Political News & Social Views

Tag: Oil

Saudi Arabia Signals Backing for Russia in OPEC+

Saudi energy minister Prince Abdulaziz bin Salman told the Financial Times in an interview published on May 22 that he sees Russia as an integral part of the OPEC+ group of oil producers, adding that politics should be kept out of the alliance.

Biden Admin. Pushed Germany to Delay Russian Oil Ban Until After Midterms

Germany’s decision to not immediately end Russian oil imports – a move that would deliver a crucial blow to the Kremlin over its war in Ukraine – came at the urgent request of the Biden administration, a senior European official involved in Russian sanctions tells Newsmax

Read more: Biden Admin. Pushed Germany to Delay Russian Oil Ban Until After Midterms | Newsmax.com

A key bond market indicator is flashing major recession risk

The signals from bond markets are still relatively faint, as the more closely watched spread between the two-year yield and the 10-year has remained positive throughout Monday. Still, economists warned the market is signaling recession risk.

Ukraine war: How reliant is the world on Russia for oil and gas?

How much oil does Russia export?
Russia is the third biggest producer of oil in the world, behind the US and Saudi Arabia.

Of about five million barrels of crude oil it exports each day, more than half of that goes to Europe.

Russian imports account for 8% of total UK oil demand.

The US is less reliant, with about 3% of its imported oil coming from Russia in 2020.

Biden’s Bizarre Oil Diplomacy

President Biden is scrambling to contain soaring oil prices, which closed at more than $123 a barrel on Monday. It speaks volumes about this Administration that it’s seeking help from Vladimir Putin’s client in Venezuela and our estranged Saudi allies rather than U.S. shale producers or our Canadian friends.

Perspective: Who’s really responsible for our pain at the pump?

Although Russian oil comprises about 3% of the crude the U.S. imports, prices are expected to climb even higher with similar bans announced in Europe. If the most dire predictions are correct, and the conflict is sustained, hold onto your wallets. Some experts see $6 a gallon coming.

US Gas Prices Set New National Record

The national average of a gallon of gas in the United States hit a record high on March 7 as prices soar amid the Russia–Ukraine war.

The average price nationwide hit $4.104 on Monday, breaking the record of $4.103 set in 2008, according to GasBuddy.

The record came after the national average spiked 49 cents in just one week, breaking the previous one-week spike set in 2005, the gas-tracking company said.