The seven OPEC+ nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to increase daily oil production in September by 188,000 (on August), OPEC said after their meeting.
Kazakhstan is in talks with Russia to process Russian oil at its refineries with the products to be sold domestically and supplied back to Russia, the Kazakh Ministry of Energy said.
EU ambassadors have failed to agree on the 21st package of sanctions against Russia, with negotiations postponed until July 23, a diplomatic source in Brussels said.
Seven OPEC+ members have agreed to boost oil output by 188,000 bpd in August
Discussions with other countries on potential fuel imports was the main topics of Tuesday’s briefing by Kremlin Spokesman Dmitry Peskov.
Global oil prices could rise by another approximately $100 per barrel under new restrictions on Russian oil and exceed $250 per barrel, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said.
The European Union is considering imposing new restrictive measures against Russian companies Lukoil and Rosneft as part of preparations for the 21st sanctions package, Politico reported, citing documents related to negotiations on sanctions policy.
According to media reports, the EU's price cap on Russian oil may be frozen amid the ongoing blockade of the Strait of Hormuz.
Following Washington's example, the UK has loosened restrictions on Russian oil due to the tensions in the Strait of Hormuz.
The USA government has opted to temporarily ease sanctions on Russian oil in response to the necessity of stabilizing the energy market.
The global oil market is experiencing a deep crisis, with large volumes of oil not reaching the market, Russian Deputy Prime Minister Alexander Novak said.
Oil has resumed flowing through the Druzhba pipeline to Slovakia after a three-month shutdown, Slovak Economy Minister Denisa Sakova said.
Russia is ready to consider new oil supplies and other support steps for Cuba, if necessary, Russia's Deputy Foreign Minister Alexander Pankin said.
Washington has prolonged the partial easing of sanctions on Russian and Iranian oil as problems in the Strait of Hormuz remain unresolved.
Ukraine will resume transit of Russian oil to Hungary via the Druzhba pipeline at noon on April 21, Hungarian Minister for European Union Affairs Janos Boka said.
The volume of Russian oil purchased by Georgia last month reached a historic high. This figure had never been recorded before.
Russia’s crude oil supplies to China have increased by 31% in Q1 2026 year-on-year to 31.86 mln tons, according to figures released by the General Administration of Customs of China.
The U.S. administration plans to resume its sanctions against Russian oil after it is no longer necessary to lower energy prices amid the developments around Iran, U.S. Secretary of Energy Chris Wright said.
The United States renewed a waiver allowing countries to buy Russian oil until May 16, according to a general license published on the OFAC website of the U.S. Treasury Department.
Acording to the US Treasury Secretary, Russiain and Iranian oil will remain subject to sanctions, without any exceptions.
