Oil from sanctioned Venezuela to help Europe replace Russian crude as soon as next month: report
The agreement would resume oil-for-debt swaps that have been halted for two years after the US imposed sanctions on Venezuela.
Source: newsbreak.com
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OPEC+ higher quotas, SPR releases may compensate for loss of Russian crude: Vitol's Muller
The OPEC+ agreement for higher quotas in July and August and continued release of oil from the US government’s Strategic Petroleum Reserve may compensate for the loss of Russian crude, the head of Vitol Asia said, as the European Union undertakes a phased ban on seaborne oil imports from Moscow. “Crude output of Russia is ...
Source: hellenicshippingnews.com
US Likely to Turn Blind Eye to Iranian Oil Amid High Gas Prices: Vitol
The Biden administration is scrambling to bring down sky-high gas prices by encouraging countries to pump more oil.
Source: businessinsider.com
Crude supply cuts from Russian sanctions just a 'drop in the ocean:' Vitol's Muller
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million b/d, a “relative drop in the ocean compared to the intended impact,” the head of Vitol Asia said on May 8. “If only one million b/d has gone missing so far, before the EU shuts the door on ...
Source: hellenicshippingnews.com
The Inevitable Decline Of Russia's Oil Industry
It seems that the long term decline of Russia’s oil industry is now inevitable, with a lack of infrastructure to send spare volumes to the east
Source: oilprice.com