OPEC+ Extends Voluntary Oil Production Cuts Amid Geopolitical Tensions
OPEC+ extends voluntary oil production cuts for three months in a bid to boost oil prices amidst geopolitical tensions. The decision aims to counteract escalating US production and lackluster global demand, which have driven oil prices down. Despite recent turmoil in the Middle East, oil prices remain below $100 per barrel, prompting the widely anticipated extension of production cuts. Saudi Arabia, a key player in the cuts, has reduced its output by 1 million barrels per day and abandoned plans to expand production capacity, signaling a shift in approach.
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…
Ukraine Adds Subway to List of ‘War Sponsors’ for Operating in Russia
Ukraine has added the US sandwich chain Subway to its list of ‘war sponsors,’ citing the company’s more than 500 restaurants operating in Russia as contributing to the nation’s economy amid the ongoing conflict with Kyiv. The Ukrainian National Agency…