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☆ Oil slips as dollar firms, Russia pipeline halt limits slide
▼ + stars: | 2023-02-27 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Meanwhile, Russia halted supplies of oil to Poland via the Druzhba pipeline, Polish refiner PKN Orlen (PKN.WA) said on Saturday, a day after Poland said it had delivered its first Leopard tanks to Ukraine. Russian pipeline operator Transneft blamed the halt on a lack of completed paperwork for supplies for the second half of February. Russia announced plans earlier this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding its previously mooted production cuts of 5%. "Russian oil output has exceeded expectations in recent months due to lax EU/US sanctions," Bank of America said in a note. Adding some downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration (EIA) showed.

☆ 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.

☆ Oil trims losses as softer dollar offsets Chinese demand fears
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging COVID-19 cases in China. U.S. West Texas Intermediate crude futures fell $1.07, or 1.36%, to $77.89 a barrel, after reaching session lows of $76.79. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil falls as China COVID spike dampens demand outlook
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices fell by over 2% on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply. Russian oil pipeline operator Transneft said Kazakhstan's KazTransOil had requested an additional 1.2 million tonnes of capacity on the Druzhba pipeline for 2023 to facilitate extra oil shipments to Germany, the RIA Novosti news agency reported.

☆ Russia bans oil sales to countries that accept price cap
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +2 min

A general view of oil tanks in the Transneft-Kozmino Port near the far eastern town of Nakhodka, Russia. Russia announced on Tuesday it would ban oil sales to countries that abide by a price cap imposed this month by the West, giving its long-awaited response to the most dramatic step taken so far to limit Moscow's ability to raise funds for its war in Ukraine. Under the price cap, which took effect on Dec. 5, oil traders must promise not to pay above $60 per barrel for Russian seaborne oil to retain access to Western financing for such crucial aspects of global shipping as insurance. The Kremlin ban would halt crude oil sales to countries participating in the price cap from Feb. 1-July 1, 2023. Some analysts have said that the cap will have little immediate impact on the oil revenues that Moscow is earning, as the price for Russian oil has already fallen close to it.

☆ Exclusive: Sanctions could cut Russia's Baltic oil exports by 20%
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

According to traders' data and calculations made by Reuters, Urals exports from the Baltic Sea ports will probably fall to around 5 million tonnes this month from 6 million tonnes in November. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for under $60. In December, Urals crude has been sold at deeper discounts, and dominant buyer India has bought barrels at well below the $60 price cap. PRICE CAP STRIKES BACKWhen U.S. officials first discussed the idea of capping Russian oil export prices, the aim was to squeeze Russia's oil revenues, which have so far remained high. As Russia minimised the use of services provided by Western shipping and insurance companies, oil exports outside Western countries continued after Dec. 5 with no respect to the price cap.

☆ Russia's Transneft receives Polish and German requests for oil
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

The EU has pledged to stop buying Russian oil via maritime routes from Dec. 5, with Western nations also imposing price caps on Russian crude oil, but the Druzhba pipeline remains exempt from sanctions. And now we have received requests from Polish consumers: give us 3 million tonnes next year, and 360,000 tonnes for December, and Germany has already submitted a request for the first quarter," Transneft head Nikolay Tokarev said on Tuesday. Transneft, which handles more than 80% of total oil produced in Russia, has cranked up oil exports by a fifth this year, he added. Tokarev also said that oil supplies via the southern spur of Druzhba, which transports oil through Ukraine to Slovakia and the Czech Republic, will remain unchanged next year thanks to a ssanctions exception. Exports via the far eastern port of Kozmino are expected to total 42 million tonnes this year, exceeding usual annual capacity of 30 million tonnes, Tokarev said.

☆ Exclusive: Poland seeking German support to sanction Russian Druzhba oil pipeline
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +3 min

The EU has pledged to stop buying Russian oil via maritime routes from Dec. 5 but Druzhba is currently exempt from sanctions. The southern section of the pipeline supplies Hungary, Slovakia and the Czech Republic which, unlike Poland and Germany, would struggle to diversify their oil imports. Poland and Germany promised in spring to try to end Russian oil imports via Druzhba's northern leg by the end of year but Orlen remains tied to its contract with Russian oil and gas company Tatneft. The company has already cut its reliance on Russian oil to 30% of its requirement, replacing it with deliveries from Saudi Arabia and Norway among others. Kommersant newspaper reported earlier this month that Orlen had submitted an application to the Russian oil pipeline operator Transneft for the supply of 3 million tonnes of oil to Poland through Druzhba in 2023.

☆ Russia notified by Ukraine of oil supply suspension to Hungary via Druzhba -RIA
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 15 (Reuters) - Russia's state-owned pipeline monopoly Transneft (TRNF_p.MM) has been notified by Ukraine that oil supply to Hungary via the Druzhba oil pipeline's southern leg is temporarily suspended, the RIA news agency quoted Transneft as saying. "Ukrainian side has informed us that they have suspended (oil) pumping towards Fenyeslitke (in Hungary) due to voltage drop," RIA quoted Igor Dyomin, an aide to Transneft president, as saying on Tuesday. UkrTransNafta, the company that operates the Ukrainian section of Druzhba, was not immediately available for comment. Hungarian company MOL said in an emailed statement separately that it was notified by Ukraine that oil supply to Hungary, Slovakia and the Czech Republic via the Soviet-era built Druzhba pipeline has been temporary suspended. MOL's reserves were sufficient to ensure continuous supply in Hungary until the situation is resolved, it added.

SummarySummary Companies Russia's Transneft: notified by Ukraine of oil supply suspension to Hungary via Druzhba - RIASlower U.S. producer price growth prompts inflation optimismChina reports increase in COVID-19 infectionsComing up: API data on US crude stocks at 4:30 p.m. ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday more than 1% after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose $1.38, or 1.5%, to $94.52 a barrel at 2:22 p.m. EST (1922 GMT). U.S. West Texas Intermediate crude rose $1.60, or 1.9%, to $87.47. Russia's state-owned pipeline monopoly Transneft (TRNF_p.MM) has been notified by Ukraine that oil supply to Hungary via the Druzhba oil pipeline is temporarily suspended due to a fall in pressure, the RIA news agency quoted Transneft as saying on Tuesday.

BUDAPEST/PRAGUE, Nov 15 (Reuters) - Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The Druzhba pipeline network originates in Russia and splits in Belarus into Ukraine, where it splits again, supplying several countries in Eastern and Central Europe that depend on that oil, including refineries in landlocked Hungary, Slovakia and the Czech Republic. Czech pipeline operator MERO has not observed disruptions so far in the flow of oil through the Druzhba line, a spokeswoman said on Tuesday. Polish pipeline operator PERN said late on Tuesday that oil is flowing normally via the Polish section of the line. The Druzhba pipeline network originates in Russia and extends into Eastern and Central Europe.

☆ Oil up $2 a barrel from multi-month low on U.S. Gulf supply cuts, softer dollar
▼ + stars: | 2022-09-27 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. BP and Chevron said on Monday they had shut production at offshore platforms in the Gulf of Mexico as Hurricane Ian approached. read moreThe outages may only provide a momentary reprieve for oil prices, Jim Ritterbusch, of Ritterbusch and Associates, said in a note. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse.

☆ Everything you need to know about silovarchs — Russia's security elites — and the power they wield
▼ + stars: | 2022-04-10 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +5 min

Russia's security elites are silovarchs, a term combining "oligarch" and "siloviki" ("people of force.") Analyst Hugo Crosthwaite said silovarchs are closer to President Vladimir Putin than oligarchs. According to Treisman, oligarchs do not hold a great deal of political influence, while silovarchs are more powerful. Table of Silovarchs Viktor Ivanov – former chair of the board for Almaz-Antei and Aeroflot – had a career in Soviet KGB and Russian FSB. Rashid Nurgaliev– former interior minister and deputy secretary of the Security Council – is Army General and worked for the FSB.

Oil prices held stayed above the $100 per barrel level — a key economic reading pointed to ongoing inflation – though it was largely in line with expectations. Second: there is the dynamic of what higher energy costs do to consumer spending. But the market declines weighed against the resilient consumer means that there are indeed bargains in this market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

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