Loophole Allows Russian Oil to Enter UK Despite Sanctions
Russian oil is reportedly finding its way into the UK through a loophole in the refinery process, despite sanctions imposed over the conflict in Ukraine. Research suggests that millions of barrels of fuel made from Russian oil are still being…
Oil Prices Fall as Traders Monitor Cease-Fire Negotiations in Israel-Hamas Conflict
Oil prices fell on Thursday as traders kept a close watch on the ongoing negotiations for a cease-fire in the Israel-Hamas conflict. The West Texas Intermediate contract for March dropped 2.68% to settle at $73.82 a barrel, while the Brent…
Surge in Freight Rates Impacting Global Oil Market, Favoring Middle Eastern Grades Over US Cargoes
A recent surge in freight rates has led to a significant impact on the global oil market, particularly in Asia. The increase in shipping costs has prompted crude oil buyers in Asia to shift their focus to Middle Eastern oil,…
U.S. Crude and Natural Gas Production Soars to Record Highs in 2023
U.S. crude and natural gas production soared to record highs in 2023, presenting a complex political challenge for President Joe Biden as the 2024 presidential campaign gains momentum. The industry’s increased output raises questions about its ability to reduce emissions…