oil prices

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Arab world joins Russia in cutting oil output

Arab world joins Russia in cutting oil output

Saudi Arabia will voluntarily reduce its oil production by 500,000 barrels per day from May until the end of 2023 in coordination with other members of the oil producers’ alliance, the Saudi Press Agency reported. Russia would …

WTI oil sinks to the lowest since December 2021

WTI oil sinks to the lowest since December 2021

Oil prices sank, with West Texas Intermediate plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities. U.S. benchmark crude futures retreated as …

Oil slumps below $75

Oil slumps below $75

Oil prices slump accelerated: Brent fell below $75 per barrel for the first time since late 2021. According to trading data, today, world …

Saudi Arabia: oil price cap undermines market stability

Saudi Arabia: oil price cap undermines market stability

The NOPEC bill, which was recently reintroduced in Congress by a group of legislators, and price caps on oil will only serve to increase instability and uncertainty in oil markets rather than solve any problems, …

Russian oil recovering after decline

Russian oil recovering after decline

The average price of the Urals export oil blend in February 2022 fell by 1.86 times year-on-year and amounted to $49.56 per barrel, the Russian Ministry of Finance said. "The average price of the Urals oil blend was formed as …

Switzerland joins EU price cap for Russian oil

Switzerland joins EU price cap for Russian oil

The Swiss authorities have joined the price caps for Russian oil and petroleum products set by the European Union, the Federal Council, the Swiss government announced. "The Federal Council today aligned its sanctions regime on …

EU predicts Brent oil price in 2023

EU predicts Brent oil price in 2023

The European Commission expects the Brent oil price to be about $84.8 per barrel in 2023 and $79.9 per barrel in 2024. The previous analysis assumed an average price of $85. “The European Union expects the average price …

Russia increases oil exports in 2022

Russia increases oil exports in 2022

Russia's oil exports went up 7.6% to 242 million tonnes in 2023, Russian Deputy Prime Minister Alexander Novak said in an article for the Energy Policy journal. According to him, Russian oil production rose 2% to 535.2 million …

Europe shoots itself in the foot trying to ban Russian rubber

Europe shoots itself in the foot trying to ban Russian rubber

European Commission head Ursula von der Leyen promised to introduce a new package sanctions against Russia this month. This would already be the tenth package of anti-Russian sanctions. New sanctions are being imposed almost …

Europe, US introduce price cap for Russian oil products

Europe, US introduce price cap for Russian oil products

The cap was approved at $100 for gasoline and diesel fuel, and $45 for discounted oil products. The European Union and Washington officially approved the price ceiling for oil products produced in Russia. The European …

OPEC+ committee recommends no change in oil output policy

OPEC+ committee recommends no change in oil output policy

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) confirmed oil production agreements reached at the meeting in January and made no recommendation on a change in the OPEC+ policy, OPEC said in the final communique posted on its website. …

Average price of Russian oil drops in January

Average price of Russian oil drops in January

The average price of the Russian Urals export crude oil amounted to $49.48 per barrel in January 2023, the Russian Finance Ministry reported on its Telegram channel on Wednesday. "The average price of the Urals oil amounted to …

OPEC+ ministers to discuss market fundamentals today

OPEC+ ministers to discuss market fundamentals today

Ministers from OPEC+ countries are due to hold a virtual meeting on market fundamentals at 11:00 GMT on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if …

IMF: oil price to fall by 16% to $81 a barrel in 2023

IMF: oil price to fall by 16% to $81 a barrel in 2023

The International Monetary Fund (IMF) forecasts price of a barrel of oil will go down this year by 16.2%, to $81.13, according to the IMF’s World Economic Outlook update. "In 2023, oil prices are projected to fall by about …

Brent oil rises to $88 per barrel

Brent oil rises to $88 per barrel

The price of Brent crude oil with March delivery surpassed $88 per barrel for the first time since December 5 on London’s ICE. As of 12:31 Moscow time, the price of Brent rose by 0.42% to $88 per barrel. By 12:43 Moscow …