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Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled nearly 8.42 million tonnes

Oil prices stable after last week's losses

Oil prices swung higher in volatile trading today, as traders focused on tight supplies over slowing global economic growth.

Business • 20 Jun 22

Brent crude futures for August were down 52 cents, or 0.5%

Oil prices slip ahead of expected US interest rate hike

Oil prices slipped on the back concerns over fuel demand and global economic growth ahead of an expected big hike in interest rates by the Federal Reserve as US oil production reached pre-pandemic levels.

Business • 15 Jun 22

Brent crude futures for August were down 77 cents

Oil prices slip, but still close to three month highs

Oil prices slipped today but remained within touching distance of three-month highs as fears over new Covid-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer.

Business • 10 Jun 22

Brent crude futures for August rose 35 cents, or 0.3%, to $123.93 a barrel at 0404 GMT

Oil rises on robust China export data

Oil prices held firm near 13-week highs today after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.

Business • 09 Jun 22

The IOOA says there is 'particular concern' over the supply of diesel

Concern over supply of diesel following Russian oil ban

The Irish Offshore Operators' Association, which represents oil and gas exploration companies, has said the ban on Russian oil exports to the EU "...will likely result in a shortfall in crude oil and products to Ireland unless alternative sources are found."

Business • 01 Jun 22

World oil prices are on track to post declines for the week

Oil rises but fears of weaker demand limit gains

Oil prices extended gains today but were headed for their first weekly loss in three weeks as worries about inflation and China's Covid lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia.

Business • 13 May 22

Saudi Arabia, world's top oil exporter, lowered crude prices for Asia and Europe for June yesterday

Oil prices fall, weighed down by dollar, China lockdown

Oil prices slipped today alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.

Business • 09 May 22

Oil can usually be traced to its origin based on its chemical make-up, but some buyers have been deceived in the past by forged documents

Why the EU may find it tough to squeeze out Russian oil

The European Union has proposed a phased embargo of Russian oil but may find it tricky to implement, given Europe's complex distribution network and challenges in tracking crude once it is blended or refined.

World • 04 May 22

Oil has hit multi-year highs this year, with Brent reaching $139 in March, the highest since 2008

Oil slips on China worries, as EU weighs Russia oil ban

Oil slipped 2% today as demand worries due to China's prolonged Covid-19 lockdowns outweighed support from a possible European oil embargo on Russia.

Business • 03 May 22

World oil prices are set to finish up on the week and post their fifth monthly gains in a row

Oil extends gains as supply fears outweigh China curbs

Oil prices rose for a fourth day today as fears over Russian supply disruption trumped Covid-19 lockdowns in China, the world's biggest crude importer.

Business • 29 Apr 22

Russian oil production could fall by as much as 17% in 2022, according to an economy ministry document seen by Reuters

Oil prices fluctuate amid supply constraints

Oil prices steadied after trading in and out of positive territory today as investors weighed up tightening Russian supplies and the prospect of slowing fuel demand in China.

Business • 28 Apr 22

Oil prices shrugged off the dollar rising to its highest in two years, making oil purchases more expensive for holders of other currencies

Oil prices steady amid Russia supply fears

Oil was broadly steady today after Russia cut gas supplies to Bulgaria and Poland, although lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.

Business • 27 Apr 22

Oil benchmarks lost nearly 5% last week on demand concerns

Oil falls 6% as Shanghai lockdowns stoke demand worries

Oil slumped almost 6% to its lowest in almost two weeks today, extending last week's decline - as concern grew that prolonged Covid-19 lockdowns in Shanghai and potential increases in US interest rates would hurt global growth and energy demand.

Business • 25 Apr 22

Brent and WTI oil contracts are headed for weekly declines of over 4%

Oil falls on growth concerns, Shanghai lockdown

Oil slipped today, burdened by the prospect of weaker global growth, higher interest rates and Covid lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.

Business • 22 Apr 22

Analysts said market volatility is likely to pick up again soon

Oil up as investors focus on lower supply from Russia

Oil prices rose today amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports while the market continues to deal with reduced supplies from Libya.

Business • 21 Apr 22

Oil prices fell 5.2% in volatile trading yesterday after the IMF slashed its forecast for global growth

Oil rebounds as supply concerns dominate

Oil prices rebounded today as a drop in US oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session's sharp losses.

Business • 20 Apr 22

OPEC+ agreed last month to another modest monthly oil output boost of 432,000 bpd for May

OPEC+ supply gap widens in March

OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the producer alliance seen by Reuters showed.

Business • 19 Apr 22

The price of Brent crude, the main international oil contract, was down 5.4% to $107.11 per barrel

Oil prices plunge after IMF cuts global growth forecast

Oil prices slipped in volatile trading today as investors weighed demand concerns against tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen following a Covid-19 shutdown.

Business • 19 Apr 22

Russian oil production has been under a massive downward pressure amid sanctions from the West over Moscow's role in Ukraine

Russian oil output falls below 10m bpd

Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday to its lowest since July 2020, two sources familiar with data said today, as sanctions and logistical constraints hampered trade.

Business • 12 Apr 22

OPEC has resisted calls by the US and the International Energy Agency to pump more crude to cool prices

Not possible to replace potential Russia oil loss: OPEC

OPEC told the European Union that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more.

Business • 12 Apr 22

Oil prices have been at their most volatile since June 2020 in recent weeks

Oil dives 4%, below $100 on reserves release

Oil prices fell about 4% today, with Brent crude tumbling below $100 a barrel on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

Business • 11 Apr 22

The IEA is made up of 31 mostly industrialised countries - but not Russia

IEA to release 120 million barrels of oil over 6 months

The International Energy Agency (IEA) has listed members' contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia's invasion of Ukraine.

Business • 08 Apr 22

IEA member states have agreed to release 120 million barrels of oil (stock image)

Ireland to release 451,000 barrels from oil reserves

Ireland is to release an additional 451,000 barrels of oil from the national oil reserves, as part of an agreement with other International Energy Agency (IEA) members.

Business • 07 Apr 22

IEA member countries yesterday agreed to release 60 million barrels on top of a 180 million barrel release announced by the US last week

Oil falls on uncertainty over Russia sanctions

Oil prices fell $2 after rising earlier in the session today amid uncertainty that the eurozone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves.

Business • 07 Apr 22

Shell will write down up to $5 billion in the first quarter after it decision to exit Russia

Shell writes down up to $5 billion after Russia exit

Shell will write down up to $5 billion in the first quarter as a result of its decision to exit Russia, higher than previously disclosed, while its oil and gas trading activities are set to get a boost from soaring energy prices, the company said today.

Business • 07 Apr 22