Moscow – Alexander Novak, Deputy Prime Minister of Russia, has claimed that Russia has completely moved away from the dollar and Euro as a currency to trade oil and are focused on regional currencies. He said Russia had traded oil with China in exchange for Yuan and Rubel. The International Energy Agency (IEA) recently declared […]
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Tokyo/ Moscow – Group of 7 developed countries, known as the G7, has supported and aided Ukraine in ongoing Russia- Ukraine conflict. They imposed heavy sanctions on Russia and its oil exports to weaken the Russian economy. One of the decisions was to impose a price cap on oil purchase. However, Japan, one of the […]
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New Delhi: Russia surpassed Iraq and Saudi Arabia and became the largest fuel supplier of India for the second consecutive month. An organisation called Vortexa, which records fuel transport, gave this information. In October and November before March 31, 2022, India was buying only 0.2% of its oil demand from Russia, India’s largest oil supplier. […]
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Moscow: While imposing a price cap on Russian crude oil, the Western alliance, along with the European Union, has decided to stop seaborne imports of Russian crude oil. It came to light that Russia has created a ‘shadow fleet’ of more than 100 oil tankers to circumvent these sanctions imposed by the West. Leading UK […]
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Moscow: Russian President Vladimir Putin has warned that attempting to cap Russian fuel prices would seriously affect the international fuel market. G7 and the European Union are moving to restrict the prices of crude oil exported from Russia. According to Western sources, a proposal has been made to keep the price of Russian oil at […]
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Washington/Moscow: The World Bank claimed that the G7 countries alone are incapable of capping the prices of Russian oil and that participation from more countries would be needed. The World Bank report argues that such a mechanism to control oil prices is unprecedented and poses a significant risk. Against the backdrop of the World Bank […]
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Washington: Fear of global recession and increasing spread of Coronavirus caused a fall of about 10% in the crude oil rates in two days. The fall has brought the crude oil rates below USD 100 per barrel level. This is the first decline in crude oil rates since the start of the Russia-Ukraine conflict at […]
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Moscow: – The European Union approved a ban on crude oil imported from Russia on Friday. Five-member countries of the union have been exempted from the ban. The implication is that the union’s decision to ban Russian imports will not make much of a difference to Russia. Russian media reported that Russia had started producing […]
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New Delhi: Since the United States imposed harsh sanctions targeting Russian oil exports, Russia has proposed to supply oil at a concessional rate to India as a trusted ally. As the crude prices are inflated in the international markets, it is reported that India is mulling over accepting the offer. Few sources from Indian Oil […]
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Paris/Moscow/London: – French Finance Minister Bruno Le Maire warned that the flare-up in the oil rates following the Russian attack on Ukraine and its consequences are similar to the Oil Shock of 1973. The French Finance Minister warned that the global economy could slow down given the situation created in the oil market. The current […]
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