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Supply disruptions out of Kazakhstan, the North Sea and Libya and dislocations to typical trade flows as the market adapts to the Russia situation have driven the European crude market structure into an extreme backwardation, with buyers being forced to pay hefty premiums for prompt cargoes. The extreme backwardation — where prompt cargoes trade higher ...

Russian oil exports grew by 12% in the first five months of 2022, Deputy Prime Minister Alexander Novak said June 17, as demand persists, despite Western sanctions reducing oil exports to Europe. “This means that our oil and oil products are in demand today around the world,” Novak said during the St Petersburg International Economic ...

Two prominent oil industry groups in a June 16 letter addressed to President Joe Biden outlined the realities faced by US refiners in response to his June 14 letter requesting they meet with the Department of Energy to find a way to increase gasoline and diesel output to bring down the price of gasoline and ...

Market observers expect Middle Eastern crude flows to Europe to surge as Russian barrels are displaced. Iraq has opted to undercut its regional rivals in o...

Russia is close to restoring its oil production volumes to February levels, the Prime news agency reported June 16, citing Deputy Prime Minister Alexander Novak as saying. Russia’s oil output fell significantly following Russia’s invasion of Ukraine, which triggered extensive Western sanctions and led traditional key buyers in Europe to significantly reduce purchases of Russian ...