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Goldman Sachs is warning of potential upside risks to oil prices following U.S. sanctions on Russia's energy sector, with Brent crude already approaching $80 per barrel and the possibility of ...
Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% ...
The U.S. Treasury imposed sanctions on Gazprom Neft and Surgutneftegas, which explore for, produce and sell oil as well as 183 vessels that have shipped Russian oil, many of which are in the so ...
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
Russia charged an export duty on oil products, in May 2023 Light Oil products was $4.2 per tonne (compared to $12.9 in December 2022), Naphtha duty was $7.9 and gasoline $4.3 per tonne. [19] From 1 January 2024 the export duty fell to zero as Russia changed the taxation system to add oil to the Mineral Extraction Tax regime. [20]
The number of ships considered in violation of the embargo can be significant. In October 2023, 2 carrying crude oil and 21 with oil products were identified, out of a total of 182 tankers carrying oil from Russian Black Sea ports that month. [5] In 2023, under 5% of Russian crude oil products went to Europe, a fall of 90% in the year. [6]
Oil jumped nearly 2% on Thursday as the Russia-Ukraine war escalated, outweighing an uptick in inventories. West Texas Intermediate futures settled at $70.10 per barrel, while Brent (), the ...
In 2008, the Russian oil industry claimed to be in need of huge investments. [9]Russia has seen extracting oil and gas from the Arctic region as important, especially for the Liquefied natural gas industry in Russia which was given a major boost from 2017 with investment and tax incentives, mainly to Novatek, however foreign investors pulled out in 2022 following the Russian invasion of ...