Due to US and British sanctions, Russia is finding it increasingly difficult to sell its oil. For example, Lukoil has been forced to suspend operations at the West Qurna-2 oil field in Iraq because Iraq has stopped making payments. Meanwhile, it remains unclear who will own the company's foreign operations, including seventy pumping stations in the Netherlands.
At the time of writing (Tuesday afternoon, November 11th), a barrel of oil costs $64,50. That's almost $1 more than a week ago (Wednesday, November 5th), when the oil price stood at $63,52 per barrel (+1,5%). Price movements are somewhat flat. The oil market awaits the monthly OPEC oil market report, published today (November 12th), and the monthly report from the International Energy Agency (IEA), also due tomorrow (November 13th).
The IEA's latest report showed an increase in the supply surplus, while OPEC kept its demand growth forecast unchanged at 1,4 million barrels per day in 2026. However, the oil cartel recently decided not to increase oil production further in the first quarter of next year.
A factor supporting oil prices is the end of the US government shutdown, which has lasted more than a month.
The consequences of the recent US and UK sanctions on the largest Russian oil companies, Lukoil (also active in the Netherlands) and Rosneft, are increasingly becoming apparent. Iraq has halted all payments to Lukoil. According to Reuters, the company is now invoking force majeure for the massive Iraqi oil field it operates, the West Qurna-2, because it can no longer meet its obligations. The European Union has not included Lukoil on its sanctions list. This is a source of disagreement within the EU, as analysts believe several countries are still far too dependent on it.
As of November 21, sanctions prohibit payments to companies on the list. The Swiss company Gunvor, founded by an ally of Putin, was interested in the foreign activities, but the US Treasury Department made it clear on X that this would not go ahead.
President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin's puppet, Gunvor, will never get a license to operate and profit.
- Treasury Department (@USTreasury) November 6, 2025
Reuters also reports that Russian oil is becoming increasingly cheaper in Asia, at $2 to $4 per barrel below the Brent crude price. Chinese and Indian refineries are buying less Russian oil under pressure from Trump. After the first Western sanctions, the discount was around $8, but this is still depressing Russian oil revenues, according to Reuters. Due to the US sanctions on Russian oil companies Lukoil and Rosneft, five refineries that together account for 65% of India's Russian oil imports have suspended orders, according to the news agency.
Diesel price
The diesel price on November 11th was €130,62 per 100 liters (from 4.000 liters). This is roughly the same as last Wednesday (€130,48). However, the price has been about €4 higher for a few days.
gas price
At €31,07 per MWh on the TTF futures market on the afternoon of November 11th, it was slightly lower than the €31,82 per MWh on Wednesday, November 5th. A downward trend has been visible since November 4th.