Oil Posts Second Weekly Gain as Russia Warns of Output Cut
(Bloomberg) -- Oil rallied to a three-week high and clinched a second straight weekly gain after Russia warned it may cut output by as much as 700,000 barrels a day in response to sanctions on the nation’s crude.
With trading volumes dwindling heading into the Christmas holiday, Russia’s threat outweighed the impacts of a winter freeze sweeping across the US. The cold has halted one-third of refining capacity on the Texas Gulf Coast and as much as 350,000 barrels a day of crude output in North Dakota.

Gasoline futures also rose to the highest in three weeks following the refinery outages, though supply is in good shape: Gulf Coast gasoline stockpiles are at a record high for this time of year, and diesel inventories are above normal as well.
Crude is still on track for a modest yearly gain after a volatile year where Russia’s invasion of Ukraine upended oil markets. The invasion led Group of Seven countries to imposed a $60 a barrel price cap on Russian crude in an effort to reduce the Kremlin’s income while keeping exports on the market.
Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Sign up here.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

EPA Terminates Nearly 400 Workers Amid US Government Purge

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push

Stocks Climb as Traders Brush Aside Tariff Threats: Markets Wrap

Moove Works to Control Fire Within Complex in Rio de Janeiro

Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions
