Pakistan places first order for discounted Russian crude
The deal will see Pakistan buy crude oil only, and imports are expected to reach 100,000 barrels per day if the first transaction goes through smoothly, reports say.
Russian crude oil heads to UAE as sanctions divert flows
It is not known exactly when the UAE began imports, but tanker tracking data indicates volumes have risen in the wake of Russia's February 2022 invasion of Ukraine and the subsequent Western sanctions on Moscow.
Oil price shoots past US$100, highest in 8 years
Analysts are warning of inflationary pressure on the global economy from US$100 oil, especially for Asia, which imports most of its energy needs.
Global oil prices won’t decline until 2023, says World Bank
Oil prices in recent weeks have surged above US$80 a barrel, the highest point in years, as economies reopen following the pandemic shutdowns and amid shipping bottlenecks.
Brent breaks US$60 a barrel for first time in over a year
The commodity climbed 1.26% to US$60.19 a barrel as asset markets rallied on the back of vaccine rollouts, slowing infections and hopes that US President Joe Biden's stimulus proposal will be passed.
Behind the ups and downs of fuel prices
The cost of crude oil, supply, demand and competition as well as supply disruptions all play a role in determining the price of petrol.
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