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☆ Oil stares at a bleak future as China's economy sputters. The good news: A market 'bust' is unlikely
▼ + stars: | 2024-09-18 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"We estimate that Brent could fall to roughly $50 per barrel in a moderate [U.S.] recession … We have a fairly benign view on the global economy," Struyven said during the conference. en Luckock global head of oil at Trafigura"Things are slowing down. Trading Giant Trafigura raised concerns about China's weak demand, and the global oil consumption tied to it. China's slowdown has spurred some to scour for alternative oil demand drivers, with a few eyeing India as a potential candidate. India is the third largest consumer of oil at around 5 million barrels of oil per day, 5% of the world's oil consumption.

Persons: Andrey Rudakov, Goldman Sachs, Brent, Struyven, Torbjörn Törnqvist, Ben Luckock, we're, Bing Chen, Gunvor Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, Global Commodities, Daan, CNBC, Global, Brent, U.S, West Texas Locations: Tuapse, Russia, China, U.S, Ukraine, India, Japan, Germany, Hong

☆ Ukraine drones attack multiple oil refineries in the campaign against Russia's strategic energy industry
▼ + stars: | 2024-03-17 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

Ukraine attacked another Russian oil refinery on Saturday night. AdvertisementA long week of attacks on oil and gas infrastructureThis past week, Ukraine has made a concerted effort to degrade Russia's oil production capabilities. The governor of Russia's Samara Oblast reported on March 16 that Ukrainian drones had attacked two Rosneft oil refineries. One attack had hit another major oil refinery operated by Lukoil in the southwestern Volgograd region. Similar incidents had occurred across Russia in January, hitting the Slavneft-Yanos oil refinery, an oil refinery in Tuapse, a storage facility in Klintsy, and a Baltic sea Ust-Luga terminal.

Persons: —, Ukrainska, Russia's, Andriy Yermak, Volodymyr Zelenskyy, Zelensky, Краснодарському кра РосВдео Organizations: Bloomberg, Service, Business, Astra, Ukrainska Pravda, Security Services, Security Service, Stringer, Anadolu Agency, Getty, Reuters, Staff, Lukoil, НПЗ Locations: Ukraine, Russian, Krasnodar, Moscow, Russia, Russia's Samara Oblast, Ryazan, Nizhny Novgorod, Leningrad, Lukoil's Norsi, Russia's Belgorod, Norsi, Ukrainian, Volgograd, Tuapse, Klintsy, Baltic

☆ Ukraine appears to be attacking Russia's oil and gas industry with small, cheap drones that can bypass its air defenses
▼ + stars: | 2024-01-27 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

Several oil and gas facilities in Russia have caught fire in recent weeks following suspected drone attacks. Russia's air defense systems have proven to be less effective against small drones. AdvertisementUkraine appears to be targeting Russia's oil and gas industry with small, cheap drones as it seeks to disrupt Russian supply lines. Ukraine is likely targeting the facilities in an attempt to disrupt Russia's military operations. AdvertisementWhy Ukraine is able to embarrass Russia's air defense systemsRussia's air defense systems have proven to be less effective against small drones as they struggle to detect them.

Persons: —, Lapenko, Vladimir Putin's, Vladimir Putin, Samuel Bendett Organizations: Service, New York Times, Times, Bloomberg, Reuters, Getty, RBC, Center for Naval Locations: Russia, Ukraine, Tuapse, Klintsy, Ukrainian, Moscow, Baltic Ust, St, Petersburg, Lake Valdai, Valdai

☆ Oil Refinery in Southern Russia Ablaze -News Agencies Quote Officials
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - A fire broke out at a large oil refinery in the southern Russian town of Tuapse on Wednesday and emergency teams were battling the blaze, Russian news agencies quoted officials as saying. "According to emergency services of Tuapse district, a fire broke out on the territory of the oil refinery in the town," the agencies quoted a statement by the Krasnodar, or Kuban, region emergencies service. Agencies also quoted officials at the region's major airport, in the seaside town of Sochi, about 100 km (60 miles) to the southeast, as saying it had suspended arrivals and departures. Sergei Boiko, the head of Tuapse district, said on Telegram that the fire was located in the refinery's vacuum unit -- a secondary processing section. Unofficial Telegram channels showed pictures of the blaze and said drones had been responsible.

Persons: Crews, Sergei Boiko, Ronald Popeski, Leslie Adler, Sandra Maler Organizations: Reuters Locations: Russian, Tuapse, Krasnodar, Kuban, Sochi

☆ Oil prices could reach $100 a barrel in 2024 if OPEC+ members fulfil pledges for voluntary cuts
▼ + stars: | 2023-12-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output. The oil cartel on Thursday released a statement that did not formally endorse production cuts, but individual countries announced voluntary reductions totaling 2.2 million barrels per day for the first quarter of 2024. Russia said it will cut supply by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products over the same period. We have to have compliance from the other OPEC nations," Bill Perkins, CEO and head trader of Skylar Capital Management, told CNBC.

Persons: Bill Perkins Organizations: Rosneft Oil, United, United Arab Emirates, Skylar Capital Management, CNBC Locations: Tuapse, Russia, Saudi Arabia, Riyadh, Iraq, United Arab, Kuwait, Kazakhstan, Algeria, Oman

☆ Ukraine Says It Has Destroyed 15 Russian Naval Vessels in Black Sea During War
▼ + stars: | 2023-11-17 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

KYIV (Reuters) - Ukraine's military said on Friday its operations had resulted in the destruction of a total of 15 Russian naval vessels in the Black Sea since the start of Russia's invasion and that 12 other vessels had been damaged. Ukraine has stepped up its attacks in the Black Sea and on Crimea, which Russia seized and annexed in 2014. Ukraine's military said its operations carried out in the Black Sea so far have included strikes on the Russian Black Sea Navy headquarters in Sevastopol and the shipyard in Kerch, which damaged a vessel that had not yet joined the fleet. In April 2022, shortly after the start of the war, Ukraine's forces said it hit the Moskva missile cruiser, flagship of Russia's Black Sea fleet, with domestically produced a Neptune anti-ship missile. Ukrainian President Volodymyr Zelenskiy recently said Kyiv had managed to shift the balance of power in the Black Sea, seizing the initiative from Moscow which regards Crimea as strategically vital to its interests.

Persons: Dmytro Pletenchuk, Volodymyr Zelenskiy, Yuliia Dysa, Gareth Jones Organizations: Kyiv, Reuters, Russian Black Sea Navy Locations: Ukraine, Crimea, Russia, Kyiv, Novorossiysk, Russian, Sevastopol, Kerch, Moscow

☆ Oil prices surge to highest level in more than a year
▼ + stars: | 2023-09-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged to their highest level in over a year during Asian trading hours, after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel during Asia trading hours, marking the highest since August 2022. He forecasts that oil prices will continue to remain at "high level" for the rest of the year, with an upside risk if global oil cartel OPEC+ continues to keep supplies tight. In September, OPEC+ kingpin Saudi Arabia extended its 1 million barrel per day voluntary crude oil production cut until the end of the year. The refinery crude throughput refers to the volume of crude oil a refinery can produce during a given period of time.

Persons: Andrey Rudakov, Cushing, Bart Melek, Melek, Malek Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, U.S . Energy Information Administration, U.S . West Texas, Brent, bbl, TD Securities, CNBC, OPEC, Securities Locations: Tuapse, Russia, Cushing , Oklahoma, U.S, Asia, Saudi Arabia

☆ India importing Russian oil is a ‘win-win’ for the world economy, says India’s No. 1 oil company
▼ + stars: | 2023-09-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India's imports of Russian crude is a win-win situation for the world's economy, said Oil and Natural Gas Corporation. SINGAPORE — India's imports of Russian crude is a win-win situation for the world economy, according to India's No. Since Russia's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. India's economy has benefited from the discounted prices, Ramesh said.

Persons: K.C, Ramesh, ONGC, India's Organizations: Natural Gas Corporation, SINGAPORE —, European Union Locations: Tuapse, Russia, India, Europe, Singapore, Ukraine, Moscow

☆ Goldman Sachs expects 'all time high' oil demand to spur large deficits, boosting prices
▼ + stars: | 2023-07-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTOil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty ImagesGoldman Sachs expects record demand in oil markets to drive crude prices higher in the near term. He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end. Global benchmark Brent futures traded 0.39% lower at $80.75 a barrel, while U.S. West Texas Intermediate futures stood 0.42% at $76.75 per barrel. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output.

Persons: Andrey Rudakov, Goldman Sachs, Daan Struyven, CNBC's, Struyven Organizations: Rosneft Oil, Bloomberg, Getty, Brent, U.S, West Texas Locations: Tuapse, Russia

☆ Oil edges up after steep losses ahead of U.S. debt ceiling vote
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short-sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Kevin McCarthy, hardliner, Abdulaziz bin Salman, Alexander Novak Organizations: Rosneft Oil, Brent, U.S, West Texas, Republican, of, Petroleum, Traders, Saudi Arabian Energy, OPEC, Reuters Locations: Tuapse, Russia, U.S, OPEC, Saudi Arabia

☆ Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrel
▼ + stars: | 2023-04-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a "precautionary measure" targeted toward stabilizing the oil market. The move comes on the back of Russia's decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country's Deputy Prime Minister Alexander Novak. "OPEC+'s plan for a further production cut may push oil prices toward the $100 mark again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions," CMC Markets' analyst Tina Teng told CNBC.

☆ A Russian oil depot caught fire hundreds of miles from Ukraine, the possible result of a daring Ukrainian drone attack
▼ + stars: | 2023-02-28 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A fire broke out at a Russian oil facility on Tuesday night, far from the country's borders. Neither Ukrainian nor Russian authorities verified the incident as an attack, though Russian outlets said drones were seen near the oil facility, run by government-controlled oil giant Rosneft. Russia's Ministry of Defence said that there was a drone attack on a site in Krasnodar, though it claimed to have foiled it. "One where NATO is allegedly directly helping Ukraine to attack Russia." Ukraine has previously struck Russian territory with the same modified drones, unnamed Kyiv officials told Politico in December last year.

☆ Oil lower on firm dollar, market shrugs off Russian supply cuts
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts. A firm dollar makes commodities priced in the U.S. currency more expensive for holders of other currencies. Adding to the downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration showed. Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine.

☆ An oil historian explains China's impact on a key Russian oil product — which is now trading far below the EU's price cap
▼ + stars: | 2023-01-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In December, a $60-per-barrel price cap was established to limit how much cash Moscow could pull in from oil exports. But the country's key oil product is trading far below that level, which in one sense makes the cap moot. Russian President Vladimir Putin, center, speaks to workers while visiting the Rosneft oil refinery in the Black Sea port of Tuapse, southern Russia. But to Gregory Brew, a Kissinger Visiting Scholar at Yale, rather than being a direct consequence of any sanction measure, the steep discount reflects the easing global market. It isn't about what Russia can produce or how badly it's revenue is impacted by sanctions, but instead the focus should be on what kind of market Russia will be operating in.

☆ Oil slides after IMF says slowing global growth engines portend tougher 2023
▼ + stars: | 2023-01-03 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies International Monetary Fund FollowSINGAPORE, Jan 3 (Reuters) - Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity. IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China - the main engines of global growth - are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy. Still, oil prices settled more than 2% higher on Friday with Brent and WTI closing 2022 up 10.5% and 6.7%, respectively. Commodities saw a substantial $12.3 billion bullish flow in the week that ended on Dec. 27, the single largest weekly bullish flow in 2022, Societe Generale analysts said in a Jan. 3 note. However, January oil products exports from Tuapse is expected to fall to 1.333 million tonnes, traders said.

☆ Number of oil tankers waiting at Bosphorus rises by five - Turkish agency
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 8 (Reuters) - The number of oil tankers waiting in the Black Sea to cross Istanbul's Bosphorus strait on the way to the Mediterranean rose by five to 16 on Thursday, a shipping agency said, amid talks between Western and Turkish officials on steps to resolve the tanker queues there. A British Treasury official has said those talks were happening after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. But a separate Turkish measure in force since the start of the month has caused a logjam, requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. The Tribeca shipping agency named five new tankers longer than 200 metres waiting north of the Bosphorus strait to cross southbound towards the Mediterranean Sea, in addition to the 11 named a day earlier. At the Dardanelles strait further south, nine tankers were waiting to cross southbound, down from 12 a day earlier, the agency said.

☆ Oil tankers queuing to transit Turkish straits face more delays - sources
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Companies Ingosstrakh SPAO FollowISTANBUL, Dec 6 (Reuters) - At least 20 oil tankers queuing off Turkey to cross from Russia's Black Sea ports to the Mediterranean face more delays as operators race to adhere to new Turkish insurance rules added ahead of a G7 price cap on Russian oil, industry sources said. The new rule was announced before a $60 per barrel price cap was imposed on Russian seaborne crude this week, Western insurers are required to retain proof that Russian oil covered is sold at or below that price. Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean. Tribeca shipping agency said nine oil tankers were waiting to transit the Dardanelles southbound on Tuesday. The only tanker passing the straits after the deadline, Vladimir Tikhonov, was insured by Russia's Ingosstrakh (INGSI.MM), the source added.

☆ Oil prices climbs after OPEC+ keeps output cut targets, China eases
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. "Prices are currently weighed down by expectations of slow demand growth, despite the EU oil import ban on Russian crude and the G-7 price cap. The adjustment to the EU ban and price cap is likely to support prices temporarily," Hittle said. Hittle added that the EU's looming embargo on Russian oil products, in addition to crude oil, from Feb. 5 should support crude demand in the first quarter of 2023, as the market is short of diesel and heating oil.

☆ India's Reliance makes rare buy of Russian naphtha, ups fuel oil imports
▼ + stars: | 2022-12-02 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed. The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha. Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said. FUEL OIL IMPORTS SURGEReliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

☆ Oil prices extend decline on recession fears, China Covid curbs
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening Covid-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. "Hotter-than-expected data may again tip investors' sentiment over the edge, which will intensify the current recession fears, pressing on oil prices further," Teng said. The oil market is also being pressured by tightening Covid-19 curbs in China, the world's second-largest oil consumer.

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