Tag: oil

The Norwegian Supreme Court ruled yesterday that the Svalbard Treaty does not grant the right to catch snow crab on the continental shelf off the coast of Svalbard.

Petroperú company stated in a press conference with members of the Association of Foreign Press in Peru that it has all of the necessary permits for the gradual and progressive start-up period, between March and May, of the new Talara Refinery. 

According to local news, Albanian police in the coastal town of Durres along with other law enforcement agencies blocked a Liberian-registered ship carrying suspected Russian oil in an operation that ended with the arrest of the 22-strong crew.

A 'shadow fleet,' or 'dark fleet,' has continued transporting Russian oil despite sanctions, explains the World Economic Forum (WEF) in a recent article. The oil revenue it provides helps fund Russia's military aggression.

The European Commission is considering setting a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

G7's price cap of $60-a-barrel on Russian seaborne oil came into force on December 5, as the West tries to limit Russia's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.

European Union tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, along with an adjustment mechanism to keep the cap at 5% below the market price.

The Biden administration approved plans from the Sea Port Oil Terminal (SPOT), to build US’s largest oil export terminal off the Gulf Coast of Texas. The new terminal would add 2 million barrels per day to the US oil export capacity.

US published a document providing guidance on the implementation of the price cap policy for crude oil of Russian Federation origin.

Transport & Environment (T&E) published a paper assessing how and to what extent the EU can reduce oil demand through short, medium and long term measures.