US, Allies Eye $60 Price Cap For Russian Crude

US, Allies Eye  Price Cap For Russian Crude

The United States and its allies are hoping to establish the price level at which Russian crude oil will be capped, people familiar with the talks told the Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russia’s crude oil will be capped at $60 per barrel. The group will … Read more

European Refiners Now Have Too Much Oil

European Refiners Now Have Too Much Oil

European refiners now seem to have more crude oil than they need—with the early panic about Russia’s dwindling oil exports—and the world’s subsequent oil shortage—proving to be overblown. Crude oil traders have pointed to Europe’s ability to source crude oil from Latin America, the Middle East, and the United States as the main cause for … Read more

IEA: Russian Crude Ban Will Take 2.4 Million Bpd Off The Market

IEA: Russian Crude Ban Will Take 2.4 Million Bpd Off The Market

As the European Union prepares to implement a ban on Russian seaborne crude in December, the market will have to prepare itself for a loss of 2.4 million bpd, according to the International Energy Agency (IEA). The ban on Russian crude imports by sea will take 1.4 million bpd of oil off the market, along … Read more

Oil Drops 5% On Disappointing Economic Data From China

Oil Drops 5% On Disappointing Economic Data From China

By Julianne Geiger – Aug 15, 2022, 9:21 AM CDT July economic data soured on the back of China’s restrictive zero-Covid policy. China’s central bank cut lending rates on Monday. Crude prices crashed by more than 5% on Monday morning. Oil prices fell sharply on Monday, dragged down by disappointing economic data from the world’s … Read more

China Oil Imports Pick Up After Slump

China Oil Imports Pick Up After Slump

China’s crude oil imports rose slightly in July amid a general improvement in commodity imports during that month, Bloomberg reported, citing official data released by Beijing on Sunday. Crude oil imports stood at 37.33 million tons last month, the data showed, although an increase from a four-year low booked earlier in the year was still … Read more

China And India Are Buying Less Russian Crude

China And India Are Buying Less Russian Crude

Asian nations are letting up on discounted Russian oil exports, with Bloomberg data showing a 13% decline over the past four weeks as Chinese and Indian demand ease, chipping away at Russian oil revenues. China and India account for purchases of 55% of Russia’s seaborne oil exports; however, Chinese demand over the past four weeks … Read more

Europe’s Refineries Increase Russian Crude Purchases

Europe’s Refineries Increase Russian Crude Purchases

Europe’s refineries took in an increasing amount of crude oil last week, tanker tracking data compiled by Bloomberg has shown. Europe’s refineries took in 1.84 million barrels per day of Russian crude oil last week—the third increase in the amount of Russian crude for the refineries in as many weeks. The oil flows from Russia … Read more

Europe Buys Abu Dhabi Crude To Replace Russian Barrels

Europe Buys Abu Dhabi Crude To Replace Russian Barrels

Abu Dhabi crude is preparing to make its way to Europe for the first time in two years as the European Union seeks replacements for Russian oil, Reuters reports. In May 2020, a shipment of Abu Dhabi crude was loaded for Italy, and there have been so shipments since, according to Arab Newsciting Refinitiv Eikon … Read more

India’s Reliance Snaps Up 15 Million Barrels Of Cheap Russian Oil

India’s Reliance Snaps Up 15 Million Barrels Of Cheap Russian Oil

Indian private conglomerate Reliance Industries has purchased at least 15 million barrels of discounted Russian crude since the start of the Russian invasion of Ukraine, Reuters reported on Friday, citing trade sources and tanker data, as Indian refiners take advantage of record discounts for Russia’s crude shunned in the West. Reliance Industries—which owns the biggest … Read more