The oil market will find it impossible to replace Russia’s oil, which accounts for...
The oil market will find it impossible to replace Russia’s oil, which accounts for 10 percent of global supply, Dmitry Marinchenko, senior director for natural resources and commodities at Fitch, told Russian media on Tuesday.
A further escalation of the conflict could lead to sanctions that would restrict Russian oil exports, which “could lead to an energy crisis,” Kommersant daily quoted Marinchenko as saying.
Russia’s share of the global oil market is over 10 percent, and there is no one that can replace it, there is little spare production capacity—especially considering the gradual recovery in demand—even if sanctions on Iran are lifted in the near future, TASS quoted Marinchenko as saying.
Russia, the world’s second-largest oil exporter after Saudi Arabia, exports around 5 million barrels of crude oil per day (bpd). Nearly half of it, or 48 percent, went to European countries in 2020, according to data from the U.S. Energy Information Administration (EIA). In 2021, Russia remained the largest supplier of natural gas and petroleum oils to the EU.
Chesapeake Energy Reports Higher Profit, Raises Earnings Forecast
Shale oil and gas producer Chesapeake Energy Corp. said on Feb. 23 its adjusted profit...
Shale oil and gas producer Chesapeake Energy Corp. said on Feb. 23 its adjusted profit rose nearly 15% in the fourth quarter from the third and raised its 2022 earnings forecast amid surging oil prices.
Oil and gas prices have jumped in recent months on strong demand due to an economic rebound from the pandemic, while supply growth has lagged. U.S. crude futures settled at $92.10/bbl on Feb. 23, up nearly 50% from the same time last year.
Chesapeake raised its forecast for 2022 EBITDAX to between $3.8 billion and $4 billion, compared with an earlier estimate of between $3.4 billion and $3.6 billion.
Oil Prices Soar Past $100 As Russia Invades Ukraine
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military...
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military operation” in Ukraine. The price of Brent crude oil is now well over $100 per barrel for the first time since July 2014. The price of Brent crude reached $104.99 per barrel - up $8.15 (+8.42%) on the day. The price of WTI crude oil had reached $100 before falling back to 99.52 up $7.42 per barrel (+8.06%) as Russian forces made their way into Ukraine in a show of force not seen in Europe since WWII in a multi-pronged attack.
Economists polled by The Wall Street Journal had estimated new claims would slip to 235,000.
Key details: The number of people already collecting jobless benefits fell by 112,000 to 1.48 million in the week ended Feb. 12. These so-called continuing claims are at their lowest level since March 1970.
Big picture: Claims had risen to a three-week high in the prior week, but the gain was just a blip higher.
Overall, the labor market is seen as very tight and economists think claims will continue to move lower.
U.S. Eyes Oil Reserves Release as Prices Rise on Ukraine
The Biden administration is considering tapping its emergency supply of oil again in coordination with...
The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine, according to two people familiar with the matter.
While no decision has been made, “robust conversations” within the administration are underway, including on potential price point triggers and how to coordinate a release from the reserve with other nations, said the people, who asked not to be identified discussing non-public government deliberations. Modeling is being done to ascertain the size and scope of any potential release, they said.
