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The House passed legislation on Wednesday to ban imports of Russian oil and authorize further sanctions, following a similar executive order from President Biden. Lawmakers pass…

Japan''s stock benchmark soared nearly 4% and other Asian markets surged Thursday after oil prices dropped, easing fears inflation was set to accelerate.

The Federation of Thai Industries (FTI) has called on the government to redesign the domestic oil price structure to better deal with the impact of soaring global oil prices.

Minister of State for Petroleum Resources Chief Timipre Sylva has attributed the inability of Nigeria to meet the Organisation of the Petroleum Exporting Countries (OPEC) to lack of investments in the oil and gas sector. Nigeria’s OPEC quota is pegged at 1.8 million bpd but in the last few years, the country has struggled between 1.3 and 1.4 million bpd. Speaking at a ministerial plenary, at the ongoing Ceraweek, in Houston, Texas, United States, Sylva said the speed with which international oil companies (IOCs) and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC target. A statement that his Senior Adviser (Media and Communications), Mr. Horatious Egua, quoted him as saying: “The rate at which investments was taken away was too fast.’’ Related Posts “Lack of investment in the oil and gas sector contributed to Nigeria’s ability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us,” he said.

March 10, 2022 11:35 AM Britain wants to boost domestic energy supplies after pledging to phase out S$7.2 billion of annual imports of Russian oil by the end of the year.

Indian retail inflation likely slipped marginally in February, thanks to lower food prices, according to economists who still warned that surging oil prices will push inflation much higher in future

Petrol and Diesel Price Today in India: Petrol and Diesel Rate on March 10 were left unchanged keeping prices steady for more than 100 days.

SINGAPORE: Singapore’s competition authority will investigate and take firm enforcement action if it finds evidence of anti-competitive behaviour such as coordinated price increase. This comes as global oil and domestic pump prices spike as a result of Russia-Ukraine tension, said Second Trade and I

Meanwhile, buying momentum spirited further by pullback in crude oil prices from the peaks after reports that the United Arab Emirates will call on fellow OPEC members to boost production, potentially easing some of the supply concerns caused by sanctions on Russia after its conflict with Ukraine.

And US and Poland accused of ‘playing ping pong’ with Ukrainian lives as fighter-jet plane collapses.

CARACAS/WASHINGTON—Venezuela released two jailed U.S. citizens on Tuesday in an apparent goodwill gesture toward the Biden administration following a visit to Caracas by a high-level U.S. delegation. One of the freed prisoners was Gustavo Cardenas, among six Citgo oil executives arrested in 2017 and convicted on charges the U.S. government says were fabricated. The other […]

The House of Representatives on Wednesday passed legislation to sanction Russia for invading Ukraine. Why it matters: It '' s the first time since Russia began amassing troops on the Ukrainian border that either chamber of Congress has moved on a sanctions package. Driving the news: The defense portion of the omnibus bill passed 361-69. The domestic portion passed 260-171. The vote bodes well for the bill''s chances in the Senate, where it needs some GOP support to overcome the 60-vote filibuster threshold. The details: The bill includes a ban on Russian energy imports and allows the Biden administration to sanction Russian officials implicated in human rights abuses. It also directs the U.S. trade representative to "use the voice and influence" of the U.S. to push for Russia to be suspended from the World Trade Organization. The backdrop: Lawmakers in both parties were left grumbling when the White House intervened to gut key provisions of the bill. The original bipartisan deal, struck by committee leaders in both chambers, would have empowered the U.S. to raise tariffs on imports from Russia and Belarus.

By Rocky Swift and Yuka Obayashi TOKYO (Reuters) – Resource-poor Japan depends overwhelmingly on fossil-fuel imports to meet its energy needs, complicating calls for the nation to boycott Russia’s oil and liquefied natural gas (LNG) after Moscow’s invasion of Ukraine.

Cooking Oil Shortage Sparks Panic Buying In Indonesia Indonesia, the world''s largest exporter of cooking oil, will reduce exports of edible oils as a domestic shortage sparks panic hoarding among households, a sign of rising protectionism around the world as countries deal with record-high food prices , according to Bloomberg . Trade Minister Muhammad Lutfi announced new rules Wednesday for palm oil exporters to increase domestic shipment volumes from 20% to 30% to ensure local consumers have access to affordable cooking oil. The move by the Indonesian government comes as dwindling cooking oil supplies has unleashed record high prices. Togar Sitanggang, vice chairman of the Indonesian Palm Oil Association (Gapki), said in a pre-recorded speech at a conference that households are panic buying edible oils as a shortage emerges. They''re buying more than they need worsening the shortage, he said. Palm oil for May delivery in Malaysia soared 10% to $1,687 per ton, a new record high for the contract and most active contract with the largest daily gain since 2001.

Deputy Prime Minister Barnaby Joyce started to rattle off a list of random countries and ramble about wheat and barley exports after he was questioned on Thursday.