Russia & CIS ///
Russia’s Rosneft PJSC is proceeding with its flagship Vostok Oil project in the Arctic, Chief Executive Officer Igor Sechin said, just over a week after a key partner announced it’s exiting the development over the invasion of Ukraine.
Sanctions have led to a $237.5 billion decline in the Eastern Europe oil and gas project pipeline as restricted access to intermediate goods and international capital have halted the construction of numerous oil and gas projects.
In a weekly online briefing during Thursday, DTEK CEO Maxim Timchenko discussed the progress made in rebuilding Ukraine’s energy and electricity infrastructure. He provided an update on energy sector operations and restoration of electricity supply amid the Russian invasion
The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year, the Energy Information Administration (EIA) said in a monthly report.
India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily-discounted supplies from Rosneft PJSC as international buyers turn down dealings with Moscow over its invasion of Ukraine.
Some EU leaders are leaning toward a deal that would ban seaborne oil while temporarily sparing deliveries through a key pipeline to give landlocked Hungary more time.
The United Arab Emirates has started shipping rare cargoes of oil toward Europe, where crude buyers are snubbing imports from Russia in the wake of the nation’s invasion of Ukraine.
Oil climbed, bookending another tumultuous week of trading, as investors weighed the prospect of a European Union ban on Russian crude and uncertainty over China’s virus resurgence.
In a weekly online briefing on Thursday, May 12, DTEK CEO Maxim Timchenko discussed Ukraine’s energy security. He provided an update on energy sector operations and restoration of electricity supply amid the Russian invasion.
Russia’s oil revenues are up 50% this year even as trade restrictions following the invasion of Ukraine spurred many refiners to shun its supplies, the International Energy Agency said.
Shell Plc is in talks to sell its fuel stations in Russia as it withdraws from the country in response to the invasion of Ukraine.
Oil rallied as supply concerns took center stage with the EU threatening to ban Russian supplies this year and U.S. regional fuel inventories dropping to record lows.
European Commission President Ursula von der Leyen warned companies not to bend to Russia’s demands to pay for gas in rubles, as the continent scrambles to respond to Moscow’s move to start switching off supplies.
European gas prices surged more than 20% as Russia’s Gazprom PJSC confirmed that it halted gas flows to Bulgaria and Poland, saying it will keep supplies turned off until the two countries agree to Moscow’s demand for rubles -- a dramatic escalation with Europe as its invasion of Ukraine presses forward.
European refiners continue to lap up North Sea crude to seek replacements for Russian oil in response to the war in Ukraine.
Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting.
Russian tanker operator Sovcomflot PJSC is set to close its Cyprus-based payment center as a result of sanctions imposed on Russia for its invasion of Ukraine, according to people familiar with the matter.
Oil rallied Thursday afternoon after a report that the European Union is moving toward adopting a phased-in ban on Russian oil.
In the last couple of days, World Oil has received data from a credible European military source about the situation in Ukraine. This information regards the strength and status of both Russian and Ukrainian forces.