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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on Thursday targeting two tanker owners involved in shipping Russian oil that exceeded the established price cap. In a recent development, oil prices saw a remarkable surge, rising by 4% earlier today, following the United States’ decision
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OPEC strongly criticized the IEA’s forecast of peak fossil fuel demand before the decade’s end, labeling the IEA’s narrative as “extremely risky,” “impractical,” and “ideologically driven”. OPEC has revised its medium- and long-term projections for global oil demand upward. The oil-producing consortium stated that meeting this increased demand would necessitate
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Prices of oil in the US hit a 10-month high as oil shortages are expected until the end of the year following Russia and Saudi output cuts. In response to fears of weaker supply, the prices of oil rose on Thursday. The West Texas Intermediate (WTI) crude climbed 1.6% to $90.04
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