The Consequences Of Rising Inflation & Crude Oil Prices
On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more
The United States Office of Foreign Assets Control (“OFAC”) issued an Alert on April 17, 2023, warning U.S. persons about the possible evasion of the price cap imposed by the Department of Treasury on Russian oil. Pursuant to...more
In recognition of the one-year anniversary of Russia’s invasion of Ukraine, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and US Department of Commerce’s Bureau of Industry and Security (BIS)...more
On February 5, 2023, the G7 announced that the “price cap” on western-backed seaborne trades of Russian-origin petroleum products to third countries would be set at $45 per barrel ($45/bbl) for Discount to Crude petroleum...more
This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more
In order to continue restricting Russia’s ability to finance war efforts against Ukraine, on February 3, 2023, the G7 nations implemented two new price caps on seaborne petroleum products that originate in Russia (“Russian...more
Effective February 5, 2023, a coalition of G7 countries, Australia, and the European Union have generally forbidden service providers to provide certain services relating to the maritime transport of certain Russia-origin...more
As noted in our prior alerts (concerning OFAC’s September 9, 2022 preliminary guidance, an October 31, 2022 follow-on FAQ clarifying the applicability of the price cap policy, and the December 5, 2022 effective date of the...more
As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more
Background - As the Russia-Ukraine war approaches its one-year anniversary with no end in sight, U.S., EU and UK authorities, among other nations, continue to exert calculated but sustained pressure on the Russian...more
As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more
On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced preliminary guidance on the implementation of the price cap policy for petroleum products of Russian Federation origin....more
On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving Russian Federation...more
Increasing prices are on the minds of many. Price spikes have increased spending on housing, food, clothing, and more. Fuel prices—and especially gasoline for cars—are at the core of many of these increases. A lot of factors,...more
We review what happened in Nigeria’s upstream petroleum sector during the previous year – a year that saw a new marginal field bid round, an oil price crash and the onset of a terrible global pandemic. We also consider what...more
Environmental, Tribal Groups Sue to Block Alaska Refuge Drilling - "More than a dozen environmental groups and one representing northeast Alaskan tribal villages sued the Trump administration over a plan to open the...more
Exxon Mobil: Doubling Down While Facing Peak Oil Demand - "With most competitors pivoting away from upstream growth, Exxon continues to press ahead with investments despite very challenging current price environment for...more
Big Oil repeatedly remanded to state courts - will SCOTUS come to the rescue? "Oil companies facing suits by state and local governments that want them to bear a share of the cost of responding to the consequences of...more
Industry Expert Insights - We reached out to one of our Lex Mundi partners and a well-known expert in the United Arab Emirates in the energy and legal industries to get his thoughts on the current energy climate. ...more
Industry Expert Insights - We reached out to one of our Lex Mundi partners and a well-known expert in the Netherlands in the energy and legal industries to get his thoughts on the current energy climate. Marc van...more
China Resumes LNG Imports from the U.S. - "Chinese buyers have resumed imports of liquefied natural gas from U.S. exporters, as Beijing started granting waivers to a 25% import tariff." Why this is important: In the...more
On Thursday, April 2, the U.S. Department of Energy (DOE) announced plans to lease out space for domestic oil companies to store oil in the Strategic Petroleum Reserve (SPR). The decision marks a significant step by the...more
Coronavirus Throws EU Climate Plans into Disarray - "Czech Prime Minister Andrej Babiš said last week that the EU should 'forget about' the Green Deal for now while it focuses on Coronavirus." Why this is important: ...more
M&A in the US oil and gas sector faced significant headwinds in 2019, even before the COVID-19 pandemic and crash in crude price sent a shock to the industry. M&A in the US oil and gas industry faced an uphill battle in...more
There have been many changes recently, but one of the changes on the forefront of my mind has been “what is going on with OPEC”? It feels like a major shift has happened with The Organization of the Petroleum Exporting...more