Page 3 - Russia Oil Production

What's the effect of Russian oil price cap, ban for western govts?

Western governments are aiming to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine. The cap is supposed to take effect Monday, the same day the European Union will impose a boycott on most Russian oil its crude that is shipped by sea. The EU was moving closer to a USD 60-per-barrel threshold, but negotiations were still underway on Friday. The twin measures could have an uncertain effect on the price of oil as worries over lost supply through the boycott compete with fears about lower demand from a slowing global economy. Here is what to know about the price cap, the EU embargo and what they could mean for consumers and the global economy: WHAT IS THE PRICE CAP AND HOW WOULD IT WORK? US Treasury Secretary Janet Yellen has proposed the cap with other Group of 7 allies as a way to limit Russia's earnings while keeping Russian oil flowing to the global economy. The aim: hurt

Shipping costs for Russian crude skyrocket ahead of more sanctions by EU

The surge in costs reflects the challenges faced by suppliers of Russian crude ahead of the deadline when the EU, including some of the world's top tanker owners

Russia continues hold on Indian oil supplies; West's price cap threat looms

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

India purchased 40% of seaborne Russian Urals oil in Nov, shows data

At the same time, shipments of the grade to Europe, which was previously the largest consumer of seaborne Urals, in November amounted to slightly less than a quarter

India purchased 40% of seaborne Russian Urals oil in November: Report

India bought about 40% of all Urals seaborne export volumes loading in November, outperforming other states as buyers, Reuters calculations based on Refinitiv and traders' data showed on Monday

Spike in winter demand for diesel in Europe offers huge scope for India

State-owned refiners are in a strong position to gain from the surging demand for diesel from Europe as winter sets in and natural gas supplies from Russia are set to dwindle on fresh sanctions

Oil inches up in early trade amid wrangling over Russian oil price cap

Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT

Indian refiners wary of buying Russian oil after Dec 5 as EU sanctions loom

The Asian giants, who are two of the world's top three importers, had become Russia's biggest customers after the West shunned Russian oil after the outbreak of war in Ukraine

US can't stop us from purchasing Russian oil: Pakistan minister Ishaq Dar

Dar, during his visit to the US last month, had a meeting with the officials of the US State Department in which the matter of oil purchase from Russia was discussed

India can buy as much Russian oil as it wants, outside price cap: Yellen

The cap would still drive global oil prices lower while curbing Russia's revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening U.S.-Indian economic ties

India sends more vacuum gasoil to US as the West shuns Russian oil

India, the world's third-largest oil importer, has been ramping up Russian crude imports and increasing oil product exports to the West for higher margins.

Moscow may get new client as Russian cargo sits off UAE coast for 3 days

An oil tanker hauling a cargo of Russian crude has been sitting off the coast of the United Arab Emirates for three days, raising the prospect that the gulf state might become customer for Moscow

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

Russian oil logistics in chaos with weeks until EU sanctions bite

With about six weeks until the bloc's measures enter into force, little clarity exists on whether these steps will really suffice to help Russia to get much of its output to fend off a supply shock

Ready to buy fuel from Russia on India's rate: Pak finance minister

Pakistan Finance Minister Ishaq Dar, who is on an official visit to the US, has said that Islamabad is ready to buy fuel from Russia on the rate it was providing to India

Leak detected in pipeline that brings Russian crude oil to Germany

A leak was detected in an oil pipeline in Poland which is the main route through which Russian crude oil reaches Germany, the Polish operator said Wednesday. The operator, PERN, said it detected a leak in the Druzhba pipeline, which originates in Russia, on Tuesday evening about 70 kilometers (45 miles) form the the central Polish city of Plock. It said the cause of the leak wasn't known. The incident follows leaks late last month in the Nord Stream 1 and 2 gas pipelines running along the Baltic seabed.

Gas price cap: European Union lawmakers struggle to iron out differences

European Union leaders converged on Prague Castle on a crisp Friday morning to try to bridge significant differences over a natural gas price cap as winter approaches and Russia's war on Ukraine fuels a major energy crisis. The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that is driving up prices for consumers and business and which could lead to rolling blackouts, shuttered factories and a deep recession over the winter. As the Europeans bolster their support for Ukraine in the form of weapons, money and aid, Russia has reduced or cut off natural gas to 13 member nations, leading to surging gas and electricity prices that could climb higher as demand peaks during the cold months. Standing in the way of an agreement is the simple fact that each member country depends on different energy sources and suppliers, and they're struggling to see eye-to-eye on the best way ahead. A group of 15 member countries has urged the EU'

Russia bounces back to become India's second-largest crude supplier in Sep

Russian oil has become the mainstay of Indian refiners in only six months, a position which took decades for West Asian suppliers and the US to achieve

Europe ramps up energy security after suspected pipelines sabotage

European companies are ramping up security around pipelines and energy prices are climbing again as the suspected sabotage of two pipelines that deliver natural gas from Russia underscored the vulnerability of Europe's energy infrastructure and prompted the EU to warn of possible retaliation. Some European officials and energy experts have said Russia is likely to blame for any sabotage it directly benefits from higher energy prices and economic anxiety across Europe although others cautioned against pointing fingers until investigators are able to determine what happened. Russia has sharply curtailed natural gas shipments to Europe in retaliation for sanctions that the West put in place after its invasion of Ukraine. On Wednesday, Russian energy giant Gazprom increased the pressure, threatening on Twitter to cease dealing with a Ukrainian company that controls one of the two remaining pipelines that ship Russian gas to Europe. Coming on top of the apparent sabotage to the Nord ..

EU countries plan to delay Russian oil price cap amid divisions: Report

Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct 6