Petroleum

Bulgaria will be able to export processed Russian oil products to Ukraine and other "third" countries "under certain conditions". This was decided in the second reading by the budget committee in the parliament. The legal changes are related to the sanctions imposed on Russian oil because of Moscow's military aggression in Ukraine.

Is the market going to be ultimately responsible for crushing the Putin regime through a drastic drop in the price of Russian oil, compared to attempts to limit the price at the international and individual national levels?

Petrol, the largest fuel retailer on the Slovenian market, has adjusted its logistics to the possible challenges in winter. Having improved its anticipation of spikes in demand following June’s fuel shortages, the company is also prepared to supply more heating oil should it be needed for electricity generation.

President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve on Wednesday as part of a response to recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+) nations.

Capping the price of Russian oil, an approach G7 members said Friday they want to pursue "urgently," would be an unprecedented move and one which some analysts say could backfire.        

Turkey increased oil imports from Russia, including Urals and Siberian Light grades, beyond 200,000 barrels per day (bpd)

Oil futures fell more than 5% on Wednesday to more than 5% against one-month price lows amid growing fears that the Fed's and other central banks' interest rate-raising policies in a bid to fight record inflation will slow economic growth and it even risks provoking a recession, which in turn reduces the demand for important energy raw materials.

The Russian invasion of Ukraine and the war that has been ongoing for four months now - triggering Western sanctions against Moscow and Vladimir Putin's games with natural gas and crude oil - creates complex economic conditions globally and especially in Europe, which has faced very serious repercussions.

China imported a record amount of crude oil from Russia in May, Reuters reported, quoted by BTA.

Chinese imports of Russian oil have jumped 55 percent year on year. Russia has replaced Saudi Arabia as a major supplier to China amid lower prices at which Russian black gold is sold due to Western sanctions against Moscow, the news agency reported.

The estimate that a collapse of the demand for liquid fuels is possible in the very near future due to high inflation was made by the Deputy CEO of Motor Oil during yesterday's teleconference with analysts.