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Moscow, Russia (AFP) Russia shrugged off a Western-imposed price cap on its oil exports on Monday, warning that it would not disrupt its military campaign in Ukraine. The $60-per-barrel price cap agreed by the European Union, G7 and Australia aims to restrict Russia’s revenue while making sure Moscow keeps supplying the global market. “Russia’s economy has all the necessary potential to fully meet the needs and requirements of the special military operation,” Kremlin spokesman Dmitry […]
Vienna, Austria (AFP) by Kiyoko Metzler, with Emeline Burckel in London Major oil-producing countries led by Saudi Arabia and Russia agreed Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their […]
London, United Kingdom (AFP) Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation Organization of the Petroleum Exporting Countries headed by Riyadh and its 10 allies led by Moscow, collectively known as OPEC+, agreed to reduce […]
Brussels, Belgium (AFP) by AFP correspondents, with Dave Clark in Brussels The G7 and EU on Friday agreed a $60-per-barrel price cap on Russian oil in an attempt to deny the Kremlin of war resources, as President Vladimir Putin said more strikes on Ukrainian infrastructure were “inevitable”. The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an EU embargo […]
Bruxelles, Belgium (AFP) by Daniel ARONSSOHN The West’s plan to starve Russia of resources to fight its war in Ukraine by imposing a price cap on its oil exports hit a diplomatic logjam in Brussels on Friday. Poland does not think the $60 a barrel ceiling is low enough and has refused to back the plan, preventing the European Union from adopting the measure. On Thursday evening several European diplomats said the other 26 […]
Luanda, Angola | AFP | A large hydrocarbon deposit has been discovered off the shore of Angola’s capital Luanda at a site operated by American firm ExxonMobil, the country’s national agency for oil, gas and biofuels announced Monday. The deposit was discovered about 365 kilometres (225 miles) northwest of the oil-rich nation’s coast through a drilling 1,100 metres deep, the Angola’s National Agency for Oil, Gas and Biofuels (ANPG) said in a statement. The […]
By Kris Crismundo Philippine News Agency MANILA – Oil companies will implement price adjustments on petroleum products starting Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil said they will increase gasoline prices by PHP1.40 per liter and will decrease diesel prices by PHP0.50 per liter. Caltex, Seaoil, and Shell will also slash kerosene prices by PHP0.35 per liter. Other oil firms are expected to follow suit. Since the start […]
Washington, United States | AFP | President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. The new tranche of oil from the Strategic Petroleum Reserve will be “completing the 180 million barrel release authorized in the spring,” in response to price hikes linked to Russia’s […]
by Aurélia End Agence France-Presse WASHINGTON, United States (AFP) — The United States and Saudi Arabia traded bitter barbs Thursday over last week’s OPEC+ oil output cut, with Washington accusing Riyadh of knowingly boosting Russian interests. The Saudi-led OPEC+ cartel — which includes Russia — angered Washington by cutting production by two million barrels a day from November, adding further pressure on soaring crude prices. Saudi Arabia issued a rare press release on Thursday expressing […]
LONDON, United Kingdom (AFP) – Shares in energy giant Shell slid Thursday after revealing that third-quarter profit would be hit by a slump in refining margins. The British group’s stock lost 3.9 percent to around £23 ($26) as it forecast a hit of up to $1.4 billion in the three months to the end of September compared with the second quarter. “Shell enjoyed record profits in the first and second quarter spurred by a surge […]
HONG KONG, China (AFP) — Stocks fell Wednesday ahead of what many expect to be a third successive jumbo rate hike by the Federal Reserve, while the dollar hit fresh multi-decade highs against the pound and euro after Russia stepped up its war in Ukraine. Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which […]
Third straight week of price rollback for diesel, kerosene (Eagle News) – Various oil companies will rollback prices of diesel by P4.15 per liter, and kerosene by P4.45 per liter effective Tuesday, September 20. However, there will be no changes in the price of gasoline. The advisory in the rollback in prices of diesel and kerosene has already been posted in the social pages of oil companies. This is the third straight week of […]
