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: Fuel Oil
Ukrainian attacks have caused fuel shortages to spread from Russian-annexed Crimea to nearby parts of southern Russia, and even to the capital Moscow, which has previously been spared, residents say.
Brent crude futures climbed to $72.49 a barrel.
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.
While oil and gas are once again flowing through the Strait of Hormuz, the closure of the vital waterway for over 100 days could prove to be a turning point in global energy markets. The Arab oil embargo of 1973, a similarly disruptive supply shock, offers clues about where we might be headed.
Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources.
Russia is considering importing fuel and subsidising it to cap prices as ways to mitigate supply disruptions of gasoline and diesel caused by Ukrainian strikes on oil refineries, the Vedomosti daily reported on Tuesday, citing two unnamed sources.
Moscow shot down dozens of drones in the early hours of Monday and briefly suspended flights at airports, authorities in the Russian capital said, just days after Ukraine hit the city’s oil refinery again.
Brent crude futures climbed to $81.66 a barrel.
While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading.