China stated two weeks before Russia invaded Ukraine that “there is ‘no limit’ to how far Russian and Chinese friendship may go” and signed a swathe of huge oil and gas deals shortly thereafter that provided an additional layer of insulation to both countries from any US sanctions in the future. Only a day after … Read more
The Nobel Peace Prize that Russian journalist Dmitry Muratov was auctioning off to raise money for Ukrainian child refugees sold Monday night for $103.5 million, shattering the old record for a Nobel. A spokesperson for Heritage Auctions, which handled the sale, could not confirm the identity of the buyer but said the winning bid was … Read more
Natural gas flows from Russia to Europe continued to dive on Friday, with buyers in Italy, Germany, Austria, and Slovakia receiving much lower volumes than usual. Gas flows to France from Germany have ceased completely. The cut in Russian gas deliveries to European customers, which have agreed to the ruble-to-gas scheme Putin has demanded, is … Read more
Italy may declare next week a state of alert if natural gas supplies from Russia continue to be limited, government sources told Reuters on Friday. Before the Russian invasion of Ukraine, Italy sourced around 40% of the gas it uses from Russia. Italy has sought to diversify its gas imports with more supply from North … Read more
European commodity producers and manufacturers are reeling from high energy prices, thanks in large part to the Ukraine crisis. Europe’s industrial energy costs have skyrocketed in the wake of Russia’s war on Ukraine, severely denting manufacturers’ ability to compete in the global marketplace, with natural gas three times more expensive in Europe than in the … Read more
The Ukraine war has caused a “gold rush” for new fossil fuel projects, threatening to lock us into irreversible global warming, according to leading climate researchers. A new report from Climate Action Tracker (CAT) has found that soaring energy prices in the wake of Russia’s invasion have caused more investment in oil and gas projects. … Read more
Russian Foreign Minister, Sergei Lavrov, and his Saudi counterpart, Prince Faisal bin Farhan, met at length last week in Riyadh after which they released statements highlighting: “The level of cooperation in the OPEC+ format.” The two ministers underlined the: “Stabilising effect that tight coordination between Russia and Saudi Arabia in this strategically-important area has on … Read more
Market experts consider rising inflation and the Ukraine crisis as the two biggest market risks this year. Runaway inflation has been corroding asset values, limiting buying power and eating away at corporate margins, while Russia’s invasion of Ukraine has disrupted key energy and commodity supply chains causing massive price spikes. consequently, the Dow Jones Transportation … Read more
Russia expects to receive as much as $6.37 billion in additional oil and gas revenues in June, its finance ministry said on Friday, as energy commodity prices have rallied since the Russian invasion of Ukraine. According to estimates released on Friday by the Finance Ministry, Russia expects its additional revenue from oil and gas sales … Read more
By Tsvetana Paraskova – Jun 01, 2022, 10:00 AM CDT Shanghai reopening pushes crude prices higher. US gasoline prices hit another record high today, at $4.671 per gallon national average. Partial EU oil ban on Russian crude supports oil prices. Oil prices rose early on Wednesday as China’s financial hub Shanghai reopened after a two-month … Read more
