The US Treasury's General License X allows transactions for Iranian oil until August 21, but excludes Donbass, Crimea, Novorossiya, North Korea, and Cuba from the sanctions relief, permitting USD payments for Iranian oil.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
A prolonged Middle East conflict could force a global shift to alternative energy sources, according to Russian Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum (SPIEF). He stated that such shifts would negatively impact the energy sector and the broader economy, potentially leading to new logistics and transport solutions.
Russia and Iran are currently demonstrating an example of responsible partnership, Anton Kobyakov said
Defence Minister Rajnath Singh assured citizens that India is prepared for global supply chain disruptions, with ample petroleum products and robust foreign exchange reserves. He urged fuel conservation to ease the nation's financial burden amid high international crude prices. The government is implementing measures for fuel efficiency and responsible consumption.
Supplies of petroleum products to distribution companies "have been restored to meet demand for fuel and related products in the local market," the company said
The decision was made at the request of the Natural Resources and Energy Administration to ensure stable supplies of petroleum products
One of the world’s largest investment banks said that global commercial stocks of refined petroleum products have fallen from 50 days of consumption prior to the start of the US-Israeli military operation against Iran to 45 days now
The United States on Friday sanctioned multiple entities and individuals it said were involved in trading Iranian petroleum and petroleum products, including a China-based oil terminal operator and a Chinese national. The State Department said the operator, Qingdao Haiye Oil Terminal Co., Ltd, “imported tens of millions of barrels of sanctioned Iranian crude oil”. Also on the sanctions list is Li Xinchun, a Chinese national who is president of the China-based oil terminal, as well as a Hong...
According to the official, the Middle East conflict is negatively affecting the economy and must be resolved in order to stabilize the situation
The deficit is primarily experienced in industries with a strong dependence on energy-intensive and petroleum products, Ifo Institute for Economic Research said
UAE Energy Minister Suhail Al Mazrouei stated that the world will require more energy resources in the foreseeable future and the UAE is prepared to meet these needs. The minister noted that withdrawal from OPEC and OPEC+ will enable the UAE to fulfill global energy demand while maintaining cooperation with partners and investors, emphasizing exports of crude oil, petroleum products and gas.
