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☆ Former Kremlin official blames the ruble's crash on Russia's stockpile of rupees that's stranded in India
▼ + stars: | 2023-08-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Mikhail Zadornov, Russia's former minister of finance, attributed the ruble's recent crash to the Kremlin's stockpile of rupees that are stuck in India. In his view, the ruble's current 95-per-dollar level is in part the result of Russia's inability to convert rupees it earned via exports into its own currency, leaving the rupees stranded. It's state-run Tass agency said Russia's Energy Ministry denied he statements that stranded rupees weakened the ruble. Russia and India previously suspended negotiations over using rupees for trade between the two countries. Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

Persons: Mikhail Zadornov, Zadornov Organizations: Service, Russia's Energy Ministry, RBC, Russian Central Bank, Kremlin Locations: Wall, Silicon, Russia, India, Moscow, It's

☆ Oil rises on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories, signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed, Gerry Doyle Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

☆ Oil higher on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

The data defied expectations from eight analysts polled by Reuters for a 900,000-barrel drawdown in crude inventories and a 1.2 million-barrel drop in gasoline stocks. U.S. government data on oil inventories is due on Wednesday. Media reported that Russia's Energy Ministry said the nation's oil output reduction almost reached targeted levels in April. Saudi Arabia, which pledged to cut production by 500,000 bpd from May, has informed buyers in Asia that it will supply full crude oil volumes requested for June. The wildfires forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production.

☆ Exclusive: Russia on track for 2023 oil output of 9.6 mbpd in line with cuts -source
▼ + stars: | 2023-04-24 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

OIL AND CONDENSATEIn 2022, Russia's combined oil and gas condensate production rose to 535 million tonnes (10.7 million bpd). Such production may reach around 520 million tonnes (10.4 million bpd) this year, according to the source, taking some 40 million tonnes of gas condensate into account. "Russia's oil demand has largely stabilised after the initial shock at the start of the war," J.P. Morgan analysts said in a research note this month. They estimated Russia's aggregate production (crude and condensate) at 10.8 million bpd in March, down 250,000 bpd from February. CUT TO SUPPORT PRICESRussia's oil production fell in April 2022 after the West imposed sanctions over what the Kremlin calls its military operation in Ukraine.

☆ Exclusive: Russia plans deep March oil export cuts -sources
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

MOSCOW/LONDON, Feb 22 (Reuters) - Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said. Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5% of its output or 0.5% of global production. U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil. "The export cuts appear to be deeper than the planned production cuts. Russian oil has traded below than level in recent weeks due to steep discounts and expensive freight rates.

☆ Exclusive: Kazakhstan will supply 100,000 tonnes of oil via Druzhba to Germany in March - sources
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Feb 17 (Reuters) - Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. Kazakhstan's Kazmunaigaz (KMG) oil company will supply the volume via the pipeline system of Russia's Transneft to the refinery, the sources said. The oil will be supplied to Rosneft Deutschland, which Germany had put under a trusteeship of the German industry regulator, the sources said. Germany stopped Russian oil imports via Druzhba from January and has been working hard to try to secure supply for Schwedt from alternative routes. Eni, which owns 8.33% in PCK Schwedt, didn't immediately answer a Reuters request for comment.

☆ Western tankers ramp up Russian oil shipments under price cap
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +4 min

The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits Western shipping and insurance companies from handling cargoes of the crude unless it is sold at or below that price. Russia has said it will not accept an oil price cap. GREEK RELIEFGreek-owned ships run by Greek management firms handled at least 21 voyages of Russian crude in January to a range of destinations. NGM said its tanker, the Ace, had discharged crude oil in Bulgaria.

☆ 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%.

☆ Russia to sell discounted crude to Pakistan -minister
▼ + stars: | 2022-12-05 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

ISLAMABAD, Dec 5 (Reuters) - Russia will sell crude oil to Pakistan at a discounted price, Pakistan's state minister for petroleum said on Monday, days after he led a government team to Moscow to negotiate the deal. Russia will also supply discounted petrol and diesel to Pakistan, Musaddiq Malik told a news briefing in Islamabad. He did not specify the price of the discounted Russian oil or say whether the imports would comply with a $60 per barrel cap imposed by the G7 rich nations and the EU on Russian seaborne oil from this week over Russia's invasion of Ukraine. Local media has also reported that oil supplies remain tenuous owing to difficulties in paying for imports. Moscow and Islamabad have also long been working on a gas pipeline project with not much success.

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