ENERGY

Far-reaching EU sanctions have already placed a ban on 90% of European oil imports from Russia. Some few European countries are heavily dependent, while most are not. For this reason during the Biden administration the US issued a temporary Treasury exemption allowing sanctioned Russian banks to process European payments for oil sales. But as of Wednesday that exemption expired, and at this time no one in Europe can purchase Russian oil.

The fact that the Trump administration has (more…)

Authored by Kyle Anzalone via The Libertarian Institute

Budapest voiced its opposition to Ukrainian attacks on Russian pipelines that bring oil to Hungary. A Ukrainian attack on a pipeline briefly paused oil deliveries to the neighboring country.

On Tuesday, Ukraine conducted its largest-ever attack on Russia, firing over 300 drones into Russian territory. While Moscow claimed success in downing the UAVs, some reached their targets, killing at least three people. A measuring (more…)

Oil prices are rising again this morning, despite a surge in OPEC+ production reported for February and also in spite of a large crude build reported by API last night.

The rise comes after the Energy Information Administration on Tuesday said it expects the market to remain under supplied until the third quarter. 

Last month, the agency forecast that inventories would begin rising by the end of June.

A weakening greenback is also supporting prices as the currency suffers from (more…)