• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Global Oil Market To Witness Russia Oil Drop By 18% After Ban – EIA

by Chika Izuora
3 years ago
in Business
EIA
Share on WhatsAppShare on FacebookShare on XTelegram

RELATED

Dangote Refinery’s Completion To Make Naira Stronger

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

7 hours ago
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

7 hours ago

The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine is expected to see a big 18 per cent drop in the country’s fuel output by the end of next year, the Energy Information Administration (EIA) said in a monthly report.

Production of Russian liquid fuels is set to reach 9.3 million barrels a day in the fourth quarter of 2023 from 11.3 million in the first quarter of this year, according to the EIA report.

Advertisement

The drop assumes the European Union’s move to halt crude oil imports will be imposed in six months and the petroleum product import ban in eight months, and excludes any restrictions on shipping insurance, the agency said.
Russia’s invasion of Ukraine in February upended global energy flows and prompted an almost immediate oil import ban from the U.S. and U.K. when the market was already tight. Other buyers voluntarily shunned the country’s oil. Overall supply shortages have kept oil prices over $100 a barrel since the war started and sent retail fuel prices to record highs.

The possibility that these sanctions or other potential future sanctions reduce Russia’s oil production by more than expected adds upward risks for oil prices, the agency also said.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


SendShareTweetShare
Previous Post

Nigeria Issues Guidelines To Promote Oil & Gas Insurance Oversight

Next Post

Nigerian/American Chamber Task Shippers To Utilise AGOA

Chika Izuora

Chika Izuora

You May Like

Dangote Refinery’s Completion To Make Naira Stronger
Business

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

2025/06/08
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations
Business

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

2025/06/08
JUST IN: Nigerian Stocks End 8-Day Gains As Banks Slide
Business

‘Dangote Petrochemicals Listing To Boost Nigeria’s Stock Market’

2025/06/08
NLNG Ties 2023 Science Quiz Competition To Net Zero Emission
Business

NLNG Launches Human Capital Devt Programme Under Train 7 Project

2025/06/08
SEC Warns Nigerians Against Unregistered Investment Schemes
Business

New Meme Coin, PUNISHER COIN, Not Registered – SEC

2025/06/08
AMMC Begins Intensive Traffic Control On Airport Road
Business

Lagos, Abuja Top Nigeria’s 2025 Global Startup Index

2025/06/08
Leadership Conference advertisement

LATEST

Sanwo-Olu Urges Capacity Building For Robust Procurement System

MRA Faults NEITI’s Move To Amend FoI Act

Agbakoba, Adegboruwa, Others Pay Tribute To Justice Uwais

2027: Lagos Group Pushes For Tinubu, Ambode Mandate

Youth Group Condemns Afenifere Faction’s Call For Tinubu’s Impeachment

VC Harps On Strategic Research To Achieve SDGs

The Bold Victory Of The Justified Believer In Christ

Insecurity: Army Chief Boosts Morale Of Frontline Troops In Akwa Ibom

FCT, Neighbouring States To Experience Thunderstorms, Heavy Rainfalls

Romanian Cuisine: Fresh, Healthy, Full Of Flavour

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.