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☆ Oil prices set for sixth straight weekly fall as OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.

Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Exclusive: Greek shippers exit Russian oil trade as U.S. tightens price cap scrutiny
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsMOSCOW/LONDON, Nov 23 (Reuters) - Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said. The Greek shippers' exit from the trade followed tighter U.S. sanctions imposed on Russian oil shipments. The G7 countries introduced a price cap on Russian oil in late 2022, but had not previously enforced it. Russian oil trade has brought record revenues over the past year to the shippers who took the risk and stayed in the business.

Persons: Tatiana Meel, Thenamaris, Minerva, Jonathan Saul, Dmitry Zhdannikov, Eleftherios Papadimas, Susan Fenton Organizations: Nord, REUTERS, Minerva, TMS, Minerva Marine, Reuters, United Arab Emirates, Treasury, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, Asia, Turkey, East, Africa, South America, Moscow, Washington, OPEC, U.S, Baltic, India, Primorsk, Ust, Iran, Europe, UAE, Hong Kong, Seychelles, Ghana, Liberia, Cook, London, Athens

☆ Russia lifts gasoline export ban - energy ministry
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

It said it could reimpose export bans if necessary, adding that stocks of gasoline had risen to around 2 million metric tons. "A decision was made to terminate the temporary ban on the export of motor gasoline." Russia, the world's top seaborne exporter of diesel, introduced a ban on fuel exports on Sept. 21 in order to tackle high domestic prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. Diesel is Russia's biggest oil product export, at about 35 million metric tons last year.

Persons: Tatiana Meel, Vladimir Soldatkin, Andrew Heavens, Kevin Liffey Organizations: REUTERS, Rights, Diesel, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Soviet, Belarus, Kazakhstan, Armenia, Kyrgyzstan, OPEC

☆ Exclusive: Russian fuel export ban to be lifted next week
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Russia, the world's top seaborne exporter of diesel, introduced a ban on fuel exports on Sept. 21 to tackle high domestic prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. Energy Minister Nikolai Shulginov on Wednesday said that Russia was considering lifting the export ban on some grades of gasoline. Another industry source said the ban would be lifted next week. "They promised to lift the exports ban next week.

Persons: Shun, Tatiana Meel, Nikolai Shulginov, Diesel, Alexander Novak, Guy Faulconbridge, David Goodman Organizations: REUTERS, Rights, Reuters, Energy, Sunday, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Oil's rally comes along with gains across financial assets after the Fed maintained its benchmark interest rate unchanged at 5.25%-5.50% at its latest meeting on Wednesday. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data. Data from U.S. Energy Information Administration (EIA) showed that the country's crude stocks increased as refiners undergoing seasonal maintenance restarted units more slowly than expected. But despite lower refining runs, U.S. gasoline stocks (USOILG=ECI) rose by 0.1 million barrels in the week to 223.5 million barrels, the EIA said.

Persons: Tatiana Meel, Jon Maier, Ayatollah Ali Khamenei, Stephanie Kelly, Muyu Xu, Lincoln Organizations: REUTERS, Oil, U.S . Federal Reserve, Brent, U.S, West Texas, Fed, Global, Iran's, Organization of, Petroleum, Bank of England, European Central Bank, U.S . Energy Information Administration, Thomson Locations: Nakhodka, Russia, Israel, Gaza, Iran, Europe, U.S

☆ A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +8 min

For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. The U.K. Treasury says it is "actively undertaking a number of investigations into suspected breaches of the oil price cap." "And there's a reason why the shippers haven't really complained or haven't flagged any issues with the oil price cap — because it's very easily circumvented."

Persons: —, Hilgenstock, P Global Platts, It's, Benjamin Hilgenstock, Vladimir Putin, They're, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval Organizations: Salym Petroleum, U.S . Treasury Department, Stanford University, Research, Energy, Clean, P Global, Kyiv School of Economics, International Monetary Fund, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard's Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: Salym, Russia, Ukraine, Israel, U.S, Moscow, Helsinki, Saudi Arabia, Ukrainian, Europe, Kozmino, Turkey, India, Russian, Asia

FRANKFURT, Germany (AP) — For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. They're accused of carrying Russian oil priced at $75 and $80 per barrel while relying on U.S.-connected service providers. “The price cap is working,” says Nataliia Shapoval, vice president for policy research at the Kyiv school.

Persons: —, Benjamin Hilgenstock, Vladimir Putin, ” Hilgenstock, P Global Platts, It's, They're, “, ”, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval, Josh Boak Organizations: Kyiv School of Economics, International Monetary Fund, U.S . Treasury Department, Stanford University, ”, Russia ”, Research, Energy, Clean, P Global, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard’s Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: FRANKFURT, Germany, Ukraine, Israel, Russia, Ukrainian, U.S, Moscow, Helsinki, Saudi Arabia, Europe, Kozmino, Turkey, India, Russian, Asia, Washington, russia, ukraine

☆ Russia-China energy cooperation in focus as Putin visits Xi
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +4 min

It insists the ties do not flout international norms, and China has the prerogative to collaborate with whichever country it chooses. According to China's customs data, the growth of China's exports and imports with Russia on a year-on-year basis quickened in September from August. China is Russia's second-largest buyer of Russian oil after India. Russia's main gas export route is a 4,000-km (2,500-mile) pipeline Power of Siberia that links East Siberian fields to northeast China. Russia aims to build a second gas pipeline to China, Power of Siberia 2, with capacity for 50 bcm a year to run via Mongolia.

Persons: Maxim Shemetov, Wang Wentao, Vladimir Putin's, Russia's Novatek, Vladimir Soldatkin, Guy Faulconbridge, Alison Williams Organizations: REUTERS, Rights, Commerce, Vortexa, Russia's, Reuters, European, VEB, Supplies, CNPC, Thomson Locations: Siberia, Svobodny, Amur, Russia, China, United States, Beijing, Moscow, Ukraine, Russian, India, Kpler, Kozmino, Baltic, Brazil, Urals, Oman, European Union, That's, Europe, Power, Mongolia, Sakhalin, Qatar

☆ Growing tanker fleet, cheaper freight challenge Russian oil price cap
▼ + stars: | 2023-10-13 | by ( Jonathan Saul | ) www.reuters.com time to read: +6 min

It also means that enforcing the price cap will have a limited impact on Russian revenues. Had the oil price been above $60 at the time, sanctions would have severely disrupted Russian exports. However, the price for most Russian oil only rose above $60 in July, which meant traders, shipping companies and Russian exporters had months to prepare. So many vessels are willing to sail loaded with Russian oil that freight rates have fallen - effectively handing Russian producers even more revenues. Freight rates for Russian Urals crude shipments to Asia for October cargoes plunged to the lowest levels since the implementation of the price cap, traders said.

Persons: Shun, Tatiana Meel, Mike Salthouse, Sellers, ” Claire McCleskey, Jonathan Saul, Marguerita Choy Organizations: REUTERS, United Arab, Intelligence, Reuters, International Energy Agency, Shipping, U.S, Link, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, refiners, China, India, U.S, Turkey, United Arab Emirates, Moscow, Ukraine, Baltic, Asia, Saudi Arabia, Novorossiysk, East, Africa, Latin America, London, MOSCOW

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Reuters' analysis of China's savings on oil purchases from the three sanctioned countries compares what Chinese importers would have paid by purchasing similar grades from non-sanctioned producers. For imports of Venezuelan oil, mostly heavy grade Merey, China saved an average of $10 a barrel versus comparable Colombian Castilla crude, the calculations based on the trader data showed. With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion. TEAPOT MARGINSWith state refiners Sinopec and PetroChina refraining entirely from buying Iranian and Venezuelan crude, teapots have feasted on discounted oil from the two suppliers.

Persons: Aly, Kang Wu, Brent, Viktor Katona, Chen Aizhu, Muyu Xu, Tony Munroe Organizations: REUTERS, refiners, Reuters, P, Administration, Customs, Vortexa, Russia's, Castilla, Brent, U.S . State Department, U.S ., Thomson Locations: Zhuhai, China, Russia, Iran, Venezuela, SINGAPORE, United States, Moscow, Tehran, Caracas, East, West Africa, South America, Beijing, Kpler, Kozmino, Baltic, Ukraine, Europe, India, Brazil, Urals, Oman, U.S, Venezuelan, teapots, Shandong, Israel

☆ Russia may partially lift ban on diesel exports soon - Kommersant
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File photo Acquire Licensing RightsOct 4 (Reuters) - The Russian government is ready to partially lift its ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources. The ban on gasoline exports will remain in force for now. Russian exports of diesel are the largest of all types of oil products. Russia's gasoline and diesel prices have continued to slide on the local exchange. Since the ban was introduced, gasoline prices have declined by almost 10%, while diesel prices plummeted by 23%.

Persons: Tatiana Meel, Alexander Novak, Novak, JP Morgan, Lidia Kelly, Vladimir Soldatkin, Simon Cameron, Moore, Kim Coghill Organizations: REUTERS, Kommersant, FGE Energy, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian, Melbourne, Moscow

☆ Russian oil sold to India at 30% above Western price cap, traders say
▼ + stars: | 2023-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below $60 per barrel. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said.

Persons: Tatiana Meel, Brent, HPCL Mittal, Nidhi Verma, Alexander Smith, Elaine Hardcastle Organizations: REUTERS, Moscow, Board, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries Ltd, Nayara Energy, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Ukraine MOSCOW, DELHI, India, Moscow, Saudi Arabia, Baltic, Mangalore, Russian, Turkey, China, Bulgaria, Brazil, New Delhi

☆ Oil prices climb as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Sept 27 (Reuters) - Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25. "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end. "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole.

Persons: Tatiana Meel, Cushing, Leon Li, Neel Kashkari, Arathy Somasekhar, Emily Chow, Sonali Paul 私 Organizations: Rights, Brent, U.S, West Texas, Organization of, Petroleum, ANZ Research, Russian Railways, Minneapolis Federal Reserve Bank, of England Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, Oklahoma, Cushing, Saudi Arabia, Europe, United States, Minneapolis, Houston, Singapore

☆ ‘Dark’ ships are faking their locations to move oil around the world — and it's likely worth billions of dollars
▼ + stars: | 2023-09-26 | by ( Lucy Handley | ) www.cnbc.com time to read: +8 min

Maritime technology company Windward identified the area as a hub for smuggling oil. Cargo ships and car ferries cross the Kerch Strait, an area of "dark activity," according to marine technology company Windward. So that's definitely moved that focus into, okay, I'm now going to manipulate that signal," he told CNBC by video call. This can be done in a number of ways, a Spire spokesperson told CNBC by email. "If you're in the insurance industry, and you're not paying attention to this, you really need to start paying attention," Swift told CNBC by video call.

Persons: John Lusk, Christopher Swift, Foley, Lardner, We're, Lusk, Ami Daniel, Daniel, Good Hope, Iain Goodridge, Spire's, that's, I'm, " Goodridge, OFAC, Swift Organizations: Windward, Europa Press, Getty, Maritime Organization, AIS, Spire Maritime, Government, CNBC, Russia, Anadolu Agency, Venezuela, Spire, U.S . Treasury Department Locations: Morocco, Maritime, Ukraine, U.S, Russia, Kerch, Windward, Arabian, Venezuela, The U.S, East Asia, Angola, Venezuela's, South Africa's, Good, China, Malaysia

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end. "The Fed stance and a strong labor market has driven equities and commodities lower, pressuring oil," said Kilduff. Oil prices remained supported by concern about tight supply globally entering the fourth quarter.

Persons: Tatiana Meel, Brent, refiners, Tamas Varga, Vargas, John Kilduff, Paul Carsten, Natalie Grover, Laura Sanicola, Trixie Yap, Sonali Paul, Jane Merriman, Alexandra Hudson, David Gregorio Our Organizations: . West Texas, . Federal, Fed, U.S ., U.S . Labor Department, Bank of England, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Russian, ., New York, Norway's, Cushing, London

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

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

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively. Lars Lange, secretary general of the International Union of Marine Insurance said: "We are definitely not able to assess the oil prices of shipments." "I get an attestation, which is a compliance with the price cap, but I know actually that something different is happening in the background...and this is something where no law can prepare you for these particular cases." HEIGHTENED SAFETY RISKSIn addition to risks of violating sanctions, the growing "shadow or dark fleet" - tankers purchased by states to deliver Russian oil - has increased safety risks for the shipping sector, the executives said. "I don't have a solution regarding the shadow fleet.

☆ Russian oil sanctions appear to be working - crude still flows even as Moscow's pulling in less money. But there's more to it than that.
▼ + stars: | 2023-04-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

I spent much of yesterday parsing through pages of data on where Russian oil is heading and how much buyers are paying for barrels. Today we're unpacking two less obvious observations about Russian oil. That said, researchers pointed out that most of the Western companies still facilitating Russian oil shipments don't actually abide by the $60-a-barrel price cap that the EU and G-7 imposed. Ships carrying Russian oil, according to Argus, indeed make a premium for doing what they do, but that premium has shrunk over the last month. In effect, the "sanctions premium" isn't what it was a month ago.

☆ Russian oil price caps have crushed Moscow's war revenue to start the year - despite widespread violations
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The Kyiv School of Economics found that the West's price caps have hit Russia's oil export revenue. In December, the G-7 and EU imposed a price cap of $60 a barrel on Russian crude, and in February they imposed additional price caps on a range of refined Russian fuels. To be sure, moderating global oil prices over recent months also contributed to lower export prices for Russia. In their view, that means price caps should be lowered further to ensure a "continued weakening" of Russian export earnings. The market for Russian crude has been fundamentally transformed since Vladimir Putin ordered the invasion of Ukraine.

☆ Factbox: Russia's tighter energy ties with China since Ukraine war
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

In February 2022, China also agreed to buy up to 10 bcm of gas annually by around 2026 via a pipeline from Russia's far east island of Sakhalin. Russia's gas exports to China are still a small fraction of the record 177 bcm it delivered to Europe in 2018-19. Since the start of the Ukraine war in February 2022, volumes to Europe have shrunk, reaching about 62 bcm in 2022. - China's seaborne imports of Russian oil are set to hit a record in March as Chinese refiners take advantage of cheap prices as domestic fuel demand rebounds. - China has largely ignored the sanctions imposed by Western nations on seaborne Russian crude since Dec. 5.

☆ Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

[1/2] The oil products tanker Nord and a bulk carrier sail near the crude oil terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. "The oil products' embargo will have a greater impact than the restrictions on crude oil," said the senior Russian source who spoke on condition of anonymity due to the sensitivity the situation. The source said the sanctions will lead to more crude oil supplies from Russia, which lacks storage capacity for oil products. Its oil products exports averaged around 1.2 million barrels per day (bpd) in 2022, according to the International Energy Agency. Vedomosti also said Russian oil exports had risen by 1.2% in early January, while refining volumes had increased by 1.4%.

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