• 2 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 5 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 7 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 8 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
Where To Look For Value This Earnings Season

Where To Look For Value This Earnings Season

Energy majors are about to…

Half A Million Bpd At Risk From Geopolitical Firestorm

Half A Million Bpd At Risk From Geopolitical Firestorm

Geopolitical tensions are once again…

Oil Rises On Ukraine Tension, U.S. Sanctions

Oil Rises On Ukraine Tension, U.S. Sanctions

Renewed tension in Ukraine and the announcement that the U.S. will impose new sanctions on Russia allowed oil prices to recapture ground that had been lost over the last few weeks.

As the crisis has intensified, oil prices have responded. Brent futures for June were up 0.6 percent during trading on April 28, to $110.20 per barrel. June delivery for West Texas Intermediate crude jumped 92 cents, to $101.52 per barrel, after dropping 3.6 percent last week.

After pro-Russian forces seized international monitors last week, U.S. Secretary of State John Kerry blasted Moscow for its failure to live up to the international accord agreed upon in Geneva earlier this month. The Russian move also gave the U.S. and EU the justification it needed to ratchet up sanctions. According to NATO, Russia has positioned 40,000 troops on the Ukrainian border.

Since then, the town of Lugansk, Ukraine declared its independence from Kiev, with pro-Russian forces declaring it the “Lugansk People’s Republic.” They announced that a referendum would be held May 11 on the question of formally joining Russia.

Related Article: Putin is Losing Eastern European Energy Gamble

The mayor of Kharkiv, Ukraine’s second largest city, was also shot in the back and remains in critical condition. Kharkiv is in Ukraine’s east, where pro-Russian forces hold sway. The mayor had recently announced support for the new government in Kiev.

U.S. President Barack Obama announced new sanctions on April 28 against several members of Russian President Vladimir Putin’s inner circle and companies considered close to the Kremlin.

In all, the sanctions consist of travel bans and asset freezes on seven Russian officials and asset freezes on 17 companies. In addition to several banks, the list includes Igor Sechin, president of Russia’s massive state owned oil company, Rosneft.

The U.S. said it would also prohibit exports of high-tech equipment that could be important to Russian military forces. The EU is expected to follow up with similar sanctions and has already met to discuss the details.

By James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News