But comments from Budapest did not suggest an imminent breakthrough, with Foreign Minister Peter Szijjarto saying the leaders’ dinner marked “a small step forward” but that a lot more work was needed.

The consequences of Russia’s war against Ukraine have spread far beyond that country’s borders.

The Hungarian government of Viktor Orbán has refused to sign off on a fresh package of European Union sanctions on Russia, delaying agreement on measures intended to pressure Moscow to end its war in Ukraine.

The European Commission is considering offering landlocked eastern European Union states more money to upgrade oil infrastructure in a bid to convince them to agree to an embargo on Russian oil, an EU source said on Monday (9 May).

GlobalData’s report, Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost, 2022-2026, has revealed that out of the 109 projects expected to commence operations in Nigeria, petrochemicals would account for 14, upstream (fields) 26, midstream 31 and downstream (refineries) would have the highest amount with 38.

Oil stocks are tanking amid a broader market selloff, as Wall Street responds to stubbornly high inflation that is expected to lead to more Federal Reserve policy tightening.

Members of G7 committed to decreasing their purchases of Russian oil amid the war in Ukraine at a virtual meeting this weekend.

Trade turnover between Russia and China surged by 25.9% year-on-year to $51.09 bln in January – April 2022, the Main Customs Administration of China said on Monday.

As U.S. diesel prices soar, U.S. exports continue to rise significantly on skyrocketing demand, refined oil product tankers are now outperforming crude tankers.