Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil supplies by the Caspian Pipeline Consortium (CPC), which ships around 1.2 million barrels per day, may be completely stopped for up to two months due to damaged berths at a Black Sea terminal.

ING Groep NV (INGA.AS) will no longer finance new oil and gas projects, its energy chief said, becoming the biggest bank yet to commit to such a step in the fight against climate change.

Three U.S. oilfield services providers – Halliburton, Schlumberger, and Baker Hughes – have decided to suspend any future investments and operations in Russia following the country’s attack on Ukraine and the widespread sanctions imposed as a result of the war.

Driven by higher oil and gas prices and refining margins and strong trading results as the world is recovering from the pandemic, energy major BP saw its profit soar in the third quarter of 2021 when compared to the same period last year.

Oil prices have sunk about 12% in less than two weeks amid softening physical demand and the unwinding of long positions.

Shell, one of the world's largest oil companies, has warned that the low price of oil could reduce the value of its assets by up to $22bn

Hopes over the lifting of restrictions buoyed up market sentiment even as the pandemic took a further grim toll on jobs.

Despite the current crisis in the oil and gas sector occasioned by a slide in crude oil prices, industry experts and policy analysts foresee that there will be stabalisation of crude oil prices

Norway has announced it will reduce oil output for the second half of 2020

The two nations acted prior to the May 1 deadline set by OPEC+