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China's intake of Russian crude is set to reach a record this month, Kpler data cited by Bloomberg shows. The shift is due to tighter enforcement of Western sanctions, that's diminishing the discount on Russian oil. AdvertisementChinese imports of Russian crude are on course to reach record volumes this month, as Beijing takes over diminishing Indian demand. 1.7 million barrels a day are expected to ship into the country, Bloomberg said, citing Kpler data. That same month, Indian imports of Russian crude fell by 420,000 barrels a day.
Persons: , India —, Wang Yi, it's, That's, Sovcomflot, Bloomberg Organizations: Bloomberg, Sokol, Service, Foreign, Group Locations: Beijing, India, China, Moscow, Russia
This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue. AdvertisementIndia has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice. To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year.
Persons: , Rosneft, It's Organizations: Service, Russian Sokol, Indian Oil Corp, Reuters, Business, United, UAE dirham, IOC, Business Insider, Sokol, Bloomberg, Moscow Locations: Moscow, Russian, United Arab Emirates, UAE, Sokol, India, Sri Lanka, Russia, Ukraine, China, Delhi, Beijing
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
Brent crude futures climb over 2% to gain $2
  + stars: | 2023-11-20 | by ( Erwin Seba | ) www.reuters.com   time to read: +3 min
Brent crude futures were up $2.00 to $82.61 a barrel by 9:39 a.m. CDT (1539 GMT). Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "If additional cuts are agreed, a short-term price boost is expected, but its longer-term price impact seems dubious as enforcement and adherence will be the salient issue." Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. The number of oil and gas rigs operated by U.S. companies rose last week, the first gain in three weeks, energy services business Baker Hughes said on Friday.
Persons: Leonhard Foeger, WTI, Tamas Varga, Sokol, Baker Hughes, Erwin Seba, Paul Carsten, Florence Tan, Emily Chow, David Goodman, Ed Osmond Organizations: REUTERS, Brent, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, HOUSTON, Russia, Brent, Washington, India, U.S, East, Gaza, Houston
Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "In light of last week's obliteration of oil bulls, some kind of response was forthcoming from the (OPEC) producer group," said Tamas Varga of oil broker PVM. Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. U.S. energy companies last week added oil and gas rigs for the first time in three weeks, energy services business Baker Hughes said on Friday. The oil and gas rig count serves as an early indicator of future output.
Persons: Leonhard Foeger, Brent, WTI, Tamas Varga, Sokol, Baker Hughes, Paul Carsten, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, Israel, Russia, Brent, Washington, India, U.S, East, Gaza, London
SummaryCompanies Brent, WTI prices rise nearly 1%OPEC+ set to consider whether to make more supply cuts -sourcesUS adds oil, gas rigs, first time in three weeks -Baker HughesSINGAPORE, Nov 20 (Reuters) - Oil futures edged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Both contracts settled 4% higher on Friday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries and their allies including Russia, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26. Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. In a contango market, prompt prices are lower than those in future months, signalling sufficient supply. Investors are also eyeing disruption in Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India.
Persons: Brent, Baker Hughes, WTI, OPEC's, Jorge Leon, Leon, Tony Sycamore, Biden, Sycamore, Sokol, Florence Tan, Emily Chow, Christopher Cushing Organizations: West Texas, Reuters, Organization of, Petroleum, Rystad Energy, Monetary, . Strategic Petroleum Reserve, Thomson Locations: Baker Hughes SINGAPORE, East, Israel, Russia, Brent, Saudi Arabia, Saudi, OPEC, Washington, India, Moscow, U.S, Gaza
Oil extends gains as OPEC+ to mull deeper cuts
  + stars: | 2023-11-20 | by ( ) www.cnbc.com   time to read: +2 min
An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Mid-East supply disruption brought about by the Israel-Hamas conflict. Brent crude futures climbed 11 cents, or 0.1%, to $80.72 a barrel by 0012 GMT while U.S. West Texas Intermediate crude was at $75.97 a barrel, up 8 cents. Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. Investors are also eyeing disruption in Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India.
Persons: Brent, WTI, Goldman Sachs, Tony Sycamore, Biden, Sokol Organizations: West Texas, Reuters, Organization of, Petroleum, . Strategic Petroleum Reserve Locations: New Mexico, U.S, Israel, Russia, Brent, Saudi Arabia, OPEC, Washington, India, Moscow, East, Gaza
All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil (XOM.N).
Persons: Dado Ruvic, IRClass, Sokol, India's ONGC Videsh, Florence Tan, Muyu Xu, Nidhi Verma, Jacqueline Wong, Raju Gopalakrishnan, Sharon Singleton Organizations: REUTERS, Sokol, Washington, Indian Oil Corp, Liberian, Ligovsky, Treasury Department, Russian Sokol, IOC, Indian Register of Shipping, Oil Tanker, Sun Ship, American Bureau of Shipping, ExxonMobil, Natural Gas Corp, Sakhalin Oil, Gas Development, Thomson Locations: SINGAPORE, DELHI, LSEG, U.S, Washington, Moscow, Ukraine, Kazan, India, North, Gujarat, Dubai, London, Sakhalin, Singapore, New Delhi
Seal was an advocate for the deaf community and a prominent sign-language interpreter at state government briefings during the coronavirus pandemic. People sign "I love you" at a vigil for victims of last month's mass shooting in Lewiston, Maine. Matt Rourke/APAdvocates for the deaf community say the attack resonated in a population that rarely makes headlines, marking a communal loss that reverberated nationwide. He was desperate for news but was left in the dark, said Minch, who is a member of Maine’s deaf community. Police gather at Schemengees Bar, where four members of the deaf community were killed when a gunman opened fire on October 25.
Persons: they’re, Howard Rosenblum, It’s, ” Meg Erasmus, William “ Billy ” Brackett, Bryan MacFarlane, Joshua Seal, Steve Vozzella, Seal, Matt Rourke, Rosenblum, ” Erasmus, , ” It’s, Erasmus, Tommy Minch, CNN’s Omar Jimenez, Minch, Regan Thibodeau, David Sokol, ” Minch, Joseph Prezioso, it’s, ” Rosenblum, community’s, Organizations: CNN, National Association of, National Deaf Therapy, Maine Educational Center, Johns Hopkins Medicine, USA, Deaf, Police, Getty, Lewiston, Locations: Lewiston , Maine, Lewiston, Schemengees, Maine, AFP
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
Ukraine Warns of Border Delays Due to Polish Haulier Protest
  + stars: | 2023-11-02 | by ( Nov. | At A.M. | ) www.usnews.com   time to read: +2 min
KYIV/WARSAW (Reuters) - Ukraine's border guard on Thursday warned of possible delays at the country's border with Poland due to protest action by Polish hauliers that is set to block traffic on several crossing points. A co-organizer of the protest told Reuters that the blockade was the result of Ukrainian haulage companies flooding the Polish market and hurting local companies. It was set to start on Nov. 6 around noon, deputy head of the Committee to Protect Transporters and Transport Employers Jacek Sokol told Reuters. Ukrainian transport companies are also entering without restrictions and carrying out transport operations they have no right to perform," Sokol said. Most of the goods are carried by Ukrainian transport fleet.
Persons: Rava, Employers Jacek Sokol, Sokol, Pavel Polityuk, Marek Strzelecki, Karol Badohal, Alison Williams, Christina Fincher Organizations: Reuters, Employers, Ukrainian Infrastructure Ministry, European Union Locations: KYIV, WARSAW, Poland, Ukraine, Europe, Russia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWages will be the cause of inflation going forward, says AEI's James PethokoukisJames Pethokoukis, American Enterprise Institute senior fellow, and Bill Sokol, labor lawyer representing unions in their labor relations with employers and members, join 'Power Lunch' to discuss strikes, inflation, and the economy.
Persons: AEI's James Pethokoukis James Pethokoukis, Bill Sokol Organizations: American Enterprise Institute senior
Its founder, Wang Chuanfu, once drank battery fluid to impress big-name investors, the Wall Street Journal reported. AdvertisementAdvertisementThe founder of Chinese automaker BYD, Tesla's biggest global EV rival, once drank battery fluid in front of a big-name investor to show just how serious he was about his company, the Wall Street Journal reported Wednesday. David Sokol, a lieutenant of Warren Buffett's Berkshire Hathaway, noticed BYD's momentum and visited the company in Shenzhen as early as 2008, according to the Wall Street Journal. BYD saw some hiccups as other Chinese EV makers entered the market and Tesla shored up its Chinese operations. Aside from BYD's unique business achievements, its two head executives also have a noteworthy and fascinating dynamic, the Wall Street Journal reported.
Persons: Elon Musk, Wang Chuanfu, BYD, , Stella Li, Tesla, David Sokol, Warren Buffett's Berkshire Hathaway, Sokol, Wang Organizations: Elon, Wall Street Journal, Service, EV, Wall Street, Sony, Wall, Motorola, Nokia, Toyota Corolla Locations: China, Shenzhen, Berkshire, BYD, Europe, Southeast Asia, Munich
Strikes on the rise: Here's why this is happening
  + stars: | 2023-09-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrikes on the rise: Here's why this is happeningBill Sokol, labor lawyer representing unions in their labor relations with employers and members, joins 'Power Lunch' to discuss the UAW strike, declining union membership, and more.
Persons: Bill Sokol Organizations: UAW
"At the beginning everyone was worried and was checking if the 2-euro coins were fake or not," said waiter Endrit. "Now we don't check anymore... we may be taking fake money or may be giving out fake money. The number of fake 2-euro coins in circulation has seen a massive increase this year, according to law enforcement agencies. In April they arrested a man and a woman trying to bring 10,600 fake 2-euro coins into Kosovo from North Macedonia. "We always complained in Kosovo that we don't have our own currency, well it looks we have now - fake 2-euro coins."
Persons: Endrit, Vjollca Mavriqi, Sokol Havolli, Fatos, Alexandra Hudson Organizations: Police, Sokol, Kosovo's Central Bank, Reuters, Alexandra Hudson Our, Thomson Locations: PRISTINA, Kosovo's, Pristina, Kosovo, Montenegro, North Macedonia
But Justices Thomas and Samuel A. Alito Jr. requested 90-day extensions, according to the Administrative Office of the U.S. Courts, which collects and publishes the forms. Mr. Crow treated the justice on a series of lavish trips, including flights on his private jet, island-hopping on his superyacht and vacationing at his estate in the Adirondacks. Mr. Crow also bought the justice’s mother’s home in Savannah, Ga., and covered a portion of private school tuition for the justice’s great-nephew, whom he was raising. Other wealthy friends have hosted Justice Thomas, including David L. Sokol, the former heir apparent to Berkshire Hathaway. In the years that followed, Mr. Singer repeatedly had business before the court.
Persons: Thomas, Samuel A, Alito Jr, Thomas’s, Harlan Crow, ProPublica, Crow, David L, Berkshire Hathaway, Anthony Welters, underwrote, Prevost, ” Justice Alito, Paul Singer, Singer Organizations: Administrative, U.S . Courts, Sokol, Locations: Texas, Savannah , Ga, Berkshire, Washington, Alaska
The Orlando Museum of Art filed a lawsuit on Monday accusing its former director of seeking to profit from a scheme to show fake paintings that the museum had exhibited as newly discovered works by the celebrated artist Jean-Michel Basquiat, saying that the owners of the paintings had promised him “a significant cut of the proceeds” from their eventual sale. Lawyers for the museum say in the court papers that they are seeking an unspecified sum in damages for fraud, conspiracy, breach of fiduciary duty and breach of contract. “The story of how the paintings ended up on the walls of O.M.A. is a truth stranger than fiction,” said the lawsuit, which was filed in circuit court in Florida. spent hundreds of thousands of dollars — and unwittingly staked its reputation — on exhibiting the now-admittedly fake paintings.
Persons: Jean, Michel Basquiat, Aaron De Groft, Groft, , “ O.M.A Organizations: Orlando Museum of Art Locations: O.M.A, Florida
A new ProPublica report found Clarence Thomas has accepted more undisclosed gifts from billionaires. On Thursday, ProPublica released an investigation that revealed new information on the gifts billionaires have given Thomas over the years. Months later, the Supreme Court in June indeed struck down the student-debt relief, with Thomas voting in the majority. Last month, Democrats on the Senate Judiciary Committee passed a bill that would create a code of ethics for Supreme Court justices, but it's unlikely the bill will pass under a Republican-controlled House. Can Congress do various things to regulate the Supreme Court?
Persons: Clarence Thomas, David Sokol, Thomas, Justice Alito, ProPublica, Sokol, Joe Biden's, Biden's, Harlan Crow, Sam Alito, Paul Singer, Alito, Elena Kagan, We're Organizations: Service, Nebraska, Berkshire, Supreme, Republican, Street, Liberal Locations: Wall, Silicon, Wyoming, Berkshire Hathaway, Nebraska, Jackson Hole , Wyoming
These costly trips and travel perks often went unreported on the justice’s financial disclosure forms, ProPublica said in its investigation. Lynne Sladky/APProPublica interviewed more than 100 people, including staff that would have worked some of the trips that Thomas took. Thomas did not respond to ProPublica’s detailed list of questions for its report, nor did Novelly. None of the Thomas benefactors highlighted in the new report appear to have had direct business in front of the Supreme Court, ProPublica said. Thomas intends to amend his financial disclosure forms, a source close to the justice previously told CNN, to at least reflect Crow’s 2014 purchase of Thomas’ mother’s home.
Persons: Clarence Thomas, Thomas, ProPublica, Harlan Crow, Thomas ’, Crow, , ” Thomas, David Sokol, Berkshire Hathaway, Wayne Huizenga, Paul “ Tony ” Novelly, Lynne Sladky, Huizenga, Daniel Acker, Getty Images Sokol, ” Sokol, Republican megadonors, he’s, Paul Anthony, Tony, Novelly, Horatio, Jeremy Fogel, , Fogel, Horatio Alger, John Roberts, Roberts, Samuel Alito, Thomas ’ mother’s, Anthony Welters, Obama Organizations: CNN, GOP, Blockbuster, Waste Management Inc, NFL, Miami Dolphins, New York Jets, US Marshals Service, Berkshire Hathaway Inc, Bloomberg, Getty Images, Republican, Horatio Alger, Distinguished, Horatio, Horatio Alger Association, New York Times, The New York Times, Democratic, Times Locations: Florida, Berkshire, Miami, Omaha , Nebraska
Clarence Thomas took at least 38 other previously undisclosed luxury trips, ProPublica reported. The outlet estimates that Thomas has accepted millions in trips he didn't report since joining the court. According to its latest story, Thomas accepted a Bahamas trip, a stay at a luxury Jamaica resort, and premium seats to games. According to ProPublica's report, Thomas has accepted at least 38 other premium vacations that he did not previously disclose. The sheer level of what Thomas has accepted is staggering, a former federal judge responsible for financial disclosures told the outlet.
Persons: Clarence Thomas, ProPublica, Thomas, Jeremy Fogel, Paul, Tony, Novelly, Wayne Huizenga, David Sokol, Huizenga, Gary, Sokol, Virginia, Justice Thomas, he's, Samuel Alito Organizations: Service, Supreme, Miami Dolphins, Florida Panthers, Berkshire, Nebraska Cornhuskers, Big, Congressional, Republicans Locations: Bahamas, Jamaica, Wall, Silicon, Nebraska
Several friends of Clarence Thomas helped finance a documentary on the justice. Thomas vehemently denied the allegations and was confirmed to the Supreme Court in a close 52-48 vote. The actor Wendell Pierce, best known for his role as Detective William "Bunk" Moreland on HBO's "The Wire," played Thomas. That film, "Created Equal: Clarence Thomas In His Own Words," was released in 2020. While speaking during an appearance at a Connecticut library, he once remarked that Thomas had dealt with "lies, innuendo, distortions, and outright personal attacks" throughout the Supreme Court confirmation process.
Persons: Clarence Thomas, Thomas, Anita Hill's, Anita Hill, Kerry Washington, Olivia Pope, Wendell Pierce, William, Bunk, Moreland, , David Sokol, Dennis Washington, Horatio Alger, Sokol, Justice Thomas, Ginni Thomas, Warren Buffett, " Sokol Organizations: Service, HBO, Distinguished, The New York Times, Times, Berkshire Hathaway, Horatio Alger, Sokol Locations: Wall, Silicon, HBO's, Berkshire, Connecticut
The town in the Zaporizhzhia region sits just five kilometers away from a frontline where Ukrainian forces have been making a recent push. “The town is shelled every 24 hours.”And with the Zaporizhzhia frontline becoming more active because of an anticipated Ukrainian counteroffensive, aid deliveries may become more rare. CNN has been able to geolocate the videos to the Zaporizhzhia region but is unable to verify when they were shot. And nothing happens around town without them being well aware of it, even if that is a top-secret Ukrainian counteroffensive. She straps the food box to the back of her bike and – just before she cycles away – Ukrainian forces somewhere outside of town are heard firing a shell towards Russian positions.
Persons: , Olga Shumska, unfazed, I’m, ” Shumska, Vasco Cotovio, CNN “, Nina Sokol, we’ll, they’re, Vitaliy Kubushka, you’d, ” Sokol, Organizations: Southern, Southern Ukraine CNN, CNN, Sokol, Global Empowerment, Howard Buffet Foundation, Ukraine, Ukrainian, Journalists, Ministry of Defense Locations: Southern Ukraine, Orikhiv, Zaporizhzhia, Zapoprizhzhia, Ukrainian, Moscow, Kyiv, Shumska, Ukraine
One of the magic tricks of documentaries is the ability to film somebody changing over a period of time. When it’s a span of several years, audiences can get a unique psychological portrait. But these long-haul projects come with particular challenges and obstacles for the filmmakers who see them through. These documentaries might take anywhere from a few years to more than a decade to shoot and complete, and the reasons vary. Over the course of the film, she forges a career in the tough, often sexist arenas of the art world and the academy.
Persons: ” Lea Glob’s “, Apolonia, Apolonia Sokol, Sokol Organizations: Tribeca Festival Locations: New York City, Paris
MotoGP cancels inaugural Kazakhstan race
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
April 26 (Reuters) - MotoGP has cancelled its first race in Kazakhstan due to the circuit not being ready and will not replace it on what is now a 20-round calendar, the sport said on Wednesday. Kazakhstan last September agreed a five year deal for the Sokol International Racetrack outside Almaty to stage MotoGP races. The inaugural race had been scheduled for July 9 as the ninth round. MotoGP is keen to expand its presence in Asia, with India also set to debut in September with a race at the Buddh International circuit near New Delhi. It also takes away a possible 37 points from the championship, with each race weekend now a double scoring opportunity thanks to a sprint race on every Saturday as well as the main Sunday event.
Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.
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