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☆ Russia's Urals oil from Baltic ports falls below $60 cap amid sanctions
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 17 (Reuters) - Russia's Urals oil prices on Friday fell below the Western price cap level of $60 per barrel amid a rise in freight rates fuelled by fresh U.S. sanctions on shipowners and weaker global oil prices, two traders said and Reuters calculations showed. Russia's main export grade had been trading above $60 since mid-July amid output cuts by OPEC+ producers including Saudi Arabia and Russia. On Friday freight rates for Urals oil shipments from Russia's Baltic ports of Primorsk and Ust-Luga to India rose to $9.2-9.5 million per tanker per voyage from $8 million last week. Urals oil prices on a delivered ex-ship basis in Indian ports were stable at a discount of around $5 per barrel to dated Brent, traders said. High transportations costs weighed on FOB prices for Russian Urals oil, traders said, adding that amid weakness in Brent the grade's price was below $60 as of Friday.

Persons: Brent, Jason Neely Organizations: U.S . Treasury Department, United, Thomson Locations: MOSCOW, U.S, United Arab Emirates, Australia, Ukraine, Saudi Arabia, Russia, Primorsk, Ust, Luga, India, Brent

☆ Russian oil shaves India's import costs by about $2.7 billion
▼ + stars: | 2023-11-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Crude oil accounts for about a third of India's overall imports by value. Access to cheap Russian oil enabled India to cut imports from the Middle East, where prices strengthened following Saudi Arabia's voluntary additional supply cuts since July. India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments. The average price for Russian oil delivered to Indian refiners was $525.60 per ton during that period, including shipping and insurance costs, Reuters calculations based on ministry data showed. Discounted Russian oil cuts India's crude import billIndia saved at least $2 billion in buying discounted Russian oilBy importing Russian oil, Indian refiners benefit from lower feedstock costs, which have buoyed gross refining margins and curtailed revenue loss from subsidised retail fuel sales.

Persons: Dado Ruvic, India doesn't, Nidhi Verma, Florence Tan, Tony Munroe, Christina Fincher Organizations: REUTERS, Saudi, Iraq, Saudi Arabia, Thomson Locations: DELHI, India, Europe, Moscow, Ukraine, South Korea, Greece, Spain, transshipments, Russia, Saudi, Sokol, China

☆ 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

☆ 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

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel. ALTERED FLOWSThe higher prices for medium crude grades is impacting the ways in which crude is flowing around the world. China's imports from Brazil are expected to reach 29.07 million barrels in September, which would be the highest in three years, according to Kpler. While Saudi Arabia may have been successful in boosting oil prices, it is also disrupting the markets and altering physical crude flows.

Persons: Brent, China doesn't, Simon Cameron, Moore Organizations: United Arab Emirates, Moscow, Kpler, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, Asia, Saudi Arabia, OPEC, Russia, East, Kuwait, Brent, Dubai, Ukraine, India, Iraq, China, Iran, Islamic Republic, United States, Brazil

☆ G7 shelves regular Russian oil cap reviews as prices soar - sources
▼ + stars: | 2023-09-06 | by ( Julia Payne | ) www.reuters.com time to read: +4 min

BRUSSELS, Sept 6 (Reuters) - The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven (G7) countries along with the European Union and Australia imposed the price cap mechanism on Russian oil last December, followed by a cap on fuel from February. The idea was spearheaded by Washington to cut Moscow's revenues amid its war on Ukraine while avoiding market disruptions as a result of an EU ban on Russian oil. According to LSEG data, Russian crude has been trading above the cap since mid-July and is currently being traded at around $67 a barrel at Russian crude terminals. Russian refined products such as fuel oil and diesel have also surpassed their caps.

Persons: Julia Payne, Tomasz Janowski Organizations: Reuters, European Union, General Assembly, Brent, U.S . Treasury, Thomson Locations: BRUSSELS, Australia, United States, Washington, Ukraine, Russian Urals, Russia, Western, Russian, U.S

☆ Hundreds of Russian tourists were stranded in Turkey when their planes broke down, a likely casualty of Western sanctions
▼ + stars: | 2023-08-15 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

Two flights operated by Russian airline Red Wings were unable to depart from Antalya, Turkey. The Boeing 777s had technical issues, leaving hundreds of Russian tourists stranded. The flights both belonged to Russian low-cost carrier Red Wings Airlines and were due to fly from Antalya Airport in Turkey over the weekend, The Moscow Times reported. that Red Wings had taken on too many flights with just three Boeing 777s in its fleet. In May, Russia's biggest commercial airline Aeroflot asked its employees to refrain from reporting malfunctions even if they are aware of them, according to the investigative Russian outlet Proekt.

Organizations: Russian airline Red Wings, Boeing, Service, Red Wings Airlines, Antalya Airport, Moscow Times, General's, Federal, Wings, Airbus, Kremlin, Aeroflot, Russia's Locations: Antalya, Turkey, Russia, Wall, Silicon, Russian, Yekaterinburg, Federal District, Zhukovsky, Moscow, Ukraine

☆ US sees price cap on Russian oil working despite upturn in prices
▼ + stars: | 2023-08-03 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Aug 3 (Reuters) - The United States remains confident that the Group of Seven's price cap on Russian oil is working to squeeze Moscow's revenues and stabilize energy markets despite a recent upturn in prices, a senior U.S. Treasury official said on Thursday. Van Nostrand said Russian data showed federal government oil revenues were nearly 50% lower in the first half of 2023 than a year earlier, and Russian oil was trading at "a significant discount" to Brent oil. Van Nostrand said the average reported price for Russian Urals had hovered around $60, the level of the price cap, despite widespread expectations that the price would rise in the second half of 2023, and despite recent price increases. Van Nostrand said the cap was continuing to limit Russian revenues, while giving "non-coalition buyers additional leverage to negotiate prices down." Still, Van Nostrand said Washington understood that markets could change rapidly, and Russia would keep trying to evade the price cap.

Persons: Eric Van Nostrand, Van Nostrand, Washington, Andrea Shalal, Timothy Gardner, David Gregorio Our Organizations: Treasury, Economic, European Union, Russian, Russia's Finance Ministry, Thomson Locations: United States, U.S, Russia, Ukraine, Washington, Australia, Brent, Russian Urals, Saudi Arabia, OPEC, China

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

☆ Russian oil tops price cap set by Western countries for first time
▼ + stars: | 2023-07-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. “This is the first real test of the price cap sanctions,” Matthew Wright, a senior freight analyst at Kpler, told CNN. “High interest rates, declining economic activity in China, and a potential recession in the West,” have depressed oil prices globally. The smaller gap shows that the G7 price cap is “having a diminishing impact on Russian oil revenues,” Richard Bronze, co-founder and head of geopolitics at Energy Aspects, told CNN. Despite rising oil prices, buyers like India are unlikely to turn their backs on Russian oil, said Wright at Kpler.

Persons: ” Matthew Wright, Wright, “ It’s, Russia —, That’s, ” Richard Bronze, Natalia Kolesnikova, “, Tim Lister Organizations: London CNN, Group, Moscow, Argus Media, European Union, Argus, EU, CNN, Organization of, Petroleum, Gazprom, US Treasury, International Energy Agency, IEA Locations: China, India, Europe, Russia, OPEC, Ukraine, Brent, Moscow, AFP, Western, Kpler, Russian, Saudi Arabia

SummaryCompanies Trial of first cargo a success - ministerPrivate refinery PARCO also asked to buy Russian oil - ministerDiscounted crude a boost amid Pakistan's strained financesISLAMABAD, July 12 (Reuters) - Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, its petroleum minister said on Wednesday, highlighting the success of a first deal in helping the cash-starved nation. Musadiq Malik told reporters there was no scenario under which the country was "not benefiting" from Russian crude. "It will still benefit us," he said of the Russian oil. Malik said private entity Pak-Arab Refinery Limited (PARCO) had also been asked to import Russian crude. Islamabad is looking for Russian crude to account for one third of total oil imports.

Persons: Musadiq Malik, Malik, Asif Shahzad, Shivam Patel, Toby Chopra, Mark Potter Organizations: PARCO, Pakistan Refinery Limited, International Monetary Fund, Moscow, Arab Refinery, Energy, United, Thomson Locations: ISLAMABAD, Pakistan, Urals, Karachi, Russian, India, China, Ukraine, Moscow, Islamabad, Saudi Arabia, United Arab Emirates

SummarySummary Companies Russia to cut oil exports 500,000 bpd in AugustRussia's Novak announces cut just after Saudis extend their cutOil prices rise 1.6% on Saudi and Russian announcementsPutin spoke to Crown Prince Mohammed bin Salman on June 27MOSCOW, July 3 (Reuters) - Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia. Novak's spokeswoman declined to say whether Russian oil output would decline by the same amount as its exports. It has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end. Russia is the world's second largest oil exporter after Saudi Arabia, whose crown prince, Mohammed bin Salman, spoke to Putin on June 27. Sechin said some OPEC+ countries were exporting as much as 90% of their output, whereas Russia puts only half of its production onto the global market.

Persons: Russia's Novak, Putin, Prince Mohammed bin Salman, Vladimir Putin's, Brent, Alexander Novak, Novak's, Mohammed bin Salman, Igor Sechin, Sechin, Guy Faulconbridge, Kevin Liffey Organizations: Saudia, Thomson Locations: Saudi, MOSCOW, Russia, Moscow, Saudi Arabia, Riyadh, Russian Urals

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.

India's crude imports from Russia are expected to reach a record high in April as Asia's second-biggest oil buyer increasingly turns away from its traditional suppliers in the Middle East. As Russian oil was increasingly sanctioned and shunned by European buyers and some in Asia, such as Japan, the steep discounts on offer led to India's refiners buying increasing volumes. The Middle East's share of India's imports likely dropped to 39.8% in April, according to Refinitiv, down from the 12-month average of 56%. While the buying of Russian crude is fairly broad-based among India's refiners, the biggest buyer is Reliance Industries (RELI.NS), which operates a 1.24 million bpd refinery complex in Jamnagar. Kpler data shows that this complex is expected to receive 20.87 million barrels of Russian crude in April, or about 30% of the total volume of India's imports.

☆ 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.

ETSINGAPORE, April 11 (Reuters) - Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Oil prices fell on Monday after rising for three straight weeks, after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike that could curb oil demand. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.

☆ India remains top destination for Russian Urals oil in April
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, April 10 (Reuters) - India remains the main destination for Russia's seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday. Last month Russia's Rosneft and Indian Oil Corp (IOC.NS) announced a supply deal for up to 1.5 million tonnes of Russian oil (11 million barrels) per month from April 1. Urals oil shipments to China, meanwhile, have not increased significantly in April. "China is buying Urals, but not as actively as was expected," a trade source involved in Russian oil trading said. Russia's Gazpromneft shipped 140,000 tonnes of Urals from Novorossiisk to Myanmar in April, having supplied it for the first time in March.

☆ Russia's March energy income drops 43% y/y, quarterly tax supports monthly revenue
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

Budget income from oil and gas sales reached 688.2 billion roubles ($8.67 billion) last month, compared to 521.2 billion in February and 1.21 trillion roubles in March 2022, according to finance ministry estimates. March revenues increased thanks to a 220.6 billion roubles in quarterly payments for a profit-based tax on hydrocarbon extraction. The mineral extraction tax (MET) on oil was 63.6 billion roubles lower than in February, while the MET on natural gas, was 12.9 billion roubles lower. The finance ministry has budgeted for a 23% reduction in oil and gas revenues this year to 8.95 trillion roubles. Total 2022 energy revenues of 11.6 trillion roubles jumped by 27.9% compared to 9.1 trillion roubles in 2021, by interim dividends and a one-off tax payment by gas giant Gazprom (GAZP.MM).

☆ 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.

☆ 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.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

☆ Exclusive: Russian crude oil heads to UAE as sanctions divert flows
▼ + stars: | 2023-03-06 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Refinitiv Eikon data shows the first Russian crude shipment to the country was in 2022, with a spike in volumes in April 2022. Only one shipment of Russian crude to the UAE has previously been reported. China, India and several African and other Middle Eastern nations have also increased Russian crude and products imports, while many countries have banned or discouraged such purchases. Data seen by Reuters on Eikon ship tracking showed a shipment of Russian crude arrived at the UAE Ruwais refinery in November 2022. "Shipments to UAE are occasional," a Russian crude trading source said.

☆ Oil settled up as rising supplies face Chinese demand hopes
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts. Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or 1%, to $84.31 a barrel. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported. An official index showed China's manufacturing activity expanded in February at the fastest pace in more than a decade, feeding hopes for a boost in oil demand.

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