas-sales-to-unfriendly-nations-464927">Putin says will accept only rubles for gas sales to ‘unfriendly nations’</a>

Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to&nbsp;Reuters.

Russia has been looking for an alternative payment system mechanism ever since it was&nbsp;blocked from using the international&nbsp;SWIFT payment system.

Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is&nbsp;using crypto to bypass Western sanctions.

Watch |&nbsp;Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-russia-conflict-putin-says-russia-to-only-take-gas-payments-in-roubles-465041/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey. Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports. "We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan," Zavalny said, according to the translation. \ "With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added. The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday. The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”. Also read | EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.” Also read | Putin says will accept only rubles for gas sales to ‘unfriendly nations’ Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to Reuters. Russia has been looking for an alternative payment system mechanism ever since it was blocked from using the international SWIFT payment system. Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is using crypto to bypass Western sanctions. Watch | Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles (With inputs from agencies)

Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

Saudi Arabia has become China's top crude supplier again as oil supplies from the US fall by 45%. Earlier, Russia was China's top crude oil supplier.

Saudi Arabia becomes China's top crude oil supplier again as Russian imports fall

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