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(Bloomberg) -- The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the producers group.

India imports only 2% of its oil from Russia, but the rising oil price is a big concern for India as it imports 85% of its oil demand.

WTI crude oil prices take offers around $104.60 to renew intraday low during Thursday’s Asian session. That said, the black gold dropped the most sinc

The pace of change due to the Russian invasion of Ukraine is breathtaking. Forget geopolitical uncertainty. What about the price of petrol and diesel? Forget threats of nuclear bombs, what about the price of bread or rationing of home-heating oil?

Will restart of overseas flights revive the aviation sector? Is India prepared for cyber wars? Why chemical stocks are facing crude shock? How''s democracy different from oligarchy? All answers here

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Gasoline prices in South Korea rose to the highest level in more than eight years Thursday as the deepening conflict between Russia and Ukraine pushes global oil prices higher amid growing supply concerns. The average retail gas price had reached 1,9

Elizabeth Warren Wants ‘’Windfall Tax’’ On Oil Profits On one hand the Biden administration is offering an olive branch to US shale producers , whose oil it desperately needs to offset near record high oil prices. On the other, Democrats such as Elizabeth Warren are hinting at the fire and brimstone the Congress hopes to unleash on US oil companies (before November, as the Democrats face a historic loss at the midterm elections). As prices at the pump continue to rise for Americans, and as U.S. President Joe Biden warns oil and gas companies about price-gouging to take advantage of profits from the fallout of the Russia-Ukraine war, Senator Elizabeth Warren reveals she is gearing up to propose a new windfall tax on oil profits, OilPrice reports . “Big Oil’s first priority is to maximize profits,” Warren said in a Tweet on Wednesday. “We can’t let them use Putin’s invasion as an excuse to pad their bottom line with war-fueled profits.” Warren said she was working with Senate Democrats on the new tax proposal, which may or may not end up being included in President Biden’s revised plans.

The paper called for "a serious — and realistic — conversation about the future of U.S. energy."

Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization o..

Ukrainian President Volodymyr Zelenskyy consulted with EU members and talked to Charles Michel, President of the European Council to discuss various sanctions against Russia to ensure the security of civilians.Taking to Twitter on Wednesday, Zelenskyy said, "Consultations with EU partners continue. Talked with Charles Michel @eucopresident. Discussed sanctions against the Russian aggressor, the need for coordinated pressure on Russia to ensure the security of civilians, support for Ukraine in our struggle & Ukraine''s membership in the #EU. #StopRussia."Ukrainian Foreign Minister Dmytro Kuleba called Antony Blinken, US secretary of state to discuss strengthing Ukraine''s defence capabilities."Call with @SecBlinken on further steps to strengthen Ukraine''s defence capabilities," Kuleba tweeted.He further thanked the US government for banning the import of Russian oil. He further tweeted, "Grateful to the U.S. for the new package of tough sanctions on Russia. Pressure must be …

Australia''s share market was following world markets higher after the United Arab Emirates pledged to provide more oil to overcome boycotts of Russian supply.77 per cent on Thursday as traders responded positively to the UAE pledge and oil prices dropped substantially, albeit from lofty heights.

With the U.S. ban on Russian oil, some analysts say we could be in for the most significant energy disruptions since the 1970s.

Three checkered oil regimes that President Joe Biden and past US leaders have spectacularly snubbed Venezuela, Saudi Arabia and Iran are now targets of US outreach

With oil prices high and Americans paying more for gasoline, US Energy Secretary Jennifer Granholm on Wednesday called for oil companies to increase production and offset the spike in pump prices.