Oil

Russia is still finding a home for much of its oil despite expanding sanctions, but its production likely will diminish following the departure of western oil companies, Chevron Corp. CVX 0.91% Chief Executive Mike Wirth said.In a meeting with Wall Street Journal reporters and editors this week, Mr. Wirth noted that many countries continued to buy crude from Russia, one of the world’s top oil producers along with the U.S. and Saudi Arabia.…

The European Union has approved a sixth sanctions package against Russia over its invasion of Ukraine, including a phased-in oil embargo, diplomats said on Thursday, with the measures set to take force on Friday.However, the package won’t include individual sanctions against Russian Orthodox Patriarch Kirill, a leading advocate of the invasion of Ukraine and a close ally of Russian President Vladimir Putin. Hungary, which earlier this week won a broad exemption from the oil embargo sanctions, opposed his inclusion on the…

Although current research is inconclusive, there are indications that canola oil can have harmful effects.Although one of the most widely used oils in the food industry, there are still concerns about the safety of canola oil. This fear arises, partly, from the extensive processing that is needed to extract the oil, and partly through the hydrogenation of the oil that increases the amount of trans fat in the final product. So, is canola oil safe?Scientific ResearchThough common along the shopping aisles, there is little…

The move offers modest relief for a global economy suffering from soaring energy prices and the resulting inflation. The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the US. (AP…

The Organisation of Petroleum Exporting Countries (OPEC) on Thursday agreed to increase its planned monthly oil output, as the European Union agreed in principle to cut 90 per cent of oil imports from Russia by the end of the year. OPEC disclosed this at its 29th OPEC and non-OPEC ministerial meeting, according to a statement released by the organisation on Thursday. It noted that global refinery intake is expected to increase after seasonal maintenance. The meeting highlighted the…

European Union leaders reached an agreement this week to ban the majority of Russian crude oil and petroleum product imports, but nations were already shunning the country's oil, altering global flows for the commodity that powers the world.Russian oil exports had already been hurt by some EU members acting preemptively in anticipation of potential measures, in addition to bans from countries including the United States, according to commodity data firm Kpler.The amount of Russian crude oil that's "on the water" surged to…

The prices of crude oil rose on Tuesday after the European Union agreed in principle to cut 90 per cent of oil imports from Russia by the end of the year. Brent futures contract for July, which expires on Tuesday, rose $2.11, or 1.7 per cent, to $123.78 a barrel by 1103 GMT, after earlier rising to $124.10 – its highest since March 9. The August contract rose from $1.57 to $119.17. The premium of August-loading Brent contracts over a six-month spread hit a nine-week high at close to $15 a…

European Union leaders have agreed in principle to cut 90 percent of oil imports from Russia by the end of 2022, with the exemption of oil received via pipelines. Hungarian Prime Minister Viktor Orban hailed the exemption that has allowed his country to keep receiving cheap crude from Moscow.…

New Environmental Protection Agency rules promise to give a significant boost to what is becoming known as the methane mitigation industry. The EPA rules are expected to be finalized within the next year and would affect hundreds of thousands of wells, storage tanks and natural-gas processing plants. They could require companies to replace leaky, older equipment and buy new monitoring tools to sharply reduce emissions of methane, a planet-warming gas that traps more heat than carbon dioxide. The proposed…

Colombo is also in talks with Russia to obtain crude, coal, diesel and petrol as the country faces its worst economic meltdown since independence. Around 90,000 tonnes of Siberian light crude will be sent to Sri Lanka's refinery. (AFP)…