The Capitals brings you the latest news from across Europe, through on-the-ground reporting by EURACTIV’s media network.
The acquisition of Serbian petrochemical company HIP-Petrohemija LLC Pancevo by Serbia’s Gazprom-owned Naftna Industrija Srbije was approved by the European Commission, the EU’s executive said on Tuesday (20 September).
The EU may have a plan to ban all Russian diesel purchases in February, but in the meantime, European buyers are happy to pay more for Russian diesel now than they did back in May, industry sources told Reuters.
Democratic Senator Chris Van Hollen and Republican Senator Pat Toomey—two members of the Senate Banking, Housing, and Urban Affairs Committee—have implored the Biden Administration to enact secondary sanctions on Russia’s crude oil and crude oil products.
China stepped up crude oil imports from both Russia and Saudi Arabia last month.
Global oil demand fell by an estimated 1.1 million barrels per day (bpd) in July this year the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday.
An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters.
OPEC+ heavyweights Saudi Arabia and Russia, with their +11 million bpd quotas, are looking at $100 oil as a fair price good for all.
Japan posted a record trade deficit in August as costs for imports of oil and gas soared, the government reported Thursday.
Continued volatility has seen oil prices gain 1% on Wednesday, as the market attempts to decipher the latest demand growth, US crude inventory data, inflation indications and the impact of China’s COVID lockdowns.