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☆ Oil nudges higher after Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices, or OSPs, for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer. This comes after Saudi Arabia raised June OSPs for most regions amid a tightening of supplies this quarter, he added. The geopolitical risk premium in oil prices has also eased as talks for a Gaza ceasefire are underway.

Persons: ICE Brent, Warren Patterson, OSPs, Brent, Benjamin Netanyahu, Baker Hughes Organizations: Brent, U.S, West Texas, ICE Locations: Saudi Arabia, Gaza, Israel, Asia, Northwest Europe

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

☆ China defies sanctions to make Russia its biggest oil supplier in 2023
▼ + stars: | 2024-01-21 | by ( ) www.cnbc.com time to read: +3 min

Seen here is an oil pumping unit at Huabei oil field on the outskirts of Hejian city, Hebei province, China. Russia leapfrogged Saudi Arabia to become China's top crude oil supplier in 2023, data showed on Saturday, as the world's biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil for its processing plants. To support prices, Saudi Arabia and Russia, two of the world's top three oil producers, announced output and export cuts last year. Chinese refiners use intermediary traders to handle the shipping and insurance of Russian crude to avoid violating the Western sanctions. China's overall crude imports for 2023 rose to a record of 563.99 million metric tons, equivalent to 11.28 million bpd.

Persons: Buyers, Nicolas Maduro's Organizations: ICE, U.S Locations: Russia, Hejian, Hebei province, China, Russia leapfrogged Saudi Arabia, Saudi Arabia, Iraq, Ukraine, Russian, Malaysia, Iran, Venezuela, Caracas, Beijing, Washington, U.S

☆ China slows Venezuela crude buys as U.S. sanctions lifting triggers 'disarray'
▼ + stars: | 2023-11-23 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Independent refiners, known as teapots, account for a fifth of China's oil purchases, and more than half of its asphalt production. PetroChina, PDVSA and the Venezuelan oil ministry did not immediately respond to requests for comment. Before the U.S. imposed sanctions in 2019, subsidiary PetroChina Fuel Oil Co was the key seller of Venezuelan oil to independent refiners. Independent refiners like Venezuelan heavy crude for its high yield of road-paving material asphalt at about 60%, versus around 45% for Iranian oil.

Persons: Carlos Garcia Rawlins, Sellers, PetroChina, PDVSA, Muyu Xu, Marianna Parraga, Florence Tan Organizations: REUTERS, Rights, ICE Brent, Reuters, Fuel, Co, Thomson Locations: Morichal, Rights SINGAPORE, Washington, China, Venezuela, Iran, Russia, Iraq, Canada, OPEC, Malaysia, Venezuela's, Singapore, Houston

☆ Oil group OPEC and its allies delay policy-setting meeting by four days
▼ + stars: | 2023-11-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. It was not immediately clear whether the OPEC+ group would be holding a virtual or in-person meeting on Thursday, or whether ministers would still adjourn at the OPEC secretarial headquarters in Vienna. Earlier in the day, Bloomberg News issued a report saying the meeting of Sunday could be delayed amid Saudi dissatisfaction over the oil production levels of some countries. The upcoming meeting faced a challenging market environment, defined by depressed oil prices, a slower-than-expected Chinese demand recovery and petropolitics amid conflict in the Middle East. High interest rates and banking turmoil largely slumped oil prices in the first half of the year, before a sharp boost from several voluntary supply declines announced independently of OPEC+ strategy.

Persons: Jonathan Raa, Ice Brent, —, Abdulaziz bin Salman Organizations: Getty, of, Petroleum, Ice, OPEC Secretariat, Conference of, United, United Arab Emirates —, Bloomberg News Locations: Brussels, Belgium, OPEC, Vienna, Dubai, United Arab, Saudi, Saudi Arabia, Russia, China, Israel, Iran, Venezuela

☆ Explainer: Iran's expanding oil trade with top buyer China
▼ + stars: | 2023-11-10 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Here are key facts on Iran's oil trade with China:HOW MUCH IRANIAN OIL IS CHINA BUYING? HOW DOES IRANIAN OIL ENTER CHINA? Almost all Iranian oil entering China is branded as originating from Malaysia or other Middle Eastern countries. China regulates crude oil imports by issuing quotas. Giant state refiners Sinopec and PetroChina were once key Iranian oil clients, with investments in oilfields in the country.

Persons: Raheb, Donald Trump, refiners, China's, Muyu Xu, Florence Tan, Tony Munroe, Kim Coghill Organizations: REUTERS, Hamas, Imports, Reuters, Brent, Washington, State Department, Thomson Locations: Iranian, Iran, Israel, Tehran, China, CHINA, Washington, Malaysia, Oman, UAE, China's Shandong, Kpler, Shandong, Russia, Venezuela, Beijing, U.S

☆ Climate target walk-backs highlight 'overzealous' policy pledges, OPEC chief says
▼ + stars: | 2023-10-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023. Asked about the impact of high oil prices on consumers, al-Ghais said this "depends on the state of the global economy" and noted increases in oil demand. We're seeing historically high, phenomenally high growth figures for oil demand," he said. An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week's JMMC meeting will lead to policy adjustments.

Persons: Haitham, CNBC's Dan Murphy, Ghais Organizations: Organization of Petroleum Exporting, Energy Asia Summit, Bloomberg, Getty, OPEC, Organization of, Petroleum, Abu Dhabi International Progressive Energy Congress, European Union, Brent, International Energy Agency, CNBC, COP28 Locations: OPEC, Europe, Ukraine, Paris

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

☆ Stocks may be losing market leader just ahead of August inflation reports next week
▼ + stars: | 2023-09-08 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The stock market may be losing one of its leaders heading into the release of key inflation reports next week that could clarify the path of future monetary policy. Apple weakness However, even after Apple's drop this week, some investors expect to see further declines in Apple because of deteriorating stock price momentum. A hotter-than-expected price report will likely add to investor concern over sticky inflation and tighter monetary policy, weighing on equities. Monday Sept. 11 Earnings: Oracle Tuesday Sept. 12 6 a.m. NFIB Small Business Index (August) Wednesday Sept. 13 8:30 a.m. Consumer Price Index (August) 8:30 a.m. Initial Claims (09/09) 8:30 a.m. Producer Price Index (August) 8:30 a.m. Retail Sales (August) 10 a.m. Business Inventories (July) Earnings: Lennar , Adobe , Copart Friday Sept. 15 8:30 a.m.

Persons: Rob Ginsberg, Tim Cook, selloff, Wolfe Research's Ginsberg, Ginsberg, Dan Niles, Satori, Wolfe's Ginsberg, Alex McGrath, FactSet, isn't, Price, —, Michael Bloom, Gabriel Cortes Organizations: Apple, Wolfe Research, Dow Jones, Nasdaq, Nvidia, Tech, Satori Fund, U.S . West Texas, ICE Brent, Federal Reserve, Wealth, Traders, United Auto Workers, UAW, Big Three, General Motors, Ford Motor, Treasury Budget, Retail, Adobe, Price, Index, Manufacturing Locations: China, Apple, U.S, @CL, Michigan

☆ Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year
▼ + stars: | 2023-09-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency. The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and will be reviewed on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024. Fellow heavyweight oil producer Russia — which leads the contingent that joins OPEC nations in the OPEC+ coalition — also pledged to voluntarily reduce exports by 500,000 barrels per day in August and by 300,000 barrels per day in September. OPEC Secretary-General Haitham al-Ghais has previously said that resorting to voluntary reductions outside of OPEC+ decisions does not suggest divisions in policy views among alliance members.

Persons: Russia —, —, Alexander Novak, Haitham, Ghais Organizations: Saudi Press Agency, Organization of, Petroleum, Kremlin, Brent Locations: China, Saudi Arabia, Russia, Saudi, Riyadh, OPEC, London

☆ Russia's crude price exceeds G7 price cap as market braces for supply crunch
▼ + stars: | 2023-07-14 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies. The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel. Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Persons: P Global Platts, —, Giovanni Staunovo, they're, David Fyfe Organizations: Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights Locations: Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

SINGAPORE, July 5 (Reuters) - Prices of Russia's ESPO Blend crude oil shipped to China have surged to a seven-month high as buyers rush to secure cargoes amid higher Russian demand and after Moscow pledged to cut exports. Russia on Monday vowed to slash oil output and exports by 500,000 barrels per day (bpd) in August, with Moscow seeking to nudge up global oil prices in concert with Saudi Arabia. Even before that pledge, Russia's oil exports were expected to fall in July as local refineries ramp up operations following maintenance. They are now out for shopping and Russian oil remains relatively cheap," said one trader. Strong bids from Indian refiners are also helping push up prices for China, three other traders said.

Persons: Muyu Xu, Chen Aizhu, Tony Munroe, Edwina Gibbs Organizations: Moscow, ICE Brent, Big, Jiangsu Eastern Shenghong, ESPO, Thomson Locations: SINGAPORE, China, Kozmino, Moscow, Saudi Arabia, Jiangsu, India

LONDON, June 5 (Reuters) - Portfolio investors had become increasingly bearish about the outlook for oil prices in the run up to the meeting of the extended OPEC⁺ group of oil exporters on June 3-4. The combined position had been reduced to 296 million barrels (7th percentile for all weeks since 2013) down from 534 million (39th percentile) six weeks earlier. Heavy sales of NYMEX and ICE WTI (-50 million barrels) more than offset significant buying of ICE Brent (+23 million). Hedge funds and other money managers sold the equivalent of 140 billion cubic feet over the seven days ending on May 30, according to regulatory data. The surplus was essentially unchanged from a surplus of +266 billion cubic feet (+15% or +0.61 standard deviations) in early March.

Persons: ”, John Kemp, David Evans Organizations: OPEC ⁺, ICE, U.S ., Investors, Thomson, Reuters Locations: OPEC, WTI, Saudi Arabia, U.S

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ Oil price dip ignores burgeoning Chinese demand and imminent supply crunch, IEA warns
▼ + stars: | 2023-05-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Aerial view of oil and gas jack-up rig at the yard for maintenance with many vessels in Singapore. Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. Chain45154 | Moment | Getty ImagesThe ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, the Paris-based International Energy Agency warned on Tuesday. Persisting concerns over "muted industrial activity and higher interest rates ... combined have led to recessionary scenarios gaining traction and worries of a downward shift in the oil demand growth," the IEA said in its latest monthly Oil Market Report. Chinese crude oil purchases were curtailed by spartan zero-Covid-19 restrictions that were in place for the majority of last year, with analysts widely expecting Beijing's economic reopening to kickstart a surge in oil prices.

☆ China's big refineries crowd out teapots for discounted Russian oil
▼ + stars: | 2023-04-21 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

SummarySummary Companies Hengli, Shenghong join Russian oil purchasesChina's April Russian oil imports likely to exceed March recordTeapots turn to cheaper Iranian oil, diluted bitumenSINGAPORE, April 21 (Reuters) - Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. Shenghong imported a Urals crude cargo of about 720,000 barrels in March and 1 million barrels in April, Kpler showed. China's overall Russian crude imports, including pipeline and ships, rose to a record 9.61 million tonnes, or 2.26 million barrels per day (bpd) in March, customs data showed on Friday. TEAPOTSSmaller Chinese independent refineries, known as teapots, snapped up almost all of the ESPO supplies between November and January when others steered clear of Russian oil around the start of the European Union ban on Dec. 5. With the return of big buyers, price-sensitive teapots are looking for alternatives such as Russian Arctic grades, Iranian and Venezuelan oil.

☆ India and China snap up Russian oil in April above 'price cap'
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +3 min

MOSCOW, April 17 (Reuters) - India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. A G7 source told Reuters on Monday the Western price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. India and China have not agreed to abide by the price cap, but the West had hoped the threat of sanctions might deter traders from helping those countries buy oil above the cap. A G7 price cap coalition official said the sytem was working.

☆ India-China competition, OPEC cuts nudge Urals above price cap
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

MOSCOW/SINGAPORE, April 5 (Reuters) - Russian Urals oil broke through the $60 per barrel price cap on Wednesday, boosted by strength in international benchmark Brent after OPEC+ announced an output cut, three sources involved in Russian oil trade said and Reuters calculations showed. The price cap was introduced in December by G7 countries and Washington said it would help to avoid supply disruptions by keeping Russian oil flowing, while limiting revenues for Russia's President Vladimir Putin. The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations. If international prices fall, the actual price of the deal could still be below the cap.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
▼ + stars: | 2023-03-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

SINGAPORE, March 6 (Reuters) - Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco (2222.SE) said on Sunday night. The market is surprised by Saudi Arabia's price setting on Arab Heavy, a medium sour crude containing more sulphur than Arab Light. The official selling price (OSP) for Arab Heavy is $0.75 a barrel above the Oman/Dubai average, up $2.5 a barrel from March. PetroChina (601857.SS) is preparing to start its 400,000 barrels-per-day refinery in the southern Chinese province Guangdong, which has been designed to refine heavy grades such as Arab Heavy. Meanwhile, the OSP to Mediterranean was raised by 30 cents from last month at $0.80 versus ICE Brent for April.

☆ China's imports of Russian oil are on track to hit a record high as Beijing doubles down on steep discounts
▼ + stars: | 2023-03-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

China's seaborne imports of Russian crude are on course to hit a record high in March, according to Reuters. Analytics firms Vortexa and Kpler estimate nearly 43 million barrels of Russian crude will reach China this month. The hefty buying comes as China snaps up Russian oil at huge discounts, and the nation relaxes its COVID-19 policies. China has been a top buyer of Russian oil since President Vladimir Putin invaded Ukraine last year. It's also been snapping up Russian crude in the absence of Western buyers, which has subsequently led to lower prices for Asia.

Hefty Chinese buying, alongside robust Indian demand, has been spurred by steep price discounts but is providing Moscow much-needed revenue after the Group of Seven imposed a $60 price cap on Russian crude. Tanker tracking consultancies Vortexa and Kpler estimated nearly 43 million barrels of Russian crude oil, comprising about at least 20 million barrels of ESPO Blend and 11 million barrels of Urals, are set to reach China in March. The previous high for Russian seaborne crude imports was 42.48 million barrels in June 2020, shiptracking data showed. The data also pointed to record arrivals of rarely bought oil from Russia's Arctic, with three tankers carrying about 3.15 million barrels due to reach China this month, after 2.7 million barrels landed in February. Most of these cargoes were bought by China's independent refiners, which are larger customers of seaborne Russian oil than the state importers.

☆ Azeri BTC crude loadings suspended at a major oil export hub in Turkey after earthquakes
▼ + stars: | 2023-02-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Crude oil loadings from Turkey's Baku-Tbilisi-Ceyhan terminal in the Mediterranean have been suspended following a twin set of earthquakes that devastated Turkey and Syria on Monday, leaving over 9,000 dead. The BTC terminal loads Azeri BTC Blend crude, which is transported to the Ceyhan port through the BTC pipeline. A force majeure notice seen by CNBC — which removes contractual liability from exporters or producers for circumstances outside of their control — was issued on Tuesday evening. The BTC pipeline was not impacted by the earthquakes, the Botas International Company that operates its Turkish section said on Monday. The BTC crude oil loadings schedule that is typically published on the 8th of every month will be delayed, two trade sources said.

☆ Turkey’s Ceyhan oil port disrupted by weather as earthquake damage assessed
▼ + stars: | 2023-02-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Operations were interrupted at the Ceyhan oil port — a critical hub for the discharge of crude oil and oil products, along with the loading of Azeri crude and a stream of Iraqi crude oil — on Monday, following two earthquakes that devastated Turkey and Syria, leaving over 5,000 dead. It also exports volumes of two crude oil streams — the Azeri crude oil delivered through the Baku-Tbilisi-Ceyhan (BTC) consortium's pipeline, and the Iraqi Kirkuk blend crude oil transferred through the separate Kirkuk-Ceyhan pipeline. Loadings of the two crude oil terminals are undertaken from two different points within Ceyhan port, with BTC crude oil leaving the BTC terminal, while the Kirkuk blend sails from the Botas terminal. An oil trade source familiar with KRG operations told CNBC that the pipeline could likely begin flows later Tuesday. An oil tanker ship is awaiting to berth to load Kirkuk blend crude.

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