(Natural News) The Libyan National Oil Corporation (NOC) has announced force majeure on crude exports from its oil terminals amid ongoing blockades of production and ports that have seriously crippled Libya’s oil exports. Force majeure refers to an unforeseen set of circumstances preventing a party from fulfilling a contract. The announcement came after weeks of protests and closures amid […]

(Natural News) The European Union (EU) has just agreed to a partial ban on Russian oil imports. This ban, once fully implemented, is expected to cause oil prices to skyrocket. But Russian officials say the embargo will leave them relatively unscathed. The EU relies on Russia for more than 25 percent of its oil and 40 […]

(Natural News) The International Energy Agency (IEA) warned that the massive drop in oil exports from Russia will lead to a catastrophic reduction in the global oil supply, which consumers are already feeling and will be reeling from by next month. The Russian invasion of Ukraine led to economic sanctions and embargoes from many nations […]