Oil prices surge after Israeli strike on Iran
The price spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine.
Oil
OPEC+ extends oil output surge despite Russian pushback, Bloomberg reports
OPEC+ will boost oil production by 411,000 barrels per day in July, marking the third consecutive monthly increase and reinforcing a major strategic shift that has driven crude prices to a four-year low.
US blocks G7 push to tighten Russian oil price cap, Financial Times reports
The proposal was dropped after U.S. Treasury Secretary Scott Bessent reportedly declined to support it.
Russia’s top exporters slash rail shipments amid economic slowdown, Reuters reports
A document seen by Reuters reveals that firms such as Rusal and Gazpromneft intend to reduce the volumes they plan to move by rail in 2025, prompting Russian Railways to slash spending by an additional 32.5 billion rubles ($408 million).
EU to push G7 to lower Russian oil price cap, commissioner says
EU officials told Reuters they would propose bringing the cap down from $60 to $50 per barrel, as Brussels and its allies seek to further reduce the Kremlin's revenue from fossil fuel exports.
Russia detains oil tanker leaving Estonian port
"Today's incident shows that Russia continues to behave unpredictably," Estonian Foreign Minister Margus Tsahkna said. Estonia will redirect port traffic through its own territorial waters.
As Trump suggests Putin feeling pressure of falling oil prices, Russian oil falls to two-year low
Trump said that Russia has grown more willing to negotiate an end to its war against Ukraine following a sharp decline in oil prices.
Trump says falling oil prices mean Russia 'wants to settle' a peace deal in Ukraine
"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.
OPEC+ to accelerate oil output, potentially lowering oil prices despite Russian reliance, Reuters reports
OPEC+, which includes Russia, agreed to a large oil production hike in June, Reuters reported on May 4, citing five unnamed sources.
Ukrainian oil and gas giant Naftogaz elects new head
The supervisory board of state-owned oil and gas company Naftogaz has elected Serhii Koretskyi, the head of Ukrnafta and Ukrtatnafta, as the company's new CEO, ExPro Consulting reported, citing its undisclosed sources.
Czechia independent of Russian oil for first time in history
Prague cast off its dependence on Russia's Druzhba oil pipeline for the first time in over 60 years, securing alternative supplies thanks to the expansion of the western Transalpine Pipeline (TAL).
Trump didn't impose tariffs on Russia but they might be wrecking its economy regardless
U.S. President Donald Trump has inadvertently hit Russia’s economy after his "Liberation Day" tariffs caused oil prices to drop drastically on April 7, with potentially massive ramifications for the Kremlin's ability to fund its ongoing war in Ukraine. Russia has so far failed to agree to a full
Trump’s tariffs risk disaster while bipartisan Russia strategy offers hope
There is unfortunately absolutely nothing good to say about the announcements U.S. President Donald Trump made during his recent “Liberation Day” event in the White House Rose Garden. Try as one might to “sane-wash” Trump’s economic policies, there is simply no coherent rationale for his supposedly “reciprocal” trade
Kremlin panics as Russian Urals crude oil price nears crucial $50 mark
Kremlin spokesperson Dmitry Peskov attributed the price decline to "the US decision to introduce tariffs for most countries in the world."
Aging tanker loaded with Russian oil transferring cargo at sea after India ban, Reuters reports
The 20-year-old Andaman Skies was last week barred from entering the Indian port of Vadinar due to safety concerns over its seaworthiness.
India looking for new oil suppliers amid Trump's threats to tighten sanctions on Russia, Bloomberg reports
Donald Trump previously threatened to impose additional tariffs against Russia, threatening a "25% tariff on all oil, a 25- to 50-point tariff on all oil."
Oil prices climb amid Russian war talks and U.S. sanctions on Iran
Russia’s war in Ukraine continues to significantly influence global oil markets, with international negotiations in Saudi Arabia potentially restructuring energy supply chains and market strategies.
Ukraine war latest: Amid Russia-US talks in Riyadh, Russia fires missiles at Sumy, injuring over 90
Key developments on March 24: * Russia, US finish 12-hour-long negotiations in Saudi Arabia * Russian missile strike on Sumy injures 88, including 17 children * 'Important but small operations' — Ukraine reclaims territory near Dvorichna in Kharkiv Oblast, military says * Oil pumping station in Krasnodar Krai shut down due to damage caused by
Oil pumping station in Krasnodar Krai shut down due to damage caused by drones
Moscow claimed earlier that Ukrainian drones struck the Kavkazskaya oil pumping station overnight on March 19, damaging infrastructure and igniting a fire. Firefighters continued battling a fire at the oil depot for the fifth day.
Fire at Russian oil depot in Krasnodar Krai continues for 5th day after drone strike, authorities claim
Firefighters continue battling a fire at an oil depot near the village of Kavkazskaya in Russia's Krasnodar Krai for the fifth day after a drone attack, local authorities claimed on March 24.
Germany seizes Russian ‘shadow fleet’ tanker in Baltic Sea, Der Spiegel reports
The shadow fleet refers to aging and largely uninsured oil tankers that Russia uses to transport oil above the $60 per barrel price cap.
Russia becomes India's top naphtha supplier, overtaking UAE, Reuters reports
Russia has overtaken the United Arab Emirates as India's top naphtha supplier in the past year, as Indian refiners capitalize on discounted Russian shipments, Reuters reported on March 20, citing preliminary ship-tracking data.
Chinese state oil firms cut Russian crude purchases over sanctions fears, Reuters reports
"They are taking a break for now while contemplating if there are ways to work around," a source told Reuters.
Ukrainian drones strike Tuapse oil refinery in Russia's Krasnodar Krai, governor says
"The area of the fire is more than 1,000 square meters, and emergency services are working," Krasnodar Krai Governor Veniamin Kondratiev said.
Russian diesel exports to Africa reportedly plummet amid Ukrainian drone strikes
Russian diesel exports to African countries nearly halved in February, dropping from 1.27 million tons in January to 684,000 tons, according to a report by the Center for Price Indices (CPI) reviewed by RBC.
Oil shipments via Druzhba pipeline halted due to Ukrainian drone attack in Russia, Hungary says
Ukrainian forces reportedly struck the Druzhba pipeline in Russia's Oryol Oblast on March 11. Following the attack, Peter Szijjarto said that the oil supply was halted.
Trump lifting US sanctions on Russia would be ‘huge win’ for Putin, ‘chaos’ for global economy
U.S. President Donald Trump’s administration is reportedly ready to lift sanctions on Russia imposed after the start of the full-scale invasion, in a reversal of U.S. policy toward Moscow during its war against Ukraine. The White House is preparing a plan to potentially give Russia sanctions relief
Russia's oil, gas budget revenue in February drops by 18% year-on-year
Oil and gas revenues last month amounted to 771.3 billion rubles ($8.6 billion), a significant drop from 945.6 billion rubles ($10.5 billion) in February 2024 and a moderate decrease in comparison to 789.1 billion rubles ($8.8 billion) in January.
Russian oil deliveries to Czech Republic via Druzhba pipeline suspended, Czech official says
"We control the situation and are prepared for such circumstances. Refineries in the Czech Republic are well prepared, and the state material reserve system is reliable, so I can assure everyone that there are enough oil reserves for both households and businesses," Czech Industry and Trade Minister Lukas Vlcek said.
Oil prices continue to decline amid growing tensions between US, Ukraine, Reuters reports
A day earlier, oil prices fell by about 2%, hitting a 12-week low.
Ukrainian drones reportedly strike oil refinery in Russia's Samara Oblast
The first explosions occurred around 3 a.m. local time, according to residents. A fire broke out at the facility as a result.
Turkish imports of Russian oil drop nearly fourfold after new sanctions
Turkish imports of Russian oil plummeted in February in response to sweeping sanctions the U.S. and U.K. imposed on Russia's oil sector in January.
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