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The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by February 5

Europe rushes to fill up on Russian diesel before ban

European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.

Business • 21 Nov 22

BP has benefitted from higher oil prices following Russia's invasion of Ukraine

Oil giant BP made $8.2bn profit in its third quarter

BP has revealed its profits more than doubled for the past three months amid ratcheting calls for stiffer windfall taxes for energy producers.

Business • 01 Nov 22

Oil rises on strong crude demand

Oil rose today, extending a rally of nearly 3% in the previous session, as optimism over record US crude exports and signs that recession fears are abating outweighed concern over slack demand in China.

Business • 27 Oct 22

Shell had posted record quarterly earnings of $11.5 billion in the previous quarter and $4.1 billion a year ago

Shell reports $9.5 billion quarterly profit

Shell has today reported a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, and announced plans to sharply boost its dividend by year end.

Business • 27 Oct 22

International Energy Agency (IEA) head Fatih Birol

World is in its first truly global energy crisis - IEA

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency said today.

Business • 25 Oct 22

Brent is on track for a weekly gain of almost 1%, while US crude was set to fall less than 1%

Oil steadies as rate hike talk offsets China demand

Oil steadied today as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies.

Business • 21 Oct 22

Oil prices had slumped by about 5% on Friday

Oil prices claw back losses from 9-month lows

Oil prices hit nine-month lows today before recovering to stand higher on the day in choppy trade, as recession fears and a strong dollar spooked the market where participants were waiting for details on new sanctions on Russia.

Business • 26 Sep 22

Brent crude futures fell 41 cents, or 0.5%, to $90.05 per barrel

Oil prices plunge 4% with recession fears in focus

Oil prices dumped today to trade at levels not seen since January as the dollar index hit its strongest level in two decades and on demand fears, as rising interest rates risked tipping major economics into recession.

Business • 23 Sep 22

Oil prices are being pressured by expectations of weaker global demand and by US dollar strength ahead of a possible large interest rate hike

Oil falls over 2% on demand fears and strong dollar

Oil fell by more than 2% today, pressured by expectations of weaker global demand and by US dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline.

Business • 19 Sep 22

Russia's Rosneft paid just €1 for Equinor's main assets, sources say

How Equinor exited Russia - move fast, sell cheap

Norway's Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals - but it also paid a price.

Business • 14 Sep 22

Oil prices have stabilised after an IEA report published today

Oil prices stabilise on IEA demand outlook

Oil prices stabilised today, after dropping by more than $1 earlier in the session, following signs of bullish demand in an International Energy Agency (IEA) report.

Business • 14 Sep 22

Investors eye possible moves by OPEC+ producers to cut output and support prices at a meeting later today

Oil prices jump more than $2 ahead of OPEC+ meeting

Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later today.

Business • 05 Sep 22

Expectations that OPEC would cut output if needed to support prices are supporting oil prices today

Oil edges higher on prospect of OPEC+ supply cut

Oil edged higher today to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Business • 29 Aug 22

There were no UK imports of fuels from Russia in June for the first time ever, new ONS figures show

Sanctions take UK imports from Russia to record lows

UK sanctions on Russia after the invasion of Ukraine have led to a slump in imports to record lows, official figures showed today.

Business • 24 Aug 22

Investors worry that big US interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure

Oil falls 4% on concerns of economic slowdown

Oil prices fell on Monday in volatile trading, ending three days of gains, on fears aggressive US interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Business • 22 Aug 22

The oil market remains in a multi-year tightening cycle

Oil rises on US crude stocks data

Oil prices rose on Thursday as robust US fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut demand.

Business • 18 Aug 22

The volatility has harmed companies that need energy market stability for their operations

Oil slips to six-month low as recession fears weigh

Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower US crude and gasoline stocks.

Business • 17 Aug 22

The IEA has raised its outlook for 2022 demand by 380,000 barrels per day

Oil rises as IEA hikes 2022 demand growth forecast

Oil prices rose by over 1% today after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Business • 11 Aug 22

Diesel consumption amounted to 298 million litres in June, down 2% on the same time last year

Diesel volumes down 2% in June - CSO

New figures from the Central Statistics Office show that diesel consumption in June was down 2% on the same time last year.

Business • 05 Aug 22

G7 mulling options to restrict profits on Russian oil

The G7 is looking at all options to prevent Russia from profiteering from high energy prices, including blocking the transportation of Russian oil unless it was purchased at or below a set price, its foreign ministers said today.

Business • 02 Aug 22

A Reuters survey forecast Brent and US crude would average $105.75 and $101.28 a barrel respectively this year

Oil prices rise as chances of OPEC+ supply boost dim

Oil prices rose in European trading today as attention turned to next week's OPEC+ meeting and expectations that it will dash US hopes for a supply boost.

Business • 29 Jul 22

Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel by 0158 GMT, after gaining $2.22 on Wednesday.

Oil extends gains as risk appetite improves

Oil gained more than $1 a barrel today, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Business • 28 Jul 22

Brent crude futures were at $104.55 a barrel at 0640 GMT, up 15 cents, or 0.1%

Oil rises on US inventory drop, Russian gas cuts

Oil rose by $1 a barrel today as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming US interest rate hike.

Business • 27 Jul 22

Russia's cut in supplies will leave countries unable to meet its goals to refill natural gas storage ahead of the winter demand period

Oil rises for a second day on supply tightness concerns

Oil prices rose today for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.

Business • 26 Jul 22

Officials at the Fed have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting.

Oil rises in volatile trade as Fed hike weighs

Oil prices rose today in seesaw trading as the market balanced supply fears with expectations that a rise in US interest rates would weaken fuel demand.

Business • 25 Jul 22