Category Archives: Oil

Johnson compares Putin to drug dealer ahead of Saudi Arabia trip

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British PM hopes to persuade Gulf state to raise oil and gas production to reduce reliance on Moscow

Boris Johnson has compared Vladimir Putin to a drug dealer who managed to hook western nations on Russian supplies of oil and gas, ahead of a trip to the Middle East in an attempt to diversify the sources of Britain’s energy imports.

The UK prime minister urged European countries to “get ourselves off that addiction” and said he wanted support from “the widest possible coalition” to help offset the pressures caused by spiralling oil and gas prices.

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Oil price falls below $100 amid Russia-Ukraine ceasefire talks

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Drop in price comes as Covid-19 infections rise in China, which could hit demand for energy supplies

Global oil prices have fallen back below $100 (£77) a barrel amid ceasefire talks between Russia and Ukraine and concerns over the rapid growth in Covid infections in China.

The price of a barrel of oil slid to $99 on energy markets on Tuesday, before rising back to just above $100 in early afternoon trading. It comes amid a decline from a 14-year high of close to $130 reached earlier this month after Vladimir Putin ordered troops into Ukraine.

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Johnson faces uphill task to convince Saudis and UAE to boost oil production

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Analysis: PM will try and succeed where Biden failed but is unlikely to get a sympathetic hearing

Boris Johnson is facing criticism both domestically and in the Gulf as he tries to persuade Gulf states to boost oil production.

He is expected to visit Saudi Arabia and other Gulf states such as the United Arab Emirates as western powers seek extra oil supplies to loosen the west’s dependence on Russian energy and slow the massive price rises caused by sanctions due to the war in Ukraine.

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Boris Johnson plans Saudi Arabia visit to seek oil supply increase

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MPs voice deep concerns over trip after mass execution by regime and its continuing role in Yemen war

Boris Johnson is facing scrutiny over a planned trip to Saudi Arabia to push for an increase in oil output amid an outcry over the regime’s biggest ever mass execution and growing fears the prime minister may try to limit media scrutiny of the visit.

Downing Street would not confirm Johnson’s likely trip to Riyadh, but sources have said he wants to appeal to the Gulf state to increase its oil output to replace supplies from Russia.

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White House faces oil standoff with Saudi Arabia and UAE as prices soar

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Analysis: Disputes with Biden administration mean Riyadh and Abu Dhabi are likely to drive hard bargain

Joe Biden’s hardline stance on Russia has won him widespread plaudits, but with the most serious oil shock in decades now a reality, the US president’s attempt to cushion the blowback continues to meet resistance from the two allies he needs most.

Saudi Arabia’s de facto leader, Mohammed bin Salman, and his counterpart in the United Arab Emirates, Mohammed bin Zayed, are yet to agree to a phone call with the west’s most powerful man – a scenario all but unthinkable during previous administrations.

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Turbulent times: Australian air fares predicted to soar as bans on Russian oil lift jet fuel prices

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Qantas chief says airlines have no choice but to increase prices and believes travel will be impacted

Travellers are facing steep air fare hikes as bans on Russian oil cause jet fuel prices to surge, Australian aviation experts warn.

Qantas chief executive, Alan Joyce, has said the average fare would increase by 7% as a result of the increased crude oil prices following Russia’s invasion of Ukraine, but others predict the price rises could be higher.

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Venezuela releases two Americans in effort to improve relations amid energy crisis

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Citgo’s Gustavo Cárdenas and Jorge Fernández released Tuesday while US representatives visited Caracas over the weekend

Venezuela has released two jailed Americans as the two countries seek to improve relations amid an energy crisis caused by Russia’s war in Ukraine.

Gustavo Cárdenas, an executive with US oil refining company Citgo was released on Tuesday night, along with Jorge Fernández, who was arrested last year on terrorism charges the White House described as “spurious”.

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Russia-Ukraine war latest: strike on children’s hospital ‘ultimate evidence that genocide is happening’ – Zelenskiy

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Ukrainian president calls bombing in Mariupol ‘beyond atrocity’ and urges world to ‘stand united in condemning Russia for this crime’

The New York Times will have no reporters on the ground in Russia for the first time in a century after the news organisation joined those pulling out of the country.

Russian authorities made reporting from the country impossible when it recently criminalised the act of describing Russia’s invasion of Ukraine as a “war” with those who commit the offence facing up to 15 years in prison.

As a result Russian media outlets have been forced to close, while global news organisations have pulled out their teams owing to the risk of arrest.

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Stranding of three whales in Corfu raises alarm over seismic testing for fossil fuels

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While cause remains unconfirmed, green groups fear the three whales could be the ‘tip of iceberg’ with many more animals hurt

Environmental groups have linked the beaching of three whales in Corfu to seismic testing for oil and gas in the waters off the Greek island.

Two Cuvier’s beaked whales were found stranded at Arillas and Agios Gordios beaches on the west of the island on 20 February. A third beaked whale ran ashore on Agios Gordios beach the day after.

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Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike

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The Gulf nations have capacity to pump more oil to ease supply fears but relations with the US have chilled under Biden

The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and it allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.

According to the Wall Street Journal, citing Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.

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Biden bans Russian oil imports in response to Ukraine invasion – as it happened

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Joe Biden said he is issuing this ban on Russian oil imports after “close consultation with our allies, especially in Europe”. He said the American people must understand that many of our European partners will not be able to join the US, a net exporter of energy, in this ban.

“We can take this step when others cannot, but we are working closely with Europe and our partners to develop a long term strategy to reduce their dependency on Russian energy as well,” he said.

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Nickel soars to record $100,000 a tonne as risk of shortages from Russia rises – business live

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Rolling coverage of the latest economic and financial news

The oil price has opened higher too, with Brent crude up 2% at $125.70 per barrel.

Yesterday, Brent spiked alarmingly to $139 per barrel, a 14-year high, after the US said it was talking to its European allies about potentially banning Russian oil imports. It then slipped back, as Germany’s Olaf Scholz pushed back against the idea.

“This is the tightest fundamental backdrop in years and the developments in Russia/Ukraine have ignited a market that was already a coiled spring. How high can oil prices go? Pick a number, this is a market in disarray.

Market fundamentals are the strongest in at least 15 years… it is not unfathomable for prices to rocket to $200/bbl by summer, spur a recession and end the year closer to $50/bbl ($200 call options have been bid). To be clear, this is not our base case, but such a scenario does not sound implausible today. Two weeks ago, such a notion would have been ludicrous.”

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Democrats and Republicans agree on plan to suspend trade relations with Russia and Belarus – live

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Federal prosecutors were expected to make closing arguments today in the first jury trial of someone charged with joining in the 6 January attack of the US Capitol.

Guy Reffitt of Texas, the first of some 750 people charged with joining the riot to face trial in Washington, has been charged with carrying a semi-automatic handgun while on Capitol grounds and obstructing justice by threatening his children with harm if they reported him to authorities.

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Biden criticized over report of planned Saudi trip to discuss global oil supply

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White House refuses to confirm that top advisers considering spring Saudi Arabia visit to propose increase in oil exports

Joe Biden attracted criticism from both progressives and Republicans after a report indicated the White House was planning a visit to Saudi Arabia to discuss global oil supply.

Axios reported on Sunday that Biden’s senior advisers were considering a spring trip to Saudi Arabia in an effort to improve relations and to propose a potential increase in oil exports.

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Oil prices soar 10% and stocks plunge as US and Europe consider ban on Russian crude

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Brent crude jumped $20 to $139.13 at start of trading on Monday, with analysts predicting further increases

Oil prices have soared more than 10% and are closing in on their all-time high levels after the risk of a US and European ban on Russian crude threatened a stagflationary shock for world markets.

The global benchmark of Brent crude hit US$139.13 a barrel at the start of trading on Monday, a leap of more than $20 on Friday’s close of $118.03.

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US and 30 allied countries to release 60m barrels of oil amid price surge

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The coordinated decision, only the fourth in the International Energy Agency’s history, comes as Russia continues Kyiv siege

The United States and 30 countries have agreed to release 60m barrels of oil from their strategic reserves to stabilise global energy markets, the US Department of Energy said on Tuesday, as oil prices surged to a seven-year high.

The move, ahead of Joe Biden’s State of the Union address to Congress, failed to calm fears about supply disruption from the Ukraine crisis and sanctions against Russia. US stock markets fell sharply even after the news.

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Shell to exit joint ventures with Gazprom and pull out of Nord Stream 2

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Decisive move to end tie-up with Russian state gas firm follows BP pledge to sell its 20% Rosneft stake

Shell is to exit its joint ventures with Russian state energy firm Gazprom, a day after BP said it would offload its 20% stake in Kremlin-owned oil firm Rosneft, as British businesses scrambled to distance themselves from Vladimir Putin.

The oil company said it would “exit its joint ventures with Gazprom and related entities”, which are worth about $3bn.

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Energy prices surge as Russian invasion of Ukraine stokes fears of global shortages

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European stock markets tumble as crisis fuels near-40% rise in gas price and pushes oil to $105 per barrel

Global markets were thrown into turmoil on Thursday as the arrival of war on European soil sent prices of commodities such as oil, gas and wheat surging, while stock market plunged.

The ramifications of a potentially prolonged conflict involving Europe’s primary supplier of gas sent a chill through markets, affecting prices across a phalanx of asset classes and investments.

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Saudi Arabia transfers $80bn in shares to wealth fund for green projects

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Crown Prince Mohammed bin Salman said move was part of efforts to recalibrate the oil-led economy

Saudi Arabia has transferred shares worth $80bn to its sovereign wealth fund as the oil-rich nation hopes to rival Norway and Singapore’s state-managed funds and invest in green projects.

Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, said 4% of shares in Saudi Aramco, the world’s biggest oil exporter, would be transferred to the kingdom’s sovereign wealth fund as part of efforts to recalibrate the oil-dominated economy.

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‘Anything to stop the massacres’: peace still eludes DRC as armed groups proliferate

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After years of conflict between the DR Congo’s ineffective army, rebel forces and local militias, can Uganda’s entry into the war bring peace?

For the past three months, Ugandan forces have been bombarding Islamist rebels in its border region with the Democratic Republic of the Congo. The offensive, in the Rwenzori mountain range that straddles both countries, has forced many Congolese to leave their homes and move to the cities for shelter.

Sarah Kasanga* is one. The Allied Democratic Force (ADF) militia stormed Kalingathe, her village north of Beni, in December 2019. People were made to lie on the floor while rebels searched homes for food, pots, money or clothes.

DRC soldiers overlook Virunga national park at a military base on the outskirts of Beni

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