Iraq pumped 4.15 million barrels per day, or bpd, of oil in March, 222,000 bpd short of its production quota under an agreement with other OPEC+ producers Oil futures were mixed on Wednesday even as the threat of new sanctions on Russia raised supply concerns, and fears of weak demand from US crude stockpiles build-up and extended lockdown in China cast a long shadow on the market. Brent crude futures were up 11 cents, or 0.1 percent, at $106.75 a barrel at 0339 GMT, having fallen to $105.06 earlier in the session. US West Texas Intermediate futures fell 11 cents, or 0.1 percent, to $101.85 a barrel, after dipping to as low as $100.37 in early trade. EU proposes Russian coal import ban Meanwhile, amid the ongoing tensions in Ukraine, the EU Commission has proposed new sanctions against Russia, including a ban on buying Russian coal and allowing Russian ships to enter European ports. The governing body is also planning to ban all oil imports from Russia. Cuba faces fuel shortage According to analysts, Cuba is struggling to cover a fuel deficit as imports from Venezuela and other countries remain below historical levels. Global prices boosted by Russia’s invasion of Ukraine make purchases almost unaffordable. The Caribbean country, which is dependent on fuel imports mostly from political ally Venezuela to cover more than half of its demand, is since last month dealing with diesel and gasoline shortages leading to long lines in front of stations. Insufficient fuel import is another major hurdle for Cuba’s economy, which is struggling to recover following the coronavirus pandemic and harsher US sanctions imposed by the administration of former President Donald Trump. Netherlands to further reduce the use of Russian oil Dutch imports of Russian oil and coal have fallen due to the war in Ukraine, the Minister for Climate and Energy Rob Jetten said on Tuesday, adding that he would outline the government’s plan to reduce Russian energy dependence further later this month. In a letter to parliament, he said he was “calling on companies to limit the import of Russian oil and coal as much as possible.” Among significant energy users in the Netherlands, Tata Steel has stopped using Russian coal. At the same time, Shell, which operates the Pernis oil refinery, Europe’s largest, halted purchases of Russian crude in March. Iraq’s March oil output falls Iraq pumped 4.15 million barrels per day, or bpd, of oil in March, 222,000 bpd short of its production quota under an agreement with other OPEC+ producers, data from state-owned marketer SOMO showed on Tuesday. Iraq’s March output fell by 112,000 bpd from February, the data showed. Like several other OPEC members, Iraq is struggling to pump more oil at a time of already tight global supply and soaring prices. China state refiners avoid new Russian oil trades China’s state refiners are honoring existing Russian oil contracts but avoiding new ones despite steep discounts, heeding Beijing’s call for caution as western sanctions mount against Russia over its invasion of Ukraine, six people told Reuters. State-run Sinopec, Asia’s largest refiner, CNOOC, PetroChina and Sinochem have stayed on the sidelines in trading fresh Russian cargoes for May loadings, said the people, who all have knowledge of the matter but spoke on condition of anonymity given the sensitivity of the subject. Chinese state-owned firms do not wish to be seen as openly supporting Moscow by buying extra volumes of oil, said two of the people, after Washington banned Russian oil last month and the EU slapped sanctions on top Russian exporters Rosneft and Gazprom. “SOEs are cautious as their actions could be seen as representing the Chinese government and none of them wants to be singled out as a buyer of Russian oil,” said one of the people. Swiss parliament rejects curbs on Russian energy deals The foreign affairs committee of the Swiss parliament’s lower house has narrowly rejected a ban on physical and transit trade in gas, oil and coal by companies majority-owned by Russia, or by persons with close ties to the Kremlin, until the war in Ukraine ends. The motion, put forward by the center-left Social Democrats, failed by a vote of 13-12 on Tuesday, heading off a broader debate of the proposal in parliament as neutral Switzerland wrestles with its role in implementing sanctions designed to punish Russia for invading Ukraine. So far, Switzerland has adopted EU sanctions against hundreds of Russian individuals and entities and frozen more than $6 billion worth of assets. Swiss-based commodity traders such as Trafigura and Vitol play an important role in handling Russian energy deals. (With inputs from Reuters)