Economics

Serbia's NIS gets U.S. approval to negotiate sale of Russian stake

The U.S. Treasury Department's Office of Foreign Assets Control imposed sanctions on NIS in October, as part of broader measures against Russia's energy sector, after granting a series of waivers since January.

China's teapots boost Russian ESPO buying amid record discounts

Discounts for Russian ESPO Blend crude loading in January have widened to a record $7–$8 per barrel versus ICE Brent upon delivery in Chinese ports, as Western sanctions pressure weighs on the grade.

Gazprom in talks with Hungary's MOL over NIS stake sale

The United States announced sweeping sanctions targeting Russia's oil sector in January over Moscow's war in Ukraine, but, for NIS, their application was postponed several times before finally coming into effect on October 8.

Glencore buys majority stake in Dutch fuel company FincoEnergies

Finco is a major player in the Dutch wholesale fuel market and in the region's biofuels and low-carbon fuel sectors.

Ford takes $19.5-B writedown on EV business

bp picks first outsider CEO Meg O'Neill after abrupt Auchincloss exit

O'Neill, who will take over in April following the abrupt exit of Murray Auchincloss, becomes bp's first external CEO in its more than century-long history and the first woman to lead any of the world's top five oil majors.

Phillips 66 announces $2.4-B capital budget for 2026

OQ courts other partners for petrochemical complex in Oman as SABIC drops out

Cuba on edge as U.S. seizure of oil tanker puts supply at risk

A U.S. move this week to seize an oil tanker out of Venezuela is poised to make a bad situation worse for a crisis-stricken Cuba already struggling to source enough oil to power its ailing economy and electrical grid.

India imports more Russian crude, but mix of buyers shifts

While the South Asian nation's appetite for Russian crude has not been diminished by the U.S. sanctions against top Russian producers Lukoil and Rosneft, what has changed is the mix of buyers.