Petrides concerned over energy, grain prices and stagflation
The rise in energy and grain price levels due to the war in Ukraine, but also the possibility of stagflation are his main concerns Finance Minister Constantinos Petrides said on ...
Global LNG demand growth shifts from Asia to Europe on Russia sanctions
Asia’s liquefied natural gas (LNG) demand growth may cool this year as buyers baulk at record-high spot prices pushed even higher by Europe’s shift to the super-chilled fuel ...
Britain will step up oil production after Russian import phase out
Britain will step up its production of oil and gas after saying it will ban Russian oil imports at the end of the year, transport minister Grant Shapps said on ...
Oil gains as spectre of sanctions on Russian oil spurs supply worry
Oil prices rose on Tuesday, with Brent surging past $127 a barrel, as the possibility of formal US sanctions against Russian oil exports spurred concerns about oversupply.
Benchmark Brent crude futures ...
What would a U.S. ban on Russian oil mean for the world?
The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.
Russia is the world’...
Sanctions fears push European gas prices to record highs
European and British wholesale gas prices hit unprecedented levels on Monday on escalating fears that Russian energy exports could face sanctions after Russia’s invasion of Ukraine.
U.S. Secretary ...
U.S., European allies discuss banning imports of Russian oil
The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key ...
U.S. gasoline prices soar to highest since 2008 on Russia conflict
U.S. gasoline prices jumped 11% over the past week to the highest since 2008 as global sanctions cripple Russia’s ability to export crude oil after its invasion of Ukraine, automobile ...
Commodity supplies at risk after Russia invades Ukraine
Russia’s invasion of Ukraine and the imposition of new Western sanctions against Russia have fuelled fears about supplies of key commodities produced and exported by Russian companies.
See for ...
As world scrambles for oil, Canadian producers reluctant to spend on growth
The world is scrambling for oil after Russia’s invasion of Ukraine sent prices rocketing and upended global supply but producers in Canada, home to the world’s third-largest reserves, ...
Cyprus strategic oil reserves storage
KODAP released its 2022 budget in early February. Out of €119million, over €34 million is allocated to the construction of a strategic oil reserve storage at Vasiliko, with another €23million budgeted to ...
Oil rebounds on escalating Ukraine conflict
Oil prices rebounded on Friday as fears of Western sanctions that could disrupt Russian oil exports outweighed the possibility of more Iranian supplies while reports of a nuclear plant fire ...
VAT reduction only solution, fuel industry stakeholders say
By George Pirishis
In an effort to contain costs from the rising fuel prices, the government has decided to temporarily reduce the excise tax on petrol and diesel by 7 cents ...
Exxon to exit Russia, leaving $4 bln in assets, Sakhalin LNG project in doubt
Exxon Mobil (XOM.N) on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result ...
Nord Stream 2 owner considers insolvency after sanctions
The Swiss-based company which built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, two sources familiar with the situation said, as it attempts to ...
Shell to exit Russia after Ukraine invasion, joining BP
Shell (SHEL.L) will exit all its Russian operations, including a major liquefied natural gas plant, it said on Monday, becoming the latest major Western energy company to quit the ...
Russia’s Putin, Abu Dhabi Crown Prince pledge to continue coordination in energy
Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, in a phone call on Tuesday, discussed the OPEC+ oil deal and pledged to continue coordination ...
BP quits Russia in up to $25 billion hit after Ukraine invasion
BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move ...
EU sanctions target Russia’s economy, elites and Putin himself
The European Union has imposed two packages of sanctions on Russia for launching an “unprecedented and unprovoked military attack against Ukraine”.
Further sanctions, including the suspension of Russia’s access ...
Cyprus LNG import project – questions that will not go away
This project has been continuously in the limelight during the last few weeks, but, worryingly, for the wrong reasons. Following many questions about the lack of progress, significant schedule slippage ...
Oil prices surge as Russian invasion of Ukraine rings supply alarm bells
Oil prices jumped on Friday by nearly 3 per cent on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it ...
How a German state helped Moscow push a pipeline, weakening Ukraine
In the north German state of Mecklenburg-Vorpommern, where former Chancellor Angela Merkel was born, ties to Russia run deep – so deep, in fact, its leaders have defended a Kremlin project ...
Oil tops $100 for first time since 2014 as Russia attacks Ukraine
Oil prices surged on Thursday, with Brent breaching $100 a barrel for the first time since 2014, after Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy ...
Deepening Ukraine crisis jolts stocks, sends oil surging
Global stocks tumbled while safe-havens rallied and oil surged on Tuesday as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into ...