European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but exempt oil delivered by pipeline to win over Hungary and unblock a sixth package of measures against Moscow, officials said

OPEC+ is set to stick to an oil manufacturing deal agreed final yr at its assembly on June 2 and lift July output targets by 432,000 barrels per day

The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised

China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February

Oil prices sank about 6% alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook

OPEC+ agreed to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand

The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers

Oil prices rose for a fourth day as fears over Russian supply disruption outweighed the impact of COVID-19 lockdowns in China, the world’s biggest crude importer

Shell tightened its restrictions on buying Russian oil, saying it will no longer accept refined products with any Russian content, including blended fuels

OPEC told the International Monetary Fund’s steering committee that the surge in oil prices was largely due to the Ukraine crisis, in the latest signal that the producer group would not take further action to add supply