Russia resistant to economic pressure imposed by sanctions. For now

Russia resistant to economic pressure imposed by sanctions. For nowCould easily employ sanctions-avoiding mechanisms perfected by Iran The European Union continues its work to fine-tune the proposal to set price caps on Russian oil products. Last Friday, EU ambassadors strove to reach a broad agreement on the issue but could not. They are now scheduled to continue their deliberations this week. There are indications…

Forecast calls for a strong recovery in crude oil demand

Forecast calls for a strong recovery in crude oil demandThanks mainly to China finally emerging from its Covid-19 lockdowns The dynamics around energy markets are changing fast. China, the world’s largest crude importer, is finally beginning to open up, signalling that it has passed the COVID-19 peak and is now ready for business as usual. As a consequence, Beijing is reportedly on a crude…

Oil price cap costing Russia an estimated €160 million per day

Oil price cap costing Russia an estimated €160 million per dayBut Russia is still taking in €640 million a day from the sale of fossil fuels Are the EU sanctions on Russian crude exports working? If yes, to what extent? The debate is on. No one can deny that the price cap and the European Union embargo on Russian oil have cut into Moscow’s revenue.…

DOE expects further weakening in oil prices

DOE expects further weakening in oil pricesAnnouncement to back away from replenishing U.S. Strategic Petroleum Reserves in February is a warning sign When the U.S. Department of Energy (DOE) rejected the first batch of bids from oil companies to resupply a small amount of oil to replenish the depleted U.S. Strategic Petroleum Reserves (SPR), many took it as a sign of…

Oil price forecast for 2023 all over the map

Oil price forecast for 2023 all over the mapThe price of oil could end up anywhere between US$70 to US$121 Projecting energy prices into the New Year is an ominous task. Professionally, it could be hazardous. Josh Rubin, in his year-end piece in The Toronto Star, rightly says it ‘can be a bit like aiming at a dartboard.’ Yet everyone expects poor scribes…

Moscow launches opening salvo in defiance of oil price cap

Moscow launches opening salvo in defiance of oil price capCould reduce its daily oil output by as much as seven per cent over the next few weeks Slowly but surely, Russia is unveiling its counter-strategy to the U.S.-led moves on the global energy chessboard. Returning the western ‘favour’ of putting a price cap on its crude oil sales for its Ukraine (mis)adventure, Russia –…

Western sanctions on Russian oil beginning to bite

Western sanctions on Russian oil beginning to biteBut at least in the short term, Moscow may be able to ride off the challenge The U.S.-led western sanctions on Russian energy exports are now in force and beginning to have an impact. There are now tentative signs that the US$60 per barrel cap on crude exports from Russia is leading major oil tanker…

Saudi Arabia looking for a new security blanket?

Saudi Arabia looking for a new security blanket?U.S. commitment to Saudi security is waning, opening the doors to China Chinese President Xi Jinping’s visit to Riyadh last week provided a sharp contrast to the one that U.S. President Joe Biden undertook to Saudi Arabia last July. Pomp, show, warmth and a consensus of views on geopolitical issues were very visible during the…

Russian oil price cap is a go. But will it work?

Russian oil price cap is a go. But will it work?Russia following Iran’s playbook on how to skirt sanctions Australia, Britain, Canada, Japan, the United States, and the 27-nation European Union finally, but hesitantly, agreed last Friday to cap the price of Russian crude oil imports by other nations at US$60 per barrel. The EU embargo on importing Russian seaborne crude is in effect from…

Roadblocks persist to capping Russian crude exports

Roadblocks persist to capping Russian crude exportsThe EU is split on the price to charge for Russian exports There are less than two weeks left, but the decision to cap Russian seaborne crude exports at a ‘certain price level’ still faces significant roadblocks. And the G7 and the European Union have not yet made a final decision as to the price…
1 2 3 15