Brent futures for November delivery were up $1.02 to $94.55 a barrel, while the US West Texas Intermediate crude climbed $1.27 to $90.93
Russian crude
Latest in Russian crude
Brent
Russian oil supply to India may be hit by OPEC+ drive for higher prices
Two of India’s leading public sector banks – State Bank of India and Bank of Baroda – reportedly informed Indian refiners they will not handle payments for oil bought above the limit
Fuel consumption
Record-breaking fuel demand in India surges 5% with cheap Russian oil boost
The country’s fuel consumption rose by more than 5 percent to 4.82 million barrels pre-day – or 18.5 million tonnes – in February, its 15th consecutive year-on-year rise
bilateral economic relations
Soaring Russian oil imports hit India’s rupee trade plans with the country
New Delhi’s imports from Russia in eight months to November were almost 16 times its shipments to the nation, trade ministry data show
Brent Crude
India’s Russian crude oil imports create another record in January
Iraq, Saudi Arabia, and the UAE also expanded their share of Indian imports in the month by one percentage point each
European Union
Oil prices: Everything you need to know about EU $60 a barrel price cap
EU has placed sanctions on the purchasing of Russial oil
Crown Prince Mohammed bin Salman
Could US President Joe Biden’s visit to Saudi Arabia have a positive impact on oil prices?
Saudi Arabia and the UAE – two producers with significant spare capacity – hold about 3 million barrels a day of idle output, which amounts to approximately 3 percent of global demand
Arab Light Crude
Oil backs off Saudi-inspired three-month high as India doubles down on Russian crude
India says it wants a new six-month deal for Russian oil, despite the Ukraine invasion, forcing crude prices to slip a little from an earlier rally.
Bruno Le Maire
France in talks with UAE to replace Russian oil, diesel as Ukraine war deepens
Meanwhile, Saudi Arabia indicates confidence in demand with a bigger-than-expected selling price increase across Asia
Crude exporter
UAE starts shipping oil cargoes as Europe buyers avoid Russian crude
Prior to its war in Ukraine, Russia was Europe’s largest external supplier of crude, but many of the cargoes that once got delivered to the continent are instead being transported to Asia
Abu Dhabi Securities Exchange
Video: How have stock markets in the GCC performed after the Eid break?
Volatile energy prices, the Russia-Ukraine conflict, and the Covid pandemic in China continue to be prime factors impacting markets
Arab Light Crude
Saudi Aramco lowers oil prices for first time in four months amid uncertainty around Russian supplies
Aramco’s decision comes days after OPEC+, led by Saudi Arabia and Russia, agreed to continue increasing crude output only gradually, adding 432,000 barrels a day to the market in June
Bahrain
OPEC+ signals small hike in oil output, lifting prices as EU looks to ban Russian crude
Oil has surged more than 40 percent in 2022, with the Russia-Ukraine war disrupting flows, lifting inflation, and causing central banks – including the US Federal Reserve – to start tightening monetary policy
Crown Prince Mohammed bin Salman
Saudi Crown Prince supports political solution to Ukraine crisis in phone call with Russia’s Putin as oil prices climb
Russia’s Deputy Prime Minister Alexander Novak said if more nations banned Russian energy flows, prices may “significantly exceed” historic highs
COP26
Oil producers move from feeling “unwanted at COP26” to “superheroes” ahead of COP27: report
At COP26, nations asked financial institutions to limit the financing of new oil and gas projects, and six months after that they’re asking for more oil, the UAE Minister of Energy Suhail Al-Mazrouei pointed out
crude oil output
OPEC+ likely to ratify modest increase in output in next meeting as Russia weekly output drops by 26 percent
With the Russia-Ukraine crisis still raging despite diplomatic efforts for a peace deal, the conflict has fanned inflation, driving up the cost of fuels and food as economies recover from the pandemic
Germany
Germany looks to the UAE, Qatar for oil and gas as it moves away from Russian energy
Germany – which gets more than half of its natural gas, half of its coal, and roughly a third of its oil from Russia – is in talks with the UAE and Qatar to meet its oil and LNG needs