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Search resuls for: "Novorossiisk"


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☆ Russia's Urals oil averaged $57.49/bbl in past month, below price cap
  + stars: | 2022-12-16 | by ( ) www.reuters.com   time to read: +3 min
The Urals price was sharply lower than $80 per barrel for the international Brent benchmark . According to Reuters data, the Urals price for delivery from the Black Sea port of Novorossiisk on a FOB basis is currently $48.69 per barrel. Market sources said Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below the West's $60 price cap. Since Russia sent its troops into Ukraine in February, India has become the main outlet for seaborne cargoes of Urals crude. The spread, or difference, between Urals and dated Brent - the price of physical, light North Sea crude oil, - has risen sharply from early February, when it stood at around minus $1.
☆ 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.
☆ Urals oil discount widens as freight rates for Russian oil jump - traders, Reuters calculations
  + stars: | 2022-12-02 | by ( ) www.reuters.com   time to read: +2 min
MOSCOW, Dec 2 (Reuters) - Russian Urals oil's discount to dated Brent have widened significantly, under pressure from record high freight rates for tankers carrying Russian oil and sending sellers' revenues well below an agreed EU price cap, two traders said on Friday and Reuters calculations showed. EU governments on Friday agreed to a price cap of $60 per barrel for the Russian crude. Therefore, freight cost for this voyages went up to some $20 per barrel for India and $25 per barrel for China, according to Reuters calculations. Fearing to disrupt a yet-to-be-established mechanism, many shipowners have refrained from handling Russian oil, reducing tanker availability and driving up shipping costs on key Urals export routes. Freight rates for 80,000 Aframax class tankers on routes from Black Sea's Novorossiysk to Augusta were at the highest level since March - 475 Worldscale points.
☆ Analysis: Shocked by Ukraine war, Russian neighbour Kazakhstan looks west
  + stars: | 2022-11-17 | by ( Olzhas Auyezov | ) www.reuters.com   time to read: +8 min
Out of total exports of 68 million tonnes a year, 53 million tonnes of Kazakh oil move through it. The chief executive of Khazakhstan's state oil firm KazMunayGaz said this week that the target of 20 million tonnes was a "medium-term" aim. But getting Kazakh oil to Baku requires either tanker shipments across the sea or the construction of a trans-Caspian pipeline. Smailov said last week that Kazakhstan would start by sending an additional 1.5 million tonnes a year via BTC starting from 2023, gradually rising to 6-6.5 million tonnes. Kazakhstan's Aktau port, the only one equipped to load oil tankers, can handle up to 5.5 million tonnes.
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