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Moscow has been on a drive to replace the use of the US dollar in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies. Shipments of Russian Sokol grade crude oil to state-owned Indian Oil Corp, or IOC, have been delayed by payment issues, Reuters reported on Tuesday, citing two sources familiar with the matter. The seller is the state-owned Russian oil company Rosneft. The problem arose because Rosneft unit selling the oil hasn't been able to open a bank account in the United Arab Emirates to receive payments...

WARSAW (Reuters) – Germany said on Wednesday it was receiving less oil but still had enough supplies after Poland found a leak in the Druzhba pipeline that takes crude from Russia to Europe, which Warsaw said may have resulted from an accident rather than sabotage…. …Drone footage showed a black slick of oil from the underground pipeline spreading across farmland at the spill site, surrounded by fire engines and other emergency teams. “The security of supplies in Germany is currently guaranteed,” an Economy Ministry spokesman told Reuters. He added that “the refineries in Schwedt and Leona are still receiving crude...

Pretty incredible how @IlhanMN and @CoriBush, who both claim to support climate action, voted in the interest of Big Russian Oil here https://t.co/EVoBaQBMTd— Brent Peabody 🇺🇸🇺🇦🌻 (@brent_peabody) March 10, 2022

The U.S. Treasury Department clarified Friday afternoon that Wall Street’s traders and banks can continue to buy and sell Russian oil and gas despite a raft of sanctions against Russia and its largest lenders. The new guidance comes as traders and banks worry about running afoul of U.S. trade laws as world leaders rally against Russian President Vladimir Putin’s unprovoked invasion of Ukraine. But Treasury underscored in a post that the U.S. sanctions against Russia’s biggest banks — including VTB Bank — do not apply to energy transactions until June 24. The department also reassured investors that companies that transport...

Conservative radio host Mark Levin tore into President Joe Biden for projecting major weakness in his foreign policy by placing “harsher sanctions” on American energy than on Russian energy amidst the war in Ukraine. During the Feb. 28 edition of the Mark Levin Show, Levin reiterated a major point he made Feb. 25 on Biden’s ongoing phony war against American energy. Levin replayed a recording of his original comments ripping Biden for putting “greater sanctions on the American energy industry than he has on the Russian energy industry. He has prevented drilling on federal lands. The problem is the federal...

U.S. Senator Joe Manchin (D-WV) renewed criticism of resident Joe Biden Monday evening in a statement calling for the Biden administration to put its oil money where it's anti-Putin mouth is and stop paying Russia for oil supplies to meet Americans' demand. "The entire world is watching as Vladimir Putin uses energy as a weapon in an attempt to extort and coerce our European allies," Manchin noted. "While Americans decry what is happening in Ukraine, the United States continues to allow the import of more than half a million barrels per day of crude oil and other petroleum products from...

The green nutters in this country, like basically all Democrats are obviously on the side of Russia. While they prevent oil drilling and fracking on US lands, and Biden kills the Keystone XL pipeline, this country continues to import nearly 600,000 barrels of Russian oil per day. You have to ask yourself, why the hell are we still important Russian oil with the “threat of war” with the Ukraine, if Putin is such a baddie? The answer is simple. As is the case with communist China, communist Democrats love Russia and envy Putin. They would never cut off his oil...

WASHINGTON—Russian oil imports have set a new record in the United States despite the strained relationship between Washington and Moscow. Industry experts believe the Biden administration’s climate policies will make the country more dependent on foreign oil producers. The United States imported record levels of crude oil from Russia in March and is expected to continue importing at high levels in coming months, according to the Western Energy Alliance, a trade association that represents 200 independent natural gas and oil producers in the United States. Imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March,...

Leading Russian firms saw their share prices collapse Monday, as the fallout from Moscow rejecting an oil production pact with Saudi Arabia rocks global financial markets. Among the biggest losers were state-backed lenders Sberbank and VTB, which both plunged by more than 20% when European markets opened. Oil major Rosneft, also state-owned, recorded a 20% drop — equivalent to a $15 billion fall in value — while Gazprom shares crashed by almost 25% initially, before recovering slightly to stand 15% down. Markets in Russia are closed Monday for a public holiday, but shares in a number of Russian companies are...

Although most polls show that the American public is in favor of offshore oil drilling, the Obama administration is ready to ban it.

DAVOS, Switzerland (FORTUNE) - Be afraid. Be very afraid. That's the message from two of the world's most successful investors on the topic of high oil prices. One of them, Hermitage Capital's Bill Browder, has outlined six scenarios that could take oil up to a downright terrifying $262 a barrel. The other, billionaire investor George Soros, wouldn't make any specific predictions about prices. But as a legendary commodities player, it's worth paying heed to the words of the man who once took on the Bank of England -- and won. "I'm very worried about the supply-demand balance, which is very...

MOSCOW - It had the beginnings of a classic courtroom drama: Russian special forces storming the private jet of one of the wealthiest and most powerful men in the country; an 800-page indictment outlining charges of massive tax evasion and fraud; allegations of political persecution ordered from the highest reaches of the Kremlin. But as the trial of the Russian oil magnate Mikhail Khodorkovsky crept forward over the last 10 months, it became clear his story was lacking the most important element of any drama: suspense. When the trial's judge, Irina Kolesnikova, hands down her verdict on Wednesday, no one,...

Vladimir Putin is settling into a rich niche in the world economy. This week, the Russian president finds himself pen in hand, about to sign a deal to build a $2.5. billion oil pipeline to China. Only weeks before, he and Russian crude were a hot topic in Washington.(What's this oil pipeline to China? I thought we took Afghanistan for the main purpose of getting Caspian Sea reserves to market) As the U.S. looks for new and reliable energy supplies, Russia is finding new and reliable sources of income. The country sells five million barrels of crude and oil products...

Since Sept. 11 there has been growing skepticism toward the kingdom of Saudi Arabia, both as an ally that does not share our goals and values and as the key supplier of oil. To reinforce this position, some critics have maintained that we will soon not need Saudi oil, and that the kingdom's role of supplier of last resort can be replaced by a new energy colossus, Russia. This reasoning is essentially flawed and could bring disaster if followed to its logical consequences. With estimated oil reserves of 260 billion barrels, Saudi Arabia produces 7.4 million barrels a day. Russia,...