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04/15/2022
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By Mary Villareal
EU looking at embargo on Russian oil products, potentially causing another supply chain catastrophe
European officials are now drafting plans for an embargo on Russian oil products, the most contested measure yet in punishing Russia for its invasion of Ukraine. After banning Russian coal – a move that sent coal prices around the globe at all-time highs – the European Union (E.U.) is now likely to adopt a similar […]
03/31/2022
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By Ramon Tomey
Saudi Arabia may increase oil prices amid Russia-Ukraine war
Saudi Arabia may increase the price of its crude oil as the repercussions of the Russia-Ukraine war are felt throughout global markets. An assessment by Bloomberg found that state-owned petroleum company Saudi Aramco may raise the selling price of its flagship Arab Light crude to $5 a barrel in Asia. The news outlet added that the price increase […]
03/25/2022
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By Arsenio Toledo
Price of crude oil shoots above $120 per barrel during short squeeze; experts warn of even higher oil prices in coming months
During a short squeeze on Wednesday, March 23, the price of crude oil futures shot up to a record-breaking price of $120 per barrel. Financial experts warn that this is just the beginning, and oil prices will one day stay above $120 per barrel for a long time. Brent crude futures, one of several internationally […]
03/20/2022
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By Arsenio Toledo
Oil prices continue to surge amid fears of approaching supply crisis
The price of oil worldwide surged once again on Thursday, March 17, after the International Energy Agency (IEA) warned that the world could experience a massive shortage in the global oil supply by next month. According to the IEA, Russian oil production could shrink by nearly three million barrels per day (bpd) while Russian oil exports could fall […]
03/17/2022
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By Arsenio Toledo
Russian sanctions and oil embargoes to cause world’s biggest oil supply crisis by next month
The International Energy Agency (IEA) warned that the massive drop in oil exports from Russia will lead to a catastrophic reduction in the global oil supply, which consumers are already feeling and will be reeling from by next month. The Russian invasion of Ukraine led to economic sanctions and embargoes from many nations all over […]
03/11/2022
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By Mary Villareal
Russian Deputy PM: Rejection of Russian oil would lead to catastrophic consequences for global market
The United States and its allies have announced sanctions on a number of Russian sectors, including banning oil imports over its invasion of Ukraine. However, Russia is not backing down. Russia retaliated by threatening to close a major gas pipeline to Germany. Russian Deputy Prime Minister Alexander Novak said in a state television address that rejection […]
03/04/2022
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By Arsenio Toledo
Oil prices surge to multi-year highs as Ukraine conflict causes ripple effect in global oil supplies
Oil prices are climbing to multi-year highs as the ongoing conflict Russia has embroiled itself in is preventing it from exporting a vast supply of crude, causing a ripple effect on global oil supplies. Russia is the second-largest producer of oil in the world. According to 2020 data from the Energy Information Administration, Russia produced over […]
03/03/2022
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By Nolan Barton
Trump calls on Biden administration to boost domestic oil production
Former President Donald Trump has called on the Biden administration to boost oil production in the United States. “We are so foolish,” Trump said during a recent phone interview with Fox Business Network‘s Maria Bartiromo. “The whole thing with the climate is just out of control. Unless everybody is going to do it, [this] makes […]
03/03/2022
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By Kevin Hughes
US oil prices rise to a 7-year high as conflict between Russia and Ukraine continues
As Russia continued its assault on Ukraine’s capital Kiev, oil prices continued to rise Tuesday, March 1, with the U.S. crude reaching its highest level since June 2014. West Texas Intermediate crude futures, the U.S. oil benchmark, surged 11.5 percent to $106.78 per barrel at its peak for the day. It dropped during the afternoon trading and […]
03/02/2022
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By Mary Villareal
Advisory: Do not travel to Russia, Ukraine, Belarus and Moldova
Americans set to visit Russia are advised to reconsider their plans because of its ongoing conflict with Ukraine. A new Department of State advisory tells citizens to avoid travel to Russia as fighting rages on. The Feb. 28 advisory stated: “Do not travel to Russia due to the unprovoked and unjustified attack by Russian military forces in Ukraine, […]
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