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.
Kazakhstan plans to reallocate or sell more than 100 onshore and offshore oil and gas blocks, hoping to find new owners of discovered fields and prospective new discoveries, Upstream reports, citing a government lease auction notice.
Crude oil production in Kazakhstan, which is part of the OPEC+ output deal, plunged by 13% in August from July due to regular maintenance at one giant field and an unplanned halt at another huge oilfield, Reuters reported on Monday, quoting two sources with knowledge of daily production data.
Russian Energy Ministry would like to see the recovery of oil production at the Sakhalin-1 project halted by Exxon in this year, Minister Nikolay Shulginov told reporters at the Eastern Economic Forum.