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The world's largest oil producer stepped up imports of Russian oil in the second quarter despite sanctions aimed at choking Moscow's energy flows, Reuters said. Saudi Arabia imported 647,000 tonnes of Russian oil from April to June, according to data reviewed by Reuters. Saudi Arabia took possession of the oil from Russian and Estonian ports, and has thus far imported 320,000 more barrels from Russia compared to 2021 levels. The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response...

Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.Russia earned what is very likely a record 93 billion euros in revenue from exports of oil, gas and coal in the first 100 days of the country’s invasion of Ukraine, according to data analyzed by the Center for Research on Energy and Clean Air, a research...

The eu’s ban on Russian oil, agreed on May 31st, is off to an unpromising start. Since Russia invaded Ukraine in February, the amount of its oil pumped into the bloc has been increasing. It rose by 14% between January and April, from 750,000 to 857,000 barrels per day, according to Argus Media, a publisher. The embargo applies only to seaborne crude and petroleum products, for now covering just 75% of imports from Russia. Oil supplied by pipeline to a handful of countries in central and eastern Europe is temporarily exempt—a concession to Hungary, which had been blocking the agreement....

SINGAPORE, May 20 (Reuters) - China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world's biggest oil importer comes a month after it initially cut back on Russian supplies, for fear of appearing to openly support Moscow and potentially expose its state oil giants to sanctions. read more China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels...

WASHINGTON (AP) — President Joe Biden’s campaign to unite the globe against the Russian invasion of Ukraine is being challenged not only by adversaries such as China but also by the world’s most populous democracy, India. An Indian government official said on Friday that the country will increase its imports of Russian oil, allowing it to boost energy supplies at a discount as its economy struggles to recover from the coronavirus pandemic. Although India isn’t alone in buying Russian energy — several European allies such as Germany have continued to do so — the decision conflicts with Biden’s efforts to...

President Biden on Tuesday announced a ban on all imports of Russian oil, gas and energy to the United States, targeting "the main artery" of Russia’s economy amid President Vladimir Putin's war on Ukraine.

Gasoline is now at the highest price ever recorded. The average cost of a retail gallon of unleaded gasoline hit $4.173, according to the AAA, with many regions far exceeding that price

President Joe Biden said the ban is a 'powerful blow to Putin's war machine' during White House remarks The ban will be levied by the US alone without European Union allies, which rely more on Russian energy Biden used their reliance on Russian oil and gas as a reason to accelerate the move toward clean energy, which he said 'will mean that no one has to worry about price at the gas pump in the future' American markets only bought 3.5 percent of their crude oil from Russia last year, with most from Canada Domestic gas prices have skyrocketed since...

Brandon scheduled to speak at 10:45 EST, so probably 11:30.....

Shell reportedly agreed to purchase Russia’s benchmark Urals crude from Trafigura Group at a record discount, confirming that many in the market continue to avoid the country’s oil but that at a bid still remains if the price is low enough. Shell reportedly will pay a price around $28.45 below the going rate for Brent Crude, Bloomberg News reported Friday. Typically, Urals have priced two to three dollars below Brent. The cargo has been bought on a delivered basis, according to Bloomberg. That means Shell won’t need to work out the transportation and will not be liable for payment if...

The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering panic selling and heavy losses on Wall Street's main stock indexes, U.S. President Donald Trump spoke with Saudi Arabia's Crown Prince Mohammed bin Salman in a call on Monday to discuss global energy markets, the White House said on Tuesday. Amin Nasser, CEO of Saudi Aramco said the oil giant would increase supply to 12.3 million barrels per day in April for customers inside the kingdom and abroad. That's 300,000 bpd above its maximum production capacity, indicating Aramco may also free...

... But a threat is hanging over oil. What is most ominous is the spread of the destructive idea that, because of climate change, all fossil fuels, including oil, must be kept in the ground. Russia bears some of the blame for that underhanded campaign, using social media to twist American public opinion against oil production to achieve its own devious goal: push up world oil prices. With Russia’s help, the keep-it-in-the-ground movement threatens to impede the production of oil offshore and stifle hydraulic fracturing in shale formations. At the same time, Russia is spearheading opposition to the construction of...

Russian scientists and local oil field services companies claim to have created a technology for thermochemical gas fracturing that could be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times, Russia’s news agency RIA Novosti reports, citing the University of Tyumen’s press service.The chemicals react and emit heat and gas, which makes extraction easier and lifts well productivity, according to the scientists and researchers. The other upside in the technology, the Russians claim, is that the main component in the chemical reactions is ammonium nitrate, which is often used as fertilizer.According to Professor...

Sen. John McCain (R-Ariz.) suggested Exxon Mobil is "crazy" in response to a report that the oil giant is seeking a waiver to resume projects in Russia. "Are they crazy?" McCain tweeted Wednesday with a link to the Wall Street Journal's report.

Russian Oil Output Hits Post-Soviet High, Bests Saudi Arabia November 03, 2015 Russian oil production rose to a post-Soviet record of 10.78 million barrels a day last month, besting Saudi Arabia's output of 10.1 million and contributing to a renewed slump in oil prices. The increase in production reported November 2 reflects Russia's strategy of defending its market share as the Saudis and other rivals from the Gulf have started offering alternative supplies to Moscow's traditional markets. Russian production has withstood a collapse in oil prices and a global supply glut, while output by contrast has plummeted 5 percent since...

Vladimir Putin is falling back on Soviet-era self-reliance as oil wealth evaporates and sanctions cut off vitally-needed technology Russia is running out of money. President Vladimir Putin is taking a strategic gamble, depleting the Kremlin's last reserve funds to cover the budget and to pay for an escalating war in Syria at the same time. The three big rating agencies have all issued alerts over recent days, warning that the country's public finances are deteriorating fast and furiously. There is no prospect of an oil revival as long as Saudi Arabia continues to flood the market. Russia cannot borrow abroad...

As Vladimir Putin orders airstrikes against rebels of all stripes fighting Bashar al-Assad’s regime, there are important strategic economic goals behind Russia’s actions in Syria. The short term goal is easy to discern: prevent Assad’s collapse as no alternative suitable to Russian interests exists, preserve Russia’s only naval base in the Middle East at Tartus, and promote Russia both at home and abroad as a world power that counterbalances American hegemony. Much of the media has focused on Putin as a personal driver of Russian behavior. While forays into Georgia and Ukraine have accomplished the tactical goals of preventing increased...

ladimir Putin's military campaign in Syria is stirring up trouble in the Middle East -- and jacking up oil prices in the process. T. Boone Pickens, the billionaire oil man, believes that's exactly what Putin was hoping for. "He wants a higher price for oil," Pickens told CNNMoney's Cristina Alesci. "A lack of leadership in the United States has allowed Putin to walk into the Middle East and be right there." Energy-reliant Russia has been slammed by the crash in world oil prices. The Russian economy is in recession and the ruble has collapsed against the dollar. But last week...

The Kremlin has launched an incredible volte-face in economic policy and turned to traditional industries like farming in the face of tumbling oil prices ___ Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as US shale production transforms the global energy market. The Kremlin has launched a radical shift in strategy, rationing funds for the once-sacrosanct oil and gas industry and relying instead on a revival of manufacturing and farming, driven by a much more competitive rouble. "We have to have prudent forecasts. Our budget is based very conservative...

Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices as they look to guard against a seasonal shortage of Alaskan supply, trade and industry sources said.