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WASHINGTON, D.C.: Striking harder at Russia''s economy, United States President Joe Biden on Tuesday (Wednesday in Manila) ordered a ban on Russian oil imports in retaliation for Vladimir Putin''s onslaught in Ukraine. The major trade action, responding to the pleas of Ukraine''s embattled leader Volodymyr Zelenskyy, thrust the US out front as Western nations seek to halt Putin''s invasion. Americans will feel pain, too — at the gas pump — Biden acknowledged, declaring: "Defending freedom is going to cost." The imports have been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector. "We will not be part of subsidizing Putin''s war," Biden said, calling the new action a "powerful blow" against Russia''s ability to fund the ongoing offensive. The US leader said Washington was acting in close consultation with European allies, who are more dependent on Russian energy supplies and who he acknowledged may not be able to join in immediately.

https://www.investing.com/analysis/exxon-bear-put-spread-could-offset-expected-shortterm-profittaking-after-highs-200619570

The global energy crunch spurred by Russia’s invasion of Ukraine is giving the world’s biggest refining complex a much-needed boost.Reliance Industries Ltd.’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel, according to people with direct knowledge of the matter. It’s already sending shipments of the fuel to Europe, and this will increase in the coming months, said the people who asked not to be named as the information isn’t public.The complex in Gujarat state on India’s west coast can process 1.36 million barrels of crude a day from two refineries and is able to export most of the fuel. Owned by billionaire Mukesh Ambani, the 704,000 barrels a day export-focused plant been languishing since the pandemic hit, and only utilized around three-quarters of its capacity in January.“Reliance has large flexibility in terms of crude feedstock ratio and yield shifts, and it exports 80% of its output,” said Senthil Kumaran, head of South Asia oil at industry consultant FGE. “That gives it the maximum benefit in strong margin times.”Some Asian refiners are looking to send diesel abroad as the fuel skyrockets in Europe following Russia’s invasion of Ukraine.

Santa Barbara County supervisors have rejected a bid by ExxonMobil to restart offshore oil wells shut down in 2015 after a pipeline leak caused the worst coastal spill in 25 years

As Russia faces unprecedented sanctions following its invasion of Ukraine, an equally extraordinary number of corporations are pulling out of the country – often going above and beyond what is required by law. From Shell, Exxon, Boeing and Airbus, to Apple, Disney, TikTok, McDonald’s and Starbucks, top brands and industry leaders are suspending their operations in Russia …

As Russia’s invasion of Ukraine continues to disrupt global markets markets, more big companies are frowning on Russia’s show of power and are taking action to show solidarity with Ukraine by exiting the world’s largest country one after the other across different sectors. About two weeks after the invasion started, at least 40 companies have left Russia or stopped the sale of their products and services in the county in no particular order. Manufacturing Car and truck makers such as General Motors Company, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, Harley-Davidson, Mercedes Benz, and Volkswagen, announced they would halt shipments to Russia or shut down assembling plants in the country. Volvo and Daimler Truck Holding AG also suspended business activities in the country. “We clearly stand for peaceful global cooperation and categorically reject any form of military force; we have decided to suspend our business activities in Russia with immediate effect until further notice,” Daimler tweeted via its official handle.

Chinese Firms Mull Buying Stakes In Russian Energy Giants As it turns out, American megabanks like JPMorgan and Goldman Sachs aren''t the only ones buying up distressed Russian assets. Chinese banks are also getting in on the fun. China is considering buying or increasing stakes in Russian energy and commodities companies, such as gas giant Gazprom and aluminum giant Rusal International, according to people familiar with the matter, Bloomberg reports. Beijing is in talks with its state-owned firms, including China National Petroleum, China Petrochemical, Aluminum Corp. of China and China Minmetals Corp., about potential opportunities for potential investments in Russian companies or assets, the people said. Any deal would be to bolster China’s imports as it intensifies its focus on energy and food security, not as a show of support for Russia’s invasion in Ukraine, the people said. The talks are still in an early stage, and it''s unclear whether a deal will result, as the discussions aren’t public .

The firm says MPNU is not a party to the agreement and continues to hold its interests, rights and obligations under the NNPC/MPNU JOA. The post Seplat refutes reports on cancellation of buyout of ExxonMobil assets appeared first on Premium Times Nigeria .

Higher prices could mean more profits for investors.

LONDON: McDonald''s Corp said on Tuesday it would temporarily close its restaurants in Russia, becoming the latest Western company to pause all operations in the country after it moved troops into Ukraine. The fast-food chain said it would go on paying salaries to its 62,000 employees in Russia. Earlier on Tuesday, Shell stopped buying oil from Russia and said it would cut links to the country entirely while the United States stepped up its campaign to punish Moscow by banning Russian oil and energy imports. The West''s moves to isolate Russia economically for attacking its neighbour have turbocharged global commodity and energy markets, sending prices soaring and threatening to derail the nascent recovery from the COVID-19 pandemic. Britain too said it would ban imports of Russian oil but only by gradually phasing them out during 2022 to give businesses time to find alternative sources of supply. The surge in metal prices since Russia attacked Ukraine is starting to hurt some players caught on the wrong side of the market, as well as end consumers such as carmakers.

Regular gasoline is $4.09 a gallon at a gas station in Salt Lake City on Monday, March 7, 2022. The average price of gas in the U.S. broke the $4 per gallon line over the weekend for the first time since 2008. Mengshin Lin, Deseret News President Joe Biden announced a U.S. ban on all Russian oil, gas and energy imports Tuesday at a White House press conference and noted the decision is likely to drive already record-level consumer prices even higher. “Today, I’m announcing the U.S. is targeting the main artery of Russia’s economy,” Biden said. “We’re banning all imports of Russian oil, gas and energy. “The American people will deal another powerful blow to Putin’s war machine.” Biden said international economic sanctions in response to Russia’s invasion of Ukraine are pummeling the Russian economy and have helped drive the value of the country’s currency, the ruble, down by 50%. But Russian energy exports have not, until now, been targeted as a part of sanctions, thanks in large part to Europe’s heavy dependence on Russian energy imports.

Just as stakeholders were settling into the news about the share deal between ExxonMobil, and Seplat Energy, the news about Nigerian National Petroleum Company (NNPC) Limited’s alleged objection via its Right of First Refusal (RFR) on the sale of the assets filtered in. As the country seeks improved production in the oil and gas sector, […] The post Making ExxonMobil-Seplat transaction a reality in Nigeria’s interest appeared first on The Guardian Nigeria News - Nigeria and World News .

President Joe Biden in yet another massive blow to Russian President Vladimir Putin is set to ban Russian oil as soon as today . The move comes as Putin’s illegal war and alleged war crimes against the sovereign nation of Ukraine is going exceptionally poorly amid almost universal worldwide condemnation of the authoritarian Russian Federation leader and former KGB agent. Biden’s ban will be “without the participation” of America’s European allies, Bloomberg News reports. “The ban will include Russian oil, liquefied natural gas and coal, according to two people, who spoke on condition of anonymity.” The House has been working on a bill to ban Russian oil as well. The ban could increase the price of gas at the pump, which hit an all-time high Monday, causing conservatives to use the news to attack the Biden administration. Overall, the President has little to no control over the price of gas, but the oil companies do, as U.S. Senator Ed Markey (D-MA) noted on Monday: Here''s a fact you won''t hear on Fox News today.

Fiduciary Wall Of Shame: These "Woke" Managers Caved To ESG Pressure And Missed Oil''s Epic Run Higher With oil now raging through $120 a barrel with little or no signs of stopping, we thought it would be a good time to look back over the "woke" virtue signaling ESG idiocy investment decisions that some actively managed funds made over the course of the last year. Of course, leading off, you had managers like Cathie Wood, who claimed in 2020 that oil would be going to $12 per barrel, due to global demand peaking and the "world shifting to electric vehicles". Wood amended this prediction brilliantly in 2021, when she said that she then saw a "$70 ceiling" on oil, continuing to push her narrative that EVs would "keep crude from breaking out". That, obviously, has not been the case. Recall, we wrote about the "geniuses" at Harvard''s endowment, who said in September 2021 (when oil was about 40% lower), that they would stop investing in fossil fuels. The fund made the change after what Bloomberg called "years of sustained activism from students calling for fossil-fuel divestment".