Search Results

Dedollarization efforts continue as India pushes Gulf crude exporters to accept payment in rupees

2 months ago -

The move stems from fears that India's rising energy demand could have the effect of weakening the rupee further. This is because refiners in India have to sell rupees and buy American dollars for settling crude payments. India currently depends on imports to supply more than 85% of its crude needs, which means that the country is essentially at the mercy of foreign exchange conversions to American dollars.

India is also hoping to leverage its crude consumption increase ...

India not turning away from Russian Urals crude even as discount to global benchmarks narrows

August 17, 2023 -

In 2022, Russia became the leading supplier of crude due to affordable prices and good control of energy inflation.

Earlier this year, the discount between Russian crude and the Dubai benchmark stood at roughly $20 on a delivered basis. But recent reports from Argus Media Ltd. reveal that the discounts for Urals cargoes have now dropped to around $8. Still, at least for now, officials from major Indian refiners stayed firm with their commitment to purchasing Russia's ...

IEA report: Nearly 80% of Russian crude oil has been rerouted from EU to China and India

May 24, 2023 -

In April, Russian oil exports reached their highest level in 14 months, with almost 80 percent heading to Asian markets due to Western sanctions, according to a recent report by the International Energy Agency (IEA). The report stated that Russian crude shipments increased by 50,000 barrels per day (bpd), totaling 8.3 million bpd for the month.

The EU has implemented sanctions on Russian oil exports, including a ban on seaborne crude oil exports and price caps on Russian ...

OPEC’s crude production DROPS to its lowest level in three years as Saudi Arabia continues to throttle oil production

August 07, 2023 -

Data shows that OPEC's crude oil output plunged by 900,000 barrels a day last month to an average of 27.79 million a day. This is the biggest reduction in oil production since the group and its allies, including those in OPEC+, massively slashed supplies during the height of the Wuhan coronavirus (COVID-19) pandemic lockdowns in 2020.

Saudi Arabia is responsible for much of the cutbacks, as Riyadh delivered on most of its promised extra one million barrels-per-day cut ...

END of DOLLAR’s HEGEMONY: Russian oil giant now using yuan and rubles for export settlements

September 27, 2023 -

The company's CEO Aleksandr Dyukov revealed this information on the sidelines of the TNF Energy forum, which was held in the oil-rich Tyumen Region in Siberia.

The conventional practice of conducting international trade used to be done using major global currencies like the dollar and euro. This decision increasingly reflected a strategic move to align its trade practices more closely with the economic and geopolitical interests of Russia, as well as its significant ...

NOT FIT FOR KIDS: Children’s channel in Germany uses crude language in criticizing Chancellor Scholz for not sending missiles to Ukraine

a month ago -

KiKa – operated by public media giants ARD and ZDF and funded by German taxpayers – aired the segment titled "No TAURUS for Ukraine" on the children's news program "Logo!" The 54-second clip criticizes German Chancellor Olaf Scholz for not sending Taurus missiles to Ukraine, employing crude language in the process.

The personified Taurus missile, addressing Scholz, expressed frustration about not being sent to Kyiv. It also involved other missiles, including the Storm Shadow ...

Oil prices surge by more than $1 per barrel amid ongoing Israel-Hamas conflict

October 25, 2023 -

According to the Epoch Times, Brent crude futures have gained $1.23, pushing the price to $93.61 per barrel, while U.S. West Texas Intermediate crude also followed suit, rising by the same amount to reach $90.60 per barrel. Both front-month contracts were poised to record their second consecutive weekly gain. Additionally, the December WTI contract showed an even more substantial increase, rising by $1.37 to reach $89.74 a barrel.

In line with these oil price ...

Oil rises as tensions increase in the Middle East

January 29, 2024 -

(Article by Comfort Ogbonna republished from YourNews.com)Houthi rebels intensified their assaults on vessels in the Red Sea, targeting a fuel tanker operated by Trafigura. The potential for an expanded conflict increased as Russian refined product exports were expected to decline due to refineries undergoing repairs after drone attacks. Brent crude futures increased by 0.4% to $83.84 per barrel, while U.S. West Texas Intermediate crude rose by 0.4% to $78.35 ...

Oil prices surge following large-scale clashes between Israel and Palestine

October 11, 2023 -

The amount of conflict between Israel and Palestine has reached a level not seen in months, and traders have responded by bringing up the price of oil by as much as five percent over the weekend of Oct. 6 to 8, with prices only stabilizing on Monday, Oct. 9. (Related: Israel-Palestine war causes GOLD PRICES to RALLY as demand for safe haven investment increases amid chaos.)

"An attack on Israel by Hamas may push the region to war, increasing geopolitical risk bid into ...

Putin bans diesel and gasoline exports, sending distillate fuel oil prices skyrocketing

September 24, 2023 -

"Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers" in Russia, the government's press office said on its website. The "temporary" ban came into force on Sept. 21, according to the government decree signed by Russian Prime Minister Mikhail Mishustin. The ban included all types of diesel, including summer, winter, and Arctic blends, as well as heavy distillates including gasoils. It also made exemptions for minor supplies, ...

DOLLAR DEMISE: Russia’s third largest oil producer switches export settlement currencies almost completely to yuan and rubles

October 04, 2023 -

In an announcement, CEO Alexander Dyukov told reporters that his company is seeing no problems so far in withdrawing foreign currency earnings, though he explained that Gazprom Neft will not be using Indian rupees, at least for now.

"No, we don't use rupees," Dyukov stated when questioned by reporters about the switch. "We mainly use yuan and rubles. We have virtually moved away from payments in dollars and euros."

Furthermore, Dyukov explained that Gazprom Neft ...

Saudi Arabia to extend its voluntary oil production cut until September

August 04, 2023 -

The state-owned Saudi Press Agency (SPA) announced the extension on Aug. 3, the third month of Riyadh cutting back on oil production. It quoted a source from the Saudi Ministry of Energy, who said: "In effect, the kingdom's production for the month of September 2023 will be approximately nine million barrels per day (bpd)."

The SPA added that the one million bpd reduction – which was also implemented in July and August – "can be extended, or extended and deepened." It ...

OPEC+ to implement voluntary oil production cuts in 2024, further strangling the global energy supply

December 08, 2023 -

The meeting, originally scheduled to take place in person in Vienna, Austria from Nov. 25 to 26, was delayed due to disputes over the baseline production of the group's largest West African members, namely Nigeria and Angola.

OPEC has set the quota for Nigeria to be cut to 1.5 million barrels per day, far from their proposal of 1.78 million barrels per day. In Angola in Southern Africa, the continent's second-largest producer of crude oil, OPEC has given it a 2024 output ...

Russian petroleum exports SURGE despite increase in domestic demand

July 26, 2023 -

Figures from the Refinitiv Eikon financial analysis platform showed that Russia's seaborne diesel and gasoil exports increased by 11 percent in the first half of July, exceeding the 13 percent increase in June. Amid this development, Moscow is preparing to slash its oil exports by 500,000 barrels per day (bpd) in August to increase the availability of petroleum supply for domestic refining and fuel production.

Turkey and Brazil have stood out as the top destinations of ...

The West’s price cap on Russian oil exports is NOT WORKING

November 08, 2023 -

This is according to multiple reports released by journalists from mainstream media outlets, including Politico and the Wall Street Journal. (Related: HYPOCRISY: U.S. to INCREASE IMPORTS from Russia amid economic sanctions on Moscow.)

The price caps were introduced late last year to achieve two goals: ensure that any Russian crude oil that enters the global market lowers gasoline prices and curtail the revenue Moscow receives for each barrel it sells.

The price ...

Russian oil exports surge despite Western sanctions, Moscow’s output cut

May 17, 2023 -

According to Bloomberg's May 9 report, the average four-week seaborne shipments in the period ending May 5 increased by 180,000 bpd to 3.63 million bpd. Data also showed that the four-week average shipments to the country's Asian buyers skyrocketed to a record high of 3.37 million bpd – an increase of 124,000 bpd from the period ending April 28.

The combined volume of crude on vessels heading to China and India and quantities on ships that haven't yet shown a final destination ...

CONFIRMED: Iran just reclaimed an oil tanker in Gulf of Oman that U.S. stole last year

January 14, 2024 -

The incident occurred at 3:30am GMT on January 11 in the Gulf of Oman between Sohar and Muscat in Oman. According to reports, the vessel was boarded by four to five "armed unauthorized persons" who were "wearing military-style black uniforms."

The tanker was being chartered by Turkish Petroleum Refineries Corp. It was transporting 140,000 tons of Iraqi SOMO crude and was en route to Aliaga in western Turkey.

The United Kingdom Maritime Trade Operations (UKMTO) ...

Russia avoiding Western sanctions on its oil trade by switching to the CHINESE YUAN and dumping the dollar

October 06, 2023 -

Russia has successfully avoided most Western-backed sanctions on its oil exports, enhancing Moscow's crude oil revenue as the price of a barrel rushes toward $100 and as the price of Russian Urals oil hits a year's record-high of $80 per barrel.

Based on an analysis of shipping and insurance records by the Financial Times, nearly 75 percent of all maritime Russian crude flows journeyed without Western insurance in August, the only leverage employed to impose the Group ...

Electricity prices in Italy surge 30% IN A WEEK as another winter without cheap Russian gas approaches

September 10, 2023 -

That was the second straight week Italy saw a rapid surge in electricity prices. In the week from Aug. 14 to 20, prices rose by more than 10 percent over the previous week to nearly 106 euros ($114) per MWh, based on national average rates listed on the Italian Power Exchange, the main company that organizes the country's energy market.

According to the estimates of Nomisma Energia, an energy think tank, Italian households are now facing the possibility of another ...

Oil prices could surge to $150 per barrel unless the U.S. increases exploration

October 23, 2023 -

CLR CEO Doug Lawler stated that oil production in the Permian Basin, much like other shale regions, may peak without increased exploration. Without such efforts, he anticipates oil prices reaching $120 to $150 per barrel, causing a significant impact on the industry.

During Hamm's American Energy Security Summit in Oklahoma City, where pro-oil presentations were made, various shale executives urged the Biden administration to adopt consistent policies that facilitate ...