In Russia’s grain belt, farmers fret they will not be able to harvest their crops as a fuel crisis sparked by Ukraine’s drone attacks on oil refineries and depots disrupts daily life.
Tag: Energy
As the strait stays open and crude oil flows out, there are growing expectations of oversupply.
Oil prices fell more than 1% on Wednesday to their lowest levels since March as optimism over U.S.-Iran talks allayed supply concerns after U.S. President Donald Trump said talks in Qatar had gone well.
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy.
Brent crude futures climbed to $72.49 a barrel.
President Vladimir Putin acknowledged on Sunday that fuel supply problems had created shortages in Russian regions and a task force was working on ensuring sufficient quantities were provided throughout the country.
Unverified footage on social media showed a large fire at the refinery.
A drop in oil prices after a fragile U.S.-Iran truce has helped ease immediate inflationary pressure in many emerging markets, but cheaper oil alone will not defuse the threat of civil unrest as the damage to household finances has already been done, analysts say.
Fewer vessels transited the Strait of Hormuz on Friday than earlier this week, hours after a Taiwanese-operated ship was fired on by Iran, ship tracking data showed.
Saudi Aramco resumed crude loadings on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data showed, as the world’s biggest oil exporter joined a rush to move cargoes amid industry hopes of a return to normal.