Critical Market Condition Oil prices closed with growth at the end of May. The crude prices caused many turbulences in bitumen and petroleum products markets since they brought price fluctuations. Bitumen prices, in the Middle East, stayed steady compared to last week’s prices. With – $ 5 / + $ 5 fluctuations, the bulk bitumen …
Russia’s invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia. The reroutings mark the biggest supply-side shakeup of the global oil trade since the U.S. shale revolution altered the …
How the Ukraine conflict is reshaping global oil markets Read More »
Sri Lanka has taken delivery of a consignment of Russian oil to restart operations at the country’s only refinery, the energy minister said. The delivery of Russian crude oil – which could soon be subject to a European embargo – had been waiting offshore for over a month as Sri Lanka was unable to raise …
Cash-strapped Sri Lanka gets Russian oil to ease shortages Read More »
European Union leaders have agreed on a plan to block more than two-thirds of Russian oil imports. The ban will only affect oil that arrives by sea but not pipeline oil, following opposition from Hungary. European Council chief Charles Michel said the deal cut off a huge source of financing for the Russian war machine. …
Russian oil: EU agrees compromise deal on banning imports Read More »