Tag Archives: Oil

(Bloomberg) — European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine. Most Read from Bloomberg The sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea but include a temporary exemption for pipeline crude, European Council President Charles Michel said late Monday during a summit in… Source link

Russian oil production is falling. In March, it shed half a million bpd, which by the end of April reached a full 1 million bpd, according to BP’s CEO, Bernard Looney. And this may well grow to 2 million bpd this month. These barrels may not be returning to the market any time soon. As the European Union targeted a barrage of sanctions on Moscow, oil was excluded as a direct target but financial and maritime sanctions affected the industry. Now, the EU is proposing a full oil embargo, save… Source link

(Bloomberg) — Palm oil slumped on prospects that top producer Indonesia’s surprise ban of cooking oil exports will not be strict as feared. Most Read from Bloomberg Indonesia will only halt exports of bulk and packaged RBD palm olein, a higher value product that has been processed. Exports of crude palm oil and RBD palm oil will still be allowed, according to people familiar with the matter. RBD olein accounts for 30% to 40% of Indonesia’s total palm oil exports. Benchmark futures… Source link

Indonesia, a top palm-oil exporter, is planning to ban exports beginning on Thursday. Palm oil, the world’s most used vegetable oil, is used in cooking and a range of consumer products. Palm-oil and competing soybean-oil prices are jumping after news of the ban. The world’s top palm-oil producer announced that it would ban exports of the commodity starting on Thursday, sending the prices of edible oils soaring. Indonesia accounts for about half of the world’s supply of palm oil, the world’s most… Source link

(Bloomberg) — Oil was stable amid signs that continued coronavirus lockdowns in China are weighing on the economy, countering bullish news that protests are shutting in supplies from Libya. Most Read from Bloomberg West Texas Intermediate traded just below $107 a barrel after rallying last week by the most since early March. China reported its biggest decline in consumer spending and worst unemployment rate since the first months of the pandemic, while Shanghai reported its first deaths from… Source link

Oil prices have come down below $100/barrel after staying above that level for much of last month. The Ukraine-Russia war worsened the upward trend costs for energy across the globe. Yahoo Finance asked several experts what sustained prices above $100/barrel means for a risk of a recession in the U.S. and in other parts of the world. Most agree oil would have to stay closer to $130 in order to create enough demand destruction to spur a recession in this country. But some parts of the world… Source link

(Bloomberg) — China’s factory gate prices rose more than expected in March as oil prices climbed, while disruptions from Covid lockdowns drove up food costs, threatening the inflation outlook in the world’s second-largest economy. Most Read from Bloomberg The producer price index gained 8.3% from a year earlier, official data showed Monday, down from 8.8% in February and above the median estimate of an 8.1% increase in a Bloomberg survey of economists. Consumer-price growth accelerated to… Source link

Russian President Vladimir Putin.Pool Sputnik, AP Andrei Illarionov, Putin’s former chief economic adviser, was interviewed by the BBC. He said Putin would likely halt the Ukraine war if the West stopped buying Russian oil and gas. Many Western nations remain heavily reliant on Russian energy exports. Vladimir Putin’s former chief economic adviser has suggested that Russia would halt military operations in Ukraine “within a month or two” if Western countries stopped buying Russian oil and gas. In… Source link

Biden administration officials have been publicly and privately cajoling energy executives to increase production and help lower gasoline prices, which are well above $4 per gallon. Asking won’t work, however. Even if they ask nicely. Oil and natural gas producers base drilling decisions on economic factors and profitability estimates, not on requests from politicians. If President Biden wanted to, his administration could adjust federal policy in ways that would make fossil fuel… Source link

President Biden signing off on an oil release from the Strategic Petroleum Reserve (SPR) to cool elevated prices may have some effect, but not a ton, warns Goldman Sachs. “Conceptually, such a release would help the oil market rebalancing in 2022, increasing supply by 1 millions barrels per day for six months, for example. This would reduce the amount of necessary price-induced demand destruction, the sole oil rebalancing mechanism currently available in a world devoid of inventory buffers… Source link