Petroleum

Russian government oil revenues plunged nearly 50 percent in the first five months this year, U.S. Deputy Treasury Secretary Wally Adeyemo has said, six months since a price ceiling was enacted.

The group of oil-producing countries agreed on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to "The Hill".

Oil prices fell nearly 1 percent in early European trade, erasing yesterday's gains on concerns about the viability of the bipartisan US debt ceiling deal and mixed messages from top oil producers ahead of the OPEC+ meeting later in the week.

Türkiye's total oil imports inched up 0.58 percent in February from a year ago to 3.25 million tons, data from the Energy Market Regulatory Authority (EPDK) have shown.

The country reduced its purchase of crude oil by 14 percent year-on-year to 2.02 million tons, while diesel product imports grew more than 26 percent from February 2022 to 848,300 tons.

Sales of electric vehicles are booming and are expected to account for nearly one in five cars sold this year, according to a report released yesterday.

Oil prices continued to fall during trading on Thursday, hitting three-week lows on concerns that rising interest rates policies by leading central banks could limit global economic growth and fuel consumption going forward.

At the same time, the dollar has appreciated in the foreign exchange market, with its strengthening making oil more expensive for buyers in other currencies.

Global oil prices rose after several leading producers, led by Saudi Arabia, surprisingly announced production cuts, AFP reported.

Crude futures rose nearly eight percent, a day after several OPEC+ members unexpectedly announced production cuts totaling more than one million barrels per day.

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Bulgaria is looking to revive a trans-Balkan oil pipeline project to secure non-Russian crude oil supplies for its only oil refinery on the Black Sea, controlled by Russia's Lukoil, President Rumen Radev said on Tuesday.

The National Assembly banned the export of crude oil and oil products subject to derogation, transported by sea, originating in Russia or exported from Russia.

Before that, the National Assembly decided to create the figure of a "special commercial manager" to act on behalf of the government in objects of critical infrastructure related to national security in the energy sector.