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The Latest Breaking News from Oil

Greece, Bulgaria discuss oil pipeline bypassing Bosphorus Strait

An EU embargo on Russian oil and a transit fee hike to use the Bosphorus Strait are reviving a shelved pipeline plan.

Al Jazeera

Two of Vladimir Putin’s nuclear bombers reportedly damaged as ‘explosions rock military bases in Russia’

Videos showed a huge flash at the high-security airbase in Saratov region used by the Russian president’s strategic fleet

Evening Standard

Cop15 security operation will be biggest for 20 years, Montreal police say

Protests against oil and mining have been planned, as thousands of delegates arrive for UN biodiversity summit

The Guardian - UK

From analysis to the latest developments in health,
read the most diverse news in one place.

Russian oil price cap, EU ban aim to limit Kremlin war chest

Oil prices have risen as the first strong measures to limit Russia’s oil profits over the war in Ukraine took effect

The Independent UK

Kremlin Says Western Oil Price Cap Will Not Hinder Military Operation in Ukraine

The Kremlin said on Monday that a Western price cap on Russian oil would destabilize global energy markets but would not affect Moscow's ability to sustain its military operation in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing how it would respond to the move by the G7 and…

Asharq Al-Awsat

India signals it will continue to buy oil from Russia

India's foreign minister has signaled that his country will continue to buy oil from Russia, even as Western governments press Moscow with a price cap on its oil exports

The Independent UK

Chefs reveal their secrets to making the perfect roast potatoes

From baking powder to stock cubes, this is what celebrity chefs say make the perfect roastie

Wales Online

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Russian oil price cap and EU embargo come into effect

Starting this Monday, all Russian oil sold on international markets will be subject to a G7 and EU-imposed price cap. The measure is aimed at cutting into Moscow's financing for the war in Ukraine, while maintaining global supply. The bar has been set at $60 a barrel, which Ukraine's president…

France 24

G7 Russian oil price cap and EU embargo come into force

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

Radio France Internationale

An assassination, a feud and the fight for power in Iraq's Kurdistan

The marriage of convenience between Iraqi Kurdistan's political dynasties is on the rocks.

Reuters

UK car sales jumped 23.5% in November despite 2023 recession looming – as it happened

Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan

The Guardian - UK

Russian oil cap begins, trying to pressure Putin on Ukraine

Western countries on Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine

The Independent UK

Wave of Russian missiles strike Ukraine, Kremlin says Ukrainian drones hit air bases

Air alerts blared across Ukraine and officials urged civilians to take shelter from a wave of deadly Russian missile strikes that caused major power outages. The strikes followed what the Kremlin said were Ukrainian drone attacks on two air bases deep inside Russian territory. Read our live blog to see…

France 24

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

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The Guardian - AU

Ukraine says it has shot down 60 of over 70 missiles launched after explosions at two Russian airbases – as it happened

No reports of missile impacts in Kyiv but two killed in Zaporizhzhia and Odesa hit hard after Russian strike follows blasts at Russian airfields

Wales Online

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Reuters

Timeline: U.S.-Saudi ties through good times and bad

The U.S.-Saudi alliance has weathered many storms over the decades, but the relationship remains vital to both: Saudi Arabia is the world's biggest oil exporter and the United States' largest foreign military sales customer.

The Independent UK

California lawmakers to meet, eye big oil's high gas prices

California lawmakers are preparing to return to work for a special session on gas prices

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The Independent UK

Asian shares gain, oil prices up after Russia price cap deal

Asian shares are mostly higher and oil prices also have risen after the European Union and the Group of Seven agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports

Tribune News Service

House GOP announces investigation into reports of ‘secret’ Saudi oil production deal

WASHINGTON — House Republicans announced a probe into reports of a failed “secret deal to boost oil production” between Biden administration officials and Saudi Arabia, as the party prepares to take majority control of the chamber next year.

Los Angeles Times

High gas prices prompt California lawmakers to consider penalties on oil profits

SACRAMENTO, Calif. — A new class of California lawmakers will be sworn in Monday and thrust into the middle of Gov. Gavin Newsom's political fight with oil companies, testing the clout of an industry that spends heavily to influence the Legislature and potentially affecting gas prices for Californians.

Asharq Al-Awsat

OPEC+ Keeps Steady Policy

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Reuters

Saudi prince seeks Mideast leadership, independence with Xi's visit

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

The Guardian - UK

Vladimir Putin better informed now about Ukraine war, says US

Russian president not as insulated from bad news as earlier in campaign, claims intelligence chief

WEKU

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

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