Page 9 - Russia Oil Production

Russia retaliates on oil price cap as eastern Ukraine sees heavy fighting

The price cap, unseen even in the times of the Cold War between the West and the Soviet Union, is aimed at crippling Moscow's military efforts in Ukraine - without upsetting markets

Oil rises on uncertainty over Keystone pipeline restart, Russian supplies

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut

Russia remains India's top oil supplier for second month in a row in Nov

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India's oil supplies. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd. India's imports from Russia in November were lower than the volumes bought in October. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, .

Putin says Russia may cut its oil output in response to G-7 price cap

A decision on Moscow's response to EU price cap will be announced in a presidential decree within the next several days, says Putin

European sanctions on Russian oil lead to a traffic jam on Turkey's coast

The government in Ankara is insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters -- something that's yet to happen

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Oil prices rise today after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

India's existing deep discounts on Russian crude oil will stay: Officials

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

Crude concerns: India may have to rely on dark fleets for Russian imports

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

Crude one-upmanship: G7 oil price cap on Russia turns on the US tap

The US shipped a record 450,000 barrels/day to India in November

Russia refuses to accept EU's price cap of $60/barrel on crude oil

Russia refused to accept a price cap on Russian oil which European Union along with G7 and others have set a deal for a $60 per barrel, Kremlin Spokesman Dmitry Peskov said

Price cap on Russian oil to benefit mkts, constrain Putin's finances: US

The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an important tool that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin's finances used to fund his brutal invasion on Ukraine. The European Union reached a deal on Friday for a USD 60-per-barrel price cap on Russian oil. The Group of Seven nations and Australia joined the European Union in adopting the price cap on Russian oil, aimed at significantly reducing Moscow's income and President Putin's ability to continue to finance the war in Ukraine. Europe needed to set the discounted price that other nations will pay by Monday when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions, US Treasury Secretary Janet Yellen said on Friday.

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

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