Envoys from EU countries did not reach an agreement on May 4 about a proposed embargo against Russian oil, but they were expected to move closer to a deal at a meeting the next day, an official familiar with the talks told Reuters.
The European Commission proposed earlier on May 4 an embargo for Russian oil which would take effect in six months for crude oil exports and in eight months for diesel and other oil products. Under the proposal, Hungary and Slovakia would be granted a longer period to adapt to the embargo until the end of 2023.
EU envoys had their first discussion about the proposal on May 4, but the meeting ended without a formal backing for the plan, as some countries raised concerns about the proposed measures, the source said, declining to be named because of the sensitivity of the matter.
Hungary, Slovakia, the Czech Republic and Bulgaria raised concerns about the oil embargo, the source said, noting however that a deal could be achieved at a new meeting of envoys on May 5.
Hungary and Slovakia have been publicly raising their concerns about the oil embargo, with Slovakia saying it wanted a longer transition period to wean itself off Russian oil, of at least three years.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.