{"id":32094,"date":"2022-06-01T14:21:00","date_gmt":"2022-06-01T14:21:00","guid":{"rendered":"https:\/\/harchi90.com\/oil-firms-on-eus-russian-oil-ban-and-end-of-shanghai-lockdown\/"},"modified":"2022-06-01T14:21:00","modified_gmt":"2022-06-01T14:21:00","slug":"oil-firms-on-eus-russian-oil-ban-and-end-of-shanghai-lockdown","status":"publish","type":"post","link":"https:\/\/harchi90.com\/oil-firms-on-eus-russian-oil-ban-and-end-of-shanghai-lockdown\/","title":{"rendered":"Oil firms on EU&#8217;s Russian oil ban and end of Shanghai lockdown"},"content":{"rendered":"<div>\n<p data-testid=\"primary-image-caption\" id=\"primary-image-caption\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY article-body__primary-image-caption__WHVnb\">Pump jacks operate at sunset in an oil field in Midland, Texas US August 22, 2018. REUTERS \/ Nick Oxford<\/p>\n<div class=\"registration-prompt__container__2jf5K column article-body__aside-registration-prompt__2ivER\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h6 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_6__1qUJ5 heading__base__2T28j heading__heading_6__RtD9P registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">LONDON, June 1 (Reuters) &#8211; Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Brent crude was up $ 2.40, or 2.1%, at $ 118 a barrel by 1357 GMT.  US West Texas Intermediate (WTI) crude rose $ 2.54, or 2.2%, to $ 117.21.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Both benchmarks registered gains over May, marking the sixth straight month of rising prices.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;The mood on the oil market is seemingly turning ever more bullish,&#8221; said Julius Baer analyst Norbert Rucker.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc&#8217;s toughest sanctions yet since the start of the invasion of Ukraine, which Moscow calls a &#8220;special military operation&#8221;.  read more <\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Once fully adopted, sanctions on crude will be phased in over six months and on refined products over eight months.  The embargo exempts pipeline oil from Russia as a concession to Hungary and two other landlocked Central European states.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;We maintain our view that, given time, Russia will be able to redirect most of its exports and peg maximum impact on Russian production at 1.5 million barrels per day,&#8221; JP Morgan said in a note on Wednesday.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Sources told Reuters that Russian oil companies led by Rosneft (ROSN.MM) this month plan to re-open wells that they had shut owing to Western sanctions.  read more <\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">In China, Shanghai&#8217;s strict COVID-19 lockdown ended on Wednesday after two months, prompting expectations of firmer fuel demand from the country.  read more <\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Capping gains were reports that some producers were exploring the idea of \u200b\u200bsuspending Russia&#8217;s participation in an OPEC + production deal.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">OPEC + comprises members of the Organization of the Petroleum Exporting Countries and their allies led by Russia.  The group is due to meet on Thursday to set policy.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">While there was no formal push for OPEC countries to pump more oil to offset any potential Russian shortfall, some Gulf members had begun planning an output increase sometime in the next few months, the Wall Street Journal reported, citing OPEC delegates.  read more <\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Six OPEC + delegates told Reuters, however, that the idea of \u200b\u200bexempting Russia from the deal was not being discussed by the group.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">An OPEC + technical committee on Wednesday trimmed its forecast for the 2022 oil market surplus by about 500,000 bpd to 1.4 million bpd, sources said.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">US crude oil production rose in March by more than 3% to its highest since November, a US Energy Information Administration report showed on Tuesday.  read more <\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Analysts polled by Reuters expected US crude oil inventories to have fallen last week while gasoline and distillate stockpiles were expected to have increased.  Official government data is expected on Thursday.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Ahmad Ghaddar Additional reporting by Isabel Kua in Singapore Editing by David Goodman and Emelia Sithole-Matarise<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pump jacks operate at sunset in an oil field in Midland, Texas US August 22, 2018. REUTERS \/ Nick Oxford Register now for FREE unlimited access to Reuters.com Register LONDON, June 1 (Reuters) &#8211; Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/oil-firms-on-eus-russian-oil-ban-and-end-of-shanghai-lockdown\/\"> <span class=\"screen-reader-text\">Oil firms on EU&#8217;s Russian oil ban and end of Shanghai lockdown<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":32095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,70,66,72,1008,2542,25,26,28,67,2300,2301,32,33,58,74,2628,258,1822,21,64,2541,45,2307,8323,8324,5377,1817,2536,87,22,2539,285,75,1820,2627,57,53],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.reuters.com\/resizer\/7gsQ7i29cbHd17oPTVVenO-rSZc=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/JOLFDTXCOBOQJMX4Z6EPYAEQ6M.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/7gsQ7i29cbHd17oPTVVenO-rSZc=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/JOLFDTXCOBOQJMX4Z6EPYAEQ6M.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32094"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=32094"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/32095"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=32094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=32094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=32094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}