Russia close to cutting oil output due to drone attacks, sources say

Russia close to cutting oil output due to drone attacks, sources say

Russia‘s oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine’s drone attacks on critical export ports and refineries, three industry sources said on Tuesday. Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow’s war effort in Ukraine and reduce the Kremlin’s … Read more

Oil prices steady as China COVID worries outweigh supply concerns

Oil prices steady as China COVID worries outweigh supply concerns

SINGAPORE: Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply. Brent crude futures dropped by 6 cents, or 0.1%, to $93.80 a barrel by … Read more