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.
"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.
Trump said that Russia has grown more willing to negotiate an end to its war against Ukraine following a sharp decline in oil prices.
"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+, which includes Russia, agreed to a large oil production hike in June, Reuters reported on May 4, citing five unnamed sources.
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.
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).
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
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 spokesperson Dmitry Peskov attributed the price decline to "the US decision to introduce tariffs for most countries in the world."
The 20-year-old Andaman Skies was last week barred from entering the Indian port of Vadinar due to safety concerns over its seaworthiness.
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."
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.
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
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.
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.
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 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.
"They are taking a break for now while contemplating if there are ways to work around," a source told Reuters.
"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 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.
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.
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
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.
"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.
A day earlier, oil prices fell by about 2%, hitting a 12-week low.
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 plummeted in February in response to sweeping sanctions the U.S. and U.K. imposed on Russia's oil sector in January.
The Ryazan Oil Refining Company's facility was previously struck overnight on Jan. 24 and Jan. 26.
Oil prices remained near a one-week high on Feb. 19 as concerns over supply disruptions in Russia and the U.S. continued to drive the market.
Moscow suggested that American oil companies may return to the country, Russian negotiator Kirill Dmitriev said before the talks started in Riyadh.
Residents posted videos on social media purportedly showing a large blaze at the refinery. Sounds of explosions were reported at around 2:45 a.m. local time.
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