From February 1, 2023, a ban on oil exports to countries that implement a price cap will come into force. The date for oil products will be determined by the government later.

A difficult period for the oil market lasting throughout the whole year is about to come to an end. As it is supposed by Commerzbank strategists, Brent Crude Oil prices will rise again next year, reaching a level of $95 in the middle of 2023.

According to a senior industry ministry official, Japan has asked insurance companies to assume additional risks. Such a move was necessary to continue offshore military insurance for liquefied natural gas shippers in waters of Russian Federation.

European underground gas storage (UGS) is more than twice as high as storage withdrawals, which significantly exceeds average values for December. Gas withdrawals from EU inventories dropped, hitting a low for December.

A number of investors with about $1.4 trillion in combined assets have called for taking actions to reduce greenhouse gas emissions.

The head of “Rosgeologia” Sergei Gorkov declared that in 2023, a decrease in offshore geological explorations is expected both in Russia and other countries.

Russian Deputy Prime Minister Alexander Novak believes it will be difficult for European countries to find alternatives to Russian oil products when the effect of the EU embargo becomes fully evident.

A winter storm that gripped the U.S. could disrupt global liquefied natural gas (LNG) supplies, what may lead to a subsequent market tightening.

The Xinjiang branch of PetroChina National Petroleum Corporation reported data on oil and gas production.

California Gov. Gavin Newsom proposed imposing a limit on the gross gasoline refining margin. An upper limit has yet to be set in cents per gallon. According to Newsom’s proposal, oil companies would be penalized if the margin exceeds the price ceiling.