Mid-Week Review – May 4, 2022

India Wants To Buy Russian Oil, At Below $70 A Barrel

The world’s third-largest oil importer, India, is negotiating steep discounts for the Russian oil it is prepared to buy, asking for below $70 per barrel price to compensate for logistics, financing, and sanctions troubles for buying crude that is now toxic for most of the West, Bloomberg reported on Wednesday, quoting sources familiar with the talks. Click Here to read more from Oil Price.

EU targets Russian oil, banks as Ukraine says Russian offensive intensifies

The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Kyiv said Moscow was intensifying its offensive in eastern Ukraine and close Russian ally Belarus announced large-scale army drills. Nearly 10 weeks into a war that has killed thousands, uprooted millions and flattened cities and towns in eastern and southern Ukraine, Ukraine’s defense ministry said Moscow had carried out nearly 50 air strikes on Tuesday alone. Click Here to read more from Reuters.

3 tips for saving money on summer travel despite higher oil prices

When I originally pitched the idea for this article, it was titled, “What $100 oil could mean for your summer travel.” Back then, $100 oil seemed like a distant possibility. Then prices spiked to over $120 before settling back down to a mere $100. By the time you read this … who knows. The point is, nobody can predict what will happen to oil next, yet everybody is curious how it will impact long-delayed summer travel plans. Does it make sense to book flights sooner or later? Is it better to drive or fly? And does anybody remember how to siphon gas? (Asking for a friend.) Click Here to read more from Market Watch.

EU proposes ban on Russian oil imports

The European Union is proposing to ban all oil imports from Russia by the end of the year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. European Commission President Ursula von der Leyen said Wednesday the measures would form part of a sixth round of sanctions against Russia over its invasion of Ukraine. “We now propose a ban on Russian oil,” she said during a speech to the European Parliament. “Let’s be clear: it will not be easy. But we simply have to work on it. We will make sure that we phase out Russian oil in an orderly fashion, to maximize pressure on Russia, while minimizing the impact on our own economies.” Click Here to read more from CNN Business.