Category: Highlights

Here is the response by countries regarding purchases of Russian oil since the war in Ukraine started on Feb. 24 and how companies have acted. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases but the 27 members of the European Union have not been able to agree on the embargo. The bloc is leaning toward a ban on imports of Russian oil by the end of the year as part of a sixth package of sanctions against Russia. Germany, the EU’s largest economy,…

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Oil and Gas Regulatory Authority (OGRA) on Saturday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of May, decreasing the commodity price by Rs180.28 per 11.8-kilogram cylinder. According to the notification, the authority reduced the locally produced LPG price by Rs 15.27 per kilogram. After the revised price, the LPG cylinder would be sold in the open market at Rs2,735.83 in May, which was available at Rs2,916.11 in April. Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs231,850.07 for May. The commodity…

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May you live in interesting times,” runs the saying, supposedly an English translation of an ancient Chinese curse. For BP and Shell, the British companies that account for two of the world’s seven oil “supermajors”, the first quarter of 2022 has been painfully fascinating. Both were heavily enmeshed in Russia and now face having to write down a combined £24bn on the value of their businesses, after cutting ties with the Kremlin. Shell is expected to take a hit of £3.5bn due to its decision to exit its joint venture…

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Oil prices have risen for a fourth consecutive day with concerns over Russian supply disruptions trumping reduced demand expectations in China. Brent Crude climbed 1.7 percent to $109.40 per barrel, while WTI Crude moved up 1.03 percent to $106.50 per barrel. Both contracts are set to finish up on the week, and post their fifth straight monthly gains, buoyed by reports the European Union (EU) will phase out Russian oil imports by the end of the year. Germany – the bloc’s largest economy – has dropped its opposition to the…

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Europe is importing record volumes of liquefied natural gas (LNG) as it looks to cut as much Russian gas consumption as soon as possible. Unlike in previous years, Europe is now the most attractive destination for global LNG flows, outbidding Asia for spot supply as prices and demand in Europe have soared after the EU’s irreversible decision to stop being beholden to Putin for its gas consumption as fast as feasible. Amid soaring demand, however, LNG terminals in Europe are maxed out, limiting how many cargoes the continent can import…

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