Oil surges as U.S. bans Russian crude, Britain to phase out purchases
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil...
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year-end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.
Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already being shunned before the ban as traders sought to avoid running afoul of future sanctions.
U.S. President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives. read more
Brent crude futures settled at $127.98 a barrel, 3.9% higher, while U.S. crude futures settled at $123.70 a barrel, a 3.6% increase.
Coca-Cola joins McDonald's and Starbucks in suspending business in Russia
Coca-Cola Co. ...
Coca-Cola Co. KO, -3.96% said Tuesday it was suspending its business in Russia following the lead of several companies that have suspended activity because of the invasion of Ukraine. “Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine,” Coca-Cola said in a statement. “We will continue to monitor and assess the situation as circumstances evolve.” On Tuesday, PepsiCo Inc. PEP, -2.82% said it was exploring options for its business in Russia. Coca-Cola shares were down 3.5% heading into the close, while Pepsi shares were down 2.3%. ~From MarketWatch
Russia warns West of $300 per barrel oil, cuts to EU gas supply
Western countries could face oil prices of over $300 per barrel and the possible closure...
Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday.
"It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Russian Deputy Prime Minister Alexander Novak said in a statement on state television.
"The surge in prices would be unpredictable. It would be $300 per barrel if not more."
Permian Basin to Play Critical Role in Global Energy Security, Exxon Mobil CEO Says
HOUSTON—Amid increasing concerns of energy security on the heels of the Russian-Ukrainian conflict,...
HOUSTON—Amid increasing concerns of energy security on the heels of the Russian-Ukrainian conflict, the U.S. shale industry—especially the Permian Basin—is playing a critical role in keeping markets supplied with essential energy, according to Darren Woods, CEO of oil major Exxon Mobil Corp.
“Our industry has an important role in keeping markets supplied, helping keep lights on, and keeping hospitals, schools, and businesses running,” Woods said speaking at the annual CERAWEEK energy conference by S&P Global on March 7.
While the situation in Europe underscores the need for energy security, Woods said technology breakthroughs in the Permian Basin have helped unlock “vast new sources of oil and natural gas in the shale,” adding that crude oil and energy exports from the Permian and other parts of the U.S. will help stabilize markets and strengthen global energy security. Source: Hart Energy
