Trump Aministration again moves to protect Putin, blocking G7 from lowering oil price cap
World News

Trump Aministration again moves to protect Putin, blocking G7 from lowering oil price cap

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After 3 days of non-stop Russian missile barrages on Ukraine, the Trump administration has reportedly blocked a G7 initiative to lower the $60-per-barrel price cap on Russia’s oil exports, according to a Financial Times report. The proposal, initially discussed during last week’s G7 finance ministers’ meeting, aimed to tighten restrictions on Russian oil revenues amid ongoing concerns about the effectiveness of existing sanctions.

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Russia’s Oil Giant Reports Devastating Losses as Economic Pressure Mounts
Economy & Business

Russia’s Oil Giant Reports Devastating Losses as Economic Pressure Mounts

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Gazprom Neft, one of the flagship entities of Russia’s oil industry, reported a staggering net loss of 21.3 billion rubles in the first quarter of 2025 under Russian Accounting Standards (RSBU), a dramatic reversal from the 36.9 billion ruble profit it posted during the same period in 2024. The figures, disclosed in the company’s latest financial report, signal a growing crisis in the Kremlin’s fossil fuel sector amid rising costs, waning revenues, and global isolation.

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saudi arabia, jeddah: volodymyr zelensky, president of ukraine is greed by saudi officials as he arrives for the 32nd arab league summit
Economy & Business

OPEC Turns Up the Taps—and Turns Up the Heat on Russia

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OPEC+ is accelerating oil production. What began as a slow unwind of voluntary cuts has become a sharp shift in strategy: the group plans to reverse 2.2 million barrels per day (bpd) of voluntary cuts by the end of October— much faster than previously expected. For Russia, this is not just bad news. It is potentially devastating. As of April 1, OPEC+ had already increased output by 138,000 bpd. In May and June, that increase jumps to 411,000 bpd per month.

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Economy & Business

OPEC+ Surprises Markets with June Output Hike — Russia to Feel the Pain

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OPEC+ has agreed to raise oil output by 411,000 barrels per day in June, continuing a strategy shift aimed at disciplining quota violators and responding to global calls for lower fuel prices. The decision mirrors a similar production hike for May and signals the bloc’s growing willingness to tolerate lower oil prices, even at the expense of short-term revenues. Led by Saudi Arabia and Russia, the move has caused oil prices to fall to around $61 a barrel— near four-year lows—

OPEC+ Surprises Markets with June Output Hike — Russia to Feel the Pain Read Post »

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