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(Repeats to more subscribers) March 1 (Reuters) - Iraq''s oil exports rose to an average of 3.314 million barrels per day in February, the oil ministry said on Tuesday in a statement, from 3.2 million bpd in January. The country''s February…

(Updates prices) By Julia Payne LONDON, March 1 (Reuters) - Oil prices surged on Tuesday as concerns over supply disruptions after Russia''s invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. May…

Notwithstanding repeated assurances from the nation’s apex oil group, the Nigerian National Petroleum Corporation Limited, NNPC, that it had distributed petroleum products nationwide, to resolve the fuel scarcity that has lingered for weeks, the situation is taking a turn for the worse. In a statement by Mr. Garba Deen Muhammad, the group’s general manager, group public affairs division of the group last weekend, said over 2.1 billion litres of petrol was available but only awaiting distribution chain hurdles to ease out as he urged Nigerians to exercise further patience. The NNPC, in a statement, said it is intensifying efforts to resolve distribution hitches being experienced in some parts of the country. “To this effect, the NNPC is engaging depot operators to load products round the clock to accelerate the restoration of normal distribution”, it said. “NNPC has also engaged the services of Government Security Agencies to ensure that all products loaded get to the right destination.

Today, the Minister of Natural Resources, the Honourable Jonathan Wilkinson, announced the Government of Canada will ban crude oil imports from Russia. According to the Canada Energy Regulator, Canada does not currently import any crude oil from Russia, and has not since 2019. The new ban will ensure this remains the case going forward. Once […] The post Canada – Government of Canada Moves to Prohibit Import of Russian Oil appeared first on Webnewswire .

Berger Paints India Ltd on Tuesday said it was monitoring the cost pressure in the wake of crude price hardening but will take a call after tracking the demand scenario. With crude oil trading above USD 100 per barrel owing to Russia''s invasion of Ukraine, cost pressure will mount if the geopolitical uncertainties continue for a few months. "We are monitoring the situation closely but not raising the price in a haste. We will take a call after monitoring the demand scenario also. Price rise impacts volume demand," Berger Paints MD & CEO, Abhijit Roy, told PTI. Berger had hiked prices in the last one year to offset input cost inflation, the company said. Roy explained that out of the four major ingredients of making paints, one is linked to crude. It is the solvent binder, which is a derivative of crude. However, its price is more affected by demand-supply issues than the price of crude itself, he said. Overall, solvent binder forms about one-third of Berger''s raw material …

Oil is up, the Russian ruble is down, and financial markets are showing increased levels of volatility. The rolling boil in the markets comes as Russia’s Vladimir P…

Earlier post: OPEC+ set to deliver 400k bpd increase, as planned - report RBC analysts are on board with planned increases continuing. we think the producer group will likely stay the course with the current easing schedule and avoid wading into the deepening security crisis involving the grou

Western countries and OPEC members prepared on Monday to hammer out ways of taming oil prices, which have surged past US$100 a barrel

In addition to supplying Ukraine with anti-tank weapons systems, Canada is banning all imports of crude oil from Russia.

After months of frantic diplomacy, the West''s worst fears finally came true on Thursday after Russian forces launched their long-feared attack on Ukraine. Russian forces have repeatedly fired missiles at military control centers in Kyiv and other regions, though they have failed to decisively take any key city amid stiff resistance from Ukrainian forces. On the same day, Western leaders slapped a raft of fresh sanctions on Russia, including the exclusion of Russia''s largest financial institutions from global financial systems; imposing an asset…

Mele Kyari, the group managing director (GMD) of the Nigerian National Petroleum Company Limited (NNPC), has said International Oil Companies (IOCs) that divest from Nigeria’s upstream sector must address issues of abandonment and decommissioning of oil assets. Kyari said this on Monday in Abuja, at the opening session of the fifth edition of the Nigerian […]

A TANKER heading to the US carrying an estimated 400,000 barrels of Russian crude oil reversed its course earlier this month, and docked in Milford Haven on Sunday, it has been confirmed. Ariel left Primorsk in Russia on January 29 to head across the Atlantic, before turning back towards the UK on February 14, according […]

The spike in crude oil prices last week in the aftermath of Russia’s invasion of Ukraine has lent further urgency to the long-running efforts to bring Iranian oil back into the global oil market in order to bring prices back down to levels that do not cause so much damage to major economies. According to sources closely connected to the current negotiations between the ‘P5+1’ group of nations (U.S., U.K., France, China, and Russia, plus Germany) and Iran exclusively spoken to last week by OilPrice.com, the mechanism to achieve…

Oil steadied as investors focused on the possible release of strategic crude reserves by the U.S. and its allies to ease supply fears after Russia was slapped with more sanctions over its invasion of Ukraine.

Slowly getting there it seems.