North Asia

A Russian official said on Thursday that a drone attack from Ukraine damaged an industrial area near one of Russia's largest?oil refineries. According to reports on Wednesday, at least 40% of Russia's capacity for oil exports has been halted following Ukrainian drone strikes, a disputed assault on a major pipe and the seizure or tankers. According to Alexander Drozdenko, more than 20 drones have been shot down in the northern Leningrad area. "The attack has been repelled in the Kirishi district." Drozdenko told Telegram that there was damage to the industrial area. Drozdenko ?did not specify what part of the...

The Russian President Vladimir Putin on Monday told the government to take "balanced" decisions on how to use newly increased'state revenue' from?energy exports in light of a surge in global prices. He also stressed that the economy and the public accounts must be protected from external risks. He asked Russia's energy companies to use their additional revenues to pay back the massive debts they owe to banks. Prior to this month's dramatic rise in energy and?oil prices, due to the conflict in the Middle East, Russia had been experiencing falling budget revenues due to a greater discount on its oil...

The Russian government sees the lifting of U.S. sanctions on its oil as an attempt by Washington to stabilize global energy markets. Washington's waiver of sanctions on Russian oil is an effort to stabilize global energy markets. The two countries share a common interest in this. Treasury Secretary Scott Bessent announced that the United States had granted a 30-day exemption to 'countries' to purchase Russian oil and petroleum product currently at sea. This was done to stabilize global markets roiled by Iran War. Peskov stated that stabilisation of the market is impossible without a significant volume of Russian oil entering...

German Economy Minister Katherina Riese stated on Friday that she could see both sides of the United States' decision to issue a 30-day waiver for purchases of Russian oil products. Reiche said at a press conference that he felt the domestic political pressure was very high in the United States. She stated that she is concerned with filling the war coffers of Russian President Vladimir Putin, but that the situation in South Korea, and Japan, are tense. "We have thankfully been spared these shortages," said?Reiche. She said that attacks on ships in Strait of Hormuz continue, and the International Energy...

An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in...

Calculations showed that the price of Russian crude oil, used to tax the country, has exceeded the budget target?for the first time since Jan 2025?because?of?the rise in global prices due to the Iran War. Since the beginning of the war in Ukraine, in 2022, Russia has increased its military spending, increasing its deficit. In January-February, it was 3.45 trillion Russian roubles (43.70 billion dollars), or 1.5%. The Iran War, which involved U.S., Israeli and Iranian strikes on Iran, and Iranian strikes against Israel and U.S. military bases, as well as Gulf states has fueled a significant increase in demand for...

These are the most popular?stories from the Wall Street Journal. ? The accuracy of these stories has not been verified by the site. Rio Tinto has said that it is currently in negotiations with Mongolia regarding the Oyu Tolgoi mine, which is one of the largest deposits of?metal required to build data centers and electric vehicles. Shell agreed to sell Jiffy Lube?to Monomoy Capital Partners in a $1.3billion deal. Shell announced that the sale included Jiffy Lube, the?franchisee Premium Velocity Auto, and a network of stores operated by independent franchisees. Eric Trump and Donald Trump Jr. are supporting a new...

Donald Trump stated on Saturday that Britain was "seriously considering" sending two aircraft carriers to the Middle East. He added, however, that the United States would not be sending any. The United States does not need these aircraft carriers to win the war against Iran in the latest conflict between military allies. Trump has repeatedly criticized British Prime Minister Keir starmer, suggesting that he "ruined" the historically close relationship between the two countries after London refused to allow the U.S. The initial use of British base to attack Iran was criticised by Trump. Trump wrote on?Truth Social that he would...

Bloomberg News reported on Wednesday that the U.S. Government will exempt Rosneft's German unit from sanctions indefinitely. A person familiar with this matter was quoted as saying so. Could not verify immediately the report. The German economy ministry didn't immediately respond to an 'ask for comment'. Germany placed local units of Rosneft, a Russian oil company, under trusteeship by 2022 following Moscow's invasion of Ukraine. This broke Berlin's decades long energy relations with Russia. Assets include a'stake' in the PCK Schwedt refinery, which is a major supplier of fuel for the capital area. Bloomberg News reported that the U.S. Treasury’s...

MOSCOW, February 26 - The Kremlin said on Thursday that a sharp drop in revenue from energy sales and a growing budget deficit were "routine problems" which could be resolved thanks to macroeconomic stability. Dmitry Peskov, Kremlin spokesperson, commented on the meeting that President Vladimir Putin had with top government officials to discuss budget this week. Peskov stated that Putin closely followed 'economic developments' during the meeting that Prime Minister Mikhail Mishustin claimed took place on Tuesday night late at night. "There is a real decline in oil and gas revenues. The growth of non-oil revenue partially offsets this decline....

Iraq's Oil Minister said that Chevron is in exclusive talks with Lukoil to take over the West Qurna 2 oilfield. Iraq is seeking to increase its oil and gas production. Oil majors are competing to expand their operations, after years of political insecurity. Hayan Abdel-Ghani, the Oil Minister of Iraq, told Kurdish TV Rudaw in an interview that production could increase to 750,000-800,000. bpd once Chevron took over operations. The U.S. The?U.S. Iraq, which is the second largest oil producer in the OPEC+ Group, comprising Organization?of Petroleum Exporting Countries (OPEC) and its allies, including Russia, has plans to increase the...

Democrats in the Senate Banking Committee criticized President Donald Trump on Tuesday for not stepping up sanctions against Russia to force it to end the four-year war in Ukraine. They noted that the European Union had?designated nearly 900 targets by 2025, compared to only two?for?the?U.S. Democratic staff from the Republican-led panel released an analysis on the fourth anniversary. They identified hundreds of targets that Trump could have sanctioned during his first year as president. The war in Ukraine, Russia’s western neighbor, has caused the deaths of hundreds of thousands of people and ravaged large areas of Ukraine. They said that...

Petrol pump dealers reported that Nayara Energy, a private Indian refiner with Russian backing, has raised the price of gasoline and 'gasoil to offset some of its revenue losses from retail sales. Indian refiners are suffering revenue losses as retail sales for gasoline crack. Gasoil prices have soared to record highs. The dealers reported that Nayara, India’s largest private fuel retailer, raised the price of gasoline by 5 rupees a litre, to 100.71 rupees. Gasoil was also increased by 3 rupees a litre, to 91.31. Nayara plans to close its Vadinar refinery, which produces 400,000 barrels of gasoline per day,...

Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's...

On Sunday, Trump administration officials defended the 'decision' to temporarily lift sanctions on Russian oil and predicted that gasoline prices would spike sharply in response to the Iran War. Chris Wright, the Energy Secretary of the United States and U.S. The Ambassador to the United Nations Mike Waltz stated that a waiver granted last week allowing Indians to purchase Russian oil will ease pressure on the global markets. Waltz told NBC's 'Meet 'the Press' that the 30-day pause would allow millions of barrels of crude oil, sitting on ships, to be sent to Indian refineries. Wright said on CNN's "State...

OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is likely?the most unimportant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is nothing more than a symbol in light of the escalating conflict in the Middle East that is already causing serious disruptions in supply. There was not much the 'eight members' of OPEC+ who are voluntarily cutting production could have done if they had met on Sunday in order to reassure the market that the supply would be secure....

According to four sources who are familiar with the talks, the United States has slowed down the sale of the international assets of the 'Russian oil giant Lukoil to put pressure on Russia during the Ukraine peace negotiations. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for deals to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal for...

China's role in setting the floor and ceiling prices for crude oil is one of the less discussed dynamics of the global market. The world's biggest crude?importer is known to buy excess oil and build up inventories when the refiners or government consider prices to be low. They also pull back imports when they feel that prices are rising too quickly. Analysts and journalists covering the crude oil market are not aware of the changes in imports because they occur with a delay of several months. There are early signs, however, that China will shift its imports in favor of...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

Three sources with knowledge of the situation have confirmed that the United States has informed Delhi that it can resume these 'purchases' soon to help replace Russian oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the coming months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed a 25% tariff on countries that bought Venezuelan oil. His administration also intensified its campaign against Venezuelan president...

Indian Oil Corp bought its first Colombian crude oil as part of an 'optional supply agreement' with state oil company Ecopetrol. This was done to diversify away from Russian oil. Indian refiners have been searching for crude oil as the tighter sanctions imposed by the U.S. on Russian oil producers and vessels and those of the European Union are causing a disruption in Russian imports. India's Russian oil imports will plunge to a 3-year low of 1.2 million barrels per day in December. This is down from 1.84million bpd during November, according to Kpler, a ship tracking company. Sources said...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

Oil prices were stable on Thursday, as investors focused their attention?back on the Russia-Ukraine talks and watched for any possible fallout after a U.S. seize of a sanctioned oil tanker off Venezuela's coast. Brent crude futures fell 5?cents or 0.08% to $62.16 a barge at 0400 GMT. U.S. West Texas Intermediate Crude was down one cent, or 0.02% at $58.45 a barge. The benchmarks were higher on Monday after the U.S. announced that it had seized an oil-tanker off the coasts of Venezuela. Escalating tensions between both countries have raised fears about possible supply disruptions. "So far the seizure hasn't...

The Trump administration allowed transactions on Thursday with Lukoil outside of Russia, with a small waiver from sanctions imposed by the U.S. in October because the company's revenue is used to support Moscow's war against Ukraine. A posting on the Treasury Department website stated that the transactions for approximately 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas were authorized until April 29, 2026. In October, President Donald Trump imposed sanctions against Lukoil, one of Russia's largest oil companies. This triggered a rush of buyers to buy its assets, estimated at $22 billion. These...