 |
Louisiana Light • 2 days | 66.66 | -0.56 | -0.83% | ||
|
Bonny Light • 269 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 66.02 | +0.64 | +0.98% | ||
|
Mars US • 560 days | 72.57 | -1.09 | -1.48% | ||
|
Gasoline • 10 mins | 2.144 | +0.009 | +0.43% |
|
Bonny Light • 269 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 269 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 66.02 | +0.64 | +0.98% |
|
Peace Sour • 10 hours | 53.15 | -1.53 | -2.80% | ||
|
Light Sour Blend • 10 hours | 53.40 | -1.53 | -2.79% | ||
|
Syncrude Sweet Premium • 10 hours | 57.65 | -1.53 | -2.59% | ||
|
Central Alberta • 10 hours | 53.00 | -1.53 | -2.81% |
|
Eagle Ford • 2 days | 59.63 | -0.52 | -0.86% | ||
|
Oklahoma Sweet • 2 days | 59.50 | -0.50 | -0.83% | ||
|
Kansas Common • 2 days | 49.98 | -0.52 | -1.03% | ||
|
Buena Vista • 46 days | 70.40 | +1.10 | +1.59% |
Halliburton, Schlumberger Brace for the Next Oil Slump
Oilfield services providers are bracing…
China Snubs U.S. Energy in Trade Pause
Despite a 90-day U.S.-China tariff…
The Biden Administration Is Considering More Sanctions Against Russia
The Biden administration is mulling over additional sanctions against Russia’s oil industry ahead of President-elect Donald Trump’s inauguration in January, Bloomberg has reported, citing unnamed sources as saying there was a perception this would weaken President Vladimir Putin ahead of Trump’s taking office.
Per the Bloomberg sources, the details of the new sanctions were being hammered out at the moment but the target would likely be some Russian oil exports. The plan is driven by fears that when Trump comes into office he “may seek to force Ukraine into a quick deal with Russia to end its nearly three-year-old war,” per Bloomberg.
The administration has been generous with sanctions against Russia since 2022 but it has so far stopped short of targeting its export directly for fears of a global oil price spike. Indeed, oil prices in 2022 spiked quite sharply but they retreated relatively quickly when fears of supply disruption resulting from the U.S. and EU sanctions against Moscow subsided.
Indeed, the sanctions that the West has piled on Russia since 2022 have had mixed results in terms of hurting the Russian economy and discouraging the country from continuing what it calls its special military operation in Ukraine. Russia has lost the European gas market almost entirely but it has replaced it with China and a local expansion of the gas network. It has also replaced Europe as an oil client with China and India, while Europe has stepped up fuel imports from India.
There are, in other words, challenges in sanction enforcement resulting from the steady demand for Russian energy supplies—which include processed uranium used in U.S. nuclear power plants as well. These challenges will extend to any new sanctions that the White House comes up with, Bloomberg notes, recalling that if the Biden admin opts for Iran-style sanctions against buyers of Russian oil, it would be hurting an important ally in the face of India and annoying its stated major adversary in the face of China—the biggest buyers of Russian crude.
By Irina Slav for Oilprice.com
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Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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While enmity towards a rising Russia under Putin is common among US presidents from
Clinton to Obama and from Reagan to George W Bush, Biden’s hatred and envy of Putin
Is unprecedented. When he compares himself with Putin’s intellect, command of global respect and understanding of international politics, he feels very lacking.
Russia’s renaissance under Putin and its prevailing in the Ukraine are most hurting to Biden and also the biggest failure of his administration.
And when we add to it his support of Israeli genocide in Gaza, his administration is judged as a total failure.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert