Western sanctions targeting Russian oil major Lukoil have forced the company to declare force majeure at the massive West Qurna-2 oilfield in Iraq. Lukoil have declared force majeure, citing operational hurdles created by the restrictions, according to a Reuters report. In a coordinated move demonstrating continued international pressure, both the US and Britain recently announced
The oversupply in the oil market is likely to result in lower prices for the rest of the year. “The Brent oil price is likely to end 2025 with an annual decline, provided there is no increase of more than USD 10 in the remaining weeks,” Carsten Fritsch, commodity analyst at Commerzbank AG, said. Given
Oil prices rose slightly on Tuesday as concerns over the latest US sanctions on Russian supply raised fears among investors. Meanwhile, gold prices continued to rise with investors betting on the US Federal Reserve to cut interest rates at their next meeting. Silver also gained on Tuesday, tracking the movement in gold prices. Silver actually
While most energy prices have fallen since the start of the year, gasoil is proving to be a surprising exception. Despite Brent crude oil being 14% cheaper, the next-due gasoil contract on the Intercontinental Exchange is currently trading at just under $750 per ton, marking a 7.5% increase since January. Accordingly, the gasoil crack spread
Gold held steady as investors awaited the US House vote on a government reopening deal, which could clarify economic data and the Federal Reserve’s potential path for rate cuts. Silver prices rose nearly 2% on Wednesday as the rally in precious metals overshadowed gold’s gains. Meanwhile, oil prices fell sharply on concerns over an impending
The government’s push to potentially seize and sell Lukoil’s Burgas oil refinery to shield it from US sanctions hit a major roadblock Wednesday when Bulgarian President Rumen Radev vetoed the necessary legal changes. President Rumen Radev, in a significant move, vetoed the recently passed legislation and returned it to the Bulgarian parliament for renewed deliberation,
Gold and crude oil rose on Thursday even as silver prices outshined all non-agricultural commodities with its impressive rally so far this month. Silver prices have risen 12% in the past four sessions, and have hit record highs. The rally has outperformed gold, which has risen 5% since last week. Meanwhile, oil prices were 1%
Despite facing Ukraine’s most significant drone attacks so far, Russia’s oil processing has only declined by a mere 3% this year. Russian refineries have managed to prevent a sharp drop in fuel production by utilising spare capacity to compensate for the damage inflicted by the strikes, Reuters quoted sources and data in a report. In
A US judge has rejected motions filed by Venezuela and Canadian miner Gold Reserve to disqualify himself, a court-appointed officer, and two advising firms overseeing the auction of shares in the parent company of US refiner Citgo Petroleum. These moves were submitted by Venezuela and Canadian miner Gold Reserve. In one of the most carefully