oil prices

Brent, WTI oil prices climb on potential US-China tariff de-escalation

Oil prices rose 0.8% on May 2, with Brent at $62.62 and WTI at $59.74 per barrel, after China expressed willingness to negotiate with the United States on tariffs, raising hopes of de-escalating the trade war, Reuters reported.

2 May 2025, 01:07 PM

Global oil prices to dip 15 percent in 2025, says IMF

The International Monetary Fund forecasts that oil prices will average $66.9 per barrel in 2025 and drop to $62.4 in 2026, according to its April 2025 World Economic Outlook report.

22 April 2025, 05:00 PM

Crude prices increase as U.S. and China signal better ties

Oil prices rose amid hopes of easing trade tensions between the U.S. and China, with Brent crude futures for June delivery climbing 55 cents to $65.22 a barrel on the ICE Futures exchange in London, according to Interfax-Ukraine on April 16.

16 April 2025, 05:16 PM

Russia faces military budget strain as oil prices drop

A recent sharp drop in oil prices, driven by President Donald Trump’s trade war, is straining the military budget of Vladimir Putin, the Financial Times reports on April 12.

12 April 2025, 08:50 PM

Russia may escape U.S. tariffs but not the global economic fallout

At first glance, Russia appears to be sitting on the sidelines of the global trade war unleashed by the White House’s sweeping new tariff package. But as economist and CEPA fellow Alexander Kolyandr argues in an article published April 7, the Kremlin will not emerge unscathed.

9 April 2025, 04:25 PM

Russian Urals oil price plummets as Kremlin boosts war spending

The price of Russia’s flagship Urals crude oil has dropped to $50 per barrel amid a global oil price slump, intensifying pressure on the Kremlin’s budget as it ramps up war spending against Ukraine, Bloomberg reported on April 7.

7 April 2025, 05:37 PM

Global oil prices fall sharply amid market jitters

Global oil prices dropped sharply, marking the biggest percentage fall since 2022, Reuters reported on April 4.

4 April 2025, 10:59 AM

Global oil dips: Output hike, tariffs, Ukraine aid halt weigh

OPEC+ plans to increase production in April, US tariffs on imports from Canada, Mexico, and China, and President Donald Trump's halt of military aid to Ukraine are pushing oil prices down, Reuters reported on March 4.

4 March 2025, 03:43 PM

G7 may lower Russian oil price cap

The G7 countries are planning to revise the price cap on Russian oil to reduce Moscow's hard currency income, Bloomberg reported on Feb. 18.

18 February 2025, 11:31 PM

Trump’s bold oil ultimatum shakes prices, promises to end war immediately

Oil prices dropped on Jan. 27 following U.S. President Donald Trump’s call for OPEC to lower prices after announcing broad measures to boost oil and gas production in the U.S. during his first week in office.

27 January 2025, 12:46 PM

Putin concerned about oil price impact on Russia's ability to wage war

Vladimir Putin expressed concerns about how potential oil price reductions could affect Russia's internal stability and its ability to continue the war against Ukraine, according to the Jan. 24 report by the U.S.-based Institute for the Study of War

25 January 2025, 12:36 PM

Zelenskyy supports leveraging oil prices as instrument of peace

Slashing Russia’s export revenues, including those from the sale of oil abroad, is key to establishing peace in Ukraine, President Volodymyr Zelenskyy said on Jan. 23.

24 January 2025, 02:17 AM

Oil prices steady as Trump delays tariff moves, plans output boost

Oil prices remained almost unchanged in Asian trading as investors assessed President Donald Trump's plans to impose new tariffs later than expected while boosting U.S. oil and gas production, Reuters reported on Jan. 21.

21 January 2025, 11:22 AM

Falling oil prices hit Moscow’s war chest

Russia's oil revenues, a key source of funding its war effort against Ukraine, fell for the second month in a row amid lower prices for the country's crude, Bloomberg reported on Dec. 4, citing Finance Ministry data released the same day.

5 December 2024, 03:00 PM

Trump’s projected win triggers 2% drop in oil prices — Reuters

Oil prices dropped by 2% on Nov. 6, as the dollar strengthened amid forecasts that Republican Donald Trump is winning the U.S. presidential election, and the country's oil reserves increasing more than anticipated, Reuters reported.

6 November 2024, 12:42 PM

Russian oil prices fall below $60 per barrel for first time in 2024

In September, a drop in global oil prices pushed Brent crude to its lowest level since late 2021, which also reduced the value of Russian Urals crude and hurt oil company revenues. At the start of the week, the price of Russian oil at Baltic Sea ports fell below $60 per barrel for the first time this year, reports Bloomberg.

15 September 2024, 12:17 PM

India and Russia discuss long-term oil import deal

India's state-owned oil refineries are holding joint talks with Russia on a long-term oil import deal, though the countries have yet to finalize terms, including the currency of payment for imports, Reuters reported, citing a government source on July 11.

12 July 2024, 11:40 AM

Ukraine's largest oil producer starts key drilling projects

Ukrnafta, Ukraine's leading oil producer, has commenced construction of two new oil wells projected to yield over 100 tons of oil daily, the company's press service announced on July 1.

1 July 2024, 02:51 PM

Czechia extends deadline for phasing out Russian oil

Czechia will get rid of its dependence on Russian oil by mid-2025 at the latest, Checz Prime Minister Petr Fiala said after meeting with management of state-owned Mero company at Nelahozeves Central Oil Terminal, Radio Prague International reported on July 4.

5 June 2024, 12:04 PM

Hundreds of Russian oil tankers easily bypass Western restrictions

In an article for NV on June 2, Russian energy market expert Mikhail Krutikhin explained why the G7-imposed $60 oil price cap does little to stem Moscow’s oil revenues.

3 June 2024, 09:03 PM

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