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July 12 (Reuters) - Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Brent futures settled up 71 cents, or 0.9%, to $80.11 a barrel. Forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) point to the market tightening into 2024.

Persons: Naeem Aslam, Brent, Tamas Varga, Phil Flynn, Natalie Grover, Trixie Yap, Sonali Paul, Barbara Lewis, Emelia, David Gregorio Our Organizations: Zaye, . West Texas, U.S . Energy Information Administration, International Energy Agency, IEA, Saudi, U.S . Energy, Administration, Price Futures, Thomson Locations: China, Saudi Arabia, Russia, U.S, London

July 12 (Reuters) - Oil nudged higher on Wednesday, extending gains for a second session, as planned supply cuts by the world's biggest oil exporters and hopes for higher demand in the developing world offset wider economic concerns globally. Brent futures rose 6 cents to $79.46 a barrel by 0356 GMT, and U.S. West Texas Intermediate (WTI) crude rose 6 cents to $74.88 a barrel. On Tuesday, the U.S. EIA projected demand would outpace supply by 100,000 bpd in 2023 and by 200,000 bpd in 2024. "The short-term crude demand outlook shouldn't be that bad, as everyone is taking a vacation that requires some travel this summer," Moya added. Higher rates can slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA's, Moya, Laura Sanicola, Trixie Yap, Sonali Paul, Clarence Fernandez Organizations: U.S . West Texas, Saudi, EIA, International Energy Agency, American Petroleum Institute, Reuters, Energy Information Administration, Thomson Locations: Brent, U.S, Saudi Arabia, Russia, China

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

☆ Oil up as market weighs supply cuts against gloomy economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 4 (Reuters) - Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook. However, oil benchmarks settled down about 1% in the previous session, after an initial rally, on the back of a gloomy macroeconomic outlook. Tuesday morning trade suggests little has changed in oil dynamics despite Monday's announcements, Craig Erlam, OANDA analyst told Reuters. Even before these new cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million bpd in the third and fourth quarters, noted Commerzbank analysts. Still, oil prices did not jump significantly on the news, largely due to demand concerns, particularly given sluggish economic recovery in China following the lifting of coronavirus restrictions.

Persons: Tamas Varga, Craig Erlam, Natalie Grover, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith Organizations: Brent, . West Texas, Reuters, International Energy Agency, Independence, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Houston, Singapore

July 4 (Reuters) - Oil prices rose on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against the backdrop of an uncertain global economic outlook. Instead, the uncertain macro outlook is what the market is focused on," ING analysts said in a client note. Saudi Arabia on Monday said it would extend its voluntary cut of 1 million barrels per day (bpd) from output to August, the kingdom's state news agency reported. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd as Riyadh and Moscow look to prop up prices. However, the weaker economic growth demand still suggests demand for merchandise remains weak, which would weigh on distillates consumption, ANZ analysts said in a client note.

Persons: Brent, Alexander Novak, Morgan, Arathy Somasekhar, Trixie Yap, Tom Hogue, Gerry Doyle Organizations: . West Texas, ING, bbl, OPEC, of, Petroleum, U.S, ANZ, Thomson Locations: Saudi Arabia, Russia, U.S, Riyadh, Moscow, China, Europe, Houston, Singapore

July 4 (Reuters) - Oil prices held steady early on Tuesday as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against mixed analyst views on economic data that could hint at weak crude demand. Instead, the uncertain macro outlook is what the market is focused on," ING analysts said in a client note. Saudi Arabia on Monday said it would extend its voluntary cut of 1 million barrels per day (bpd) from output to August, the kingdom's state news agency reported. Russia will also reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd as Riyadh and Moscow look to prop up prices.

Persons: Brent, Alexander Novak, Morgan, Arathy Somasekhar, Trixie Yap, Tom Hogue, Gerry Doyle Organizations: Brent, . West Texas, ING, bbl, OPEC, of, Petroleum, U.S, ANZ, Thomson Locations: Saudi Arabia, Russia, U.S, Riyadh, Moscow, China, Europe, Houston, Singapore

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

SummarySummary Companies Oil price structure implies demand bulls are retreating2-mth Brent spread in contango, implying oversupply concernECB poised for further rate hikesLONDON, June 27 (Reuters) - Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. U.S. inventory data from the American Petroleum Institute industry group is expected after 2000 GMT, followed by government data on Wednesday. For the two-month spread , the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.

Persons: Brent, Craig Erlam, Christine Lagarde, Wagner, PVM's Tamas Varga, Saudi Arabia's, Premier Li Qiang, Trixie Yap, Jan Harvey, Louise Heavens Organizations: Brent, U.S, West Texas, Central Bank, American Petroleum Institute, Reuters, Saudi, Premier, Thomson Locations: contango, U.S, Moscow, Russian, China

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

The Fed's fight to lower inflation "has a long way to go" Powell said on Wednesday in testimony prepared for delivery to the House Financial Services Committee. Providing some support for prices earlier, analysts polled by Reuters said they expected U.S. crude oil and product inventories to have declined last week. However, an expanded poll now predicts a small build in crude oil stockpiles. Official U.S. oil inventory data from the American Petroleum Institute will be released later on Wednesday and the Energy Information Administration's report will follow on Thursday. Price gains were also capped as British inflation defied expectations of a slowdown, data showed on Wednesday.

Persons: Jerome Powell, Brent, Powell, Price, Craig Erlam, Shariq Khan, Rowena Edwards, Katya Golubkova, Trixie Yap, Emelia Sithole, David Goodman, Chris Reese Organizations: . West Texas, Financial Services Committee, Analysts, Reuters, American Petroleum Institute, Energy, Bank of England, OANDA, Thomson Locations: BENGALURU, U.S

☆ Oil holds steady ahead of Powell's congressional testimony
▼ + stars: | 2023-06-21 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, June 21 (Reuters) - Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell's congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. The main market focus is on Fed officials due to speak later in the day, with Chair Powell's congressional testimony on the economy on Wednesday and Thursday the highlight. However, should Powell prompt a hawkish return of rate cut expectations, the U.S. dollar could see some support, ING strategist Francesco Pesole said in a note. A stronger U.S. dollar is bearish for oil as it makes commodities more expensive for holders of other currencies. Oil prices drew some support from a possible drawdown in U.S. crude stocks, with Reuters poll among five analysts estimating that crude stockpiles fell by about 400,000 barrels on average in the week to June 16.

Persons: Jerome, Brent, Craig Erlam, Powell, Francesco Pesole, Rowena Edwards, Katya Golubkova, Trixie Yap, Emelia Sithole, Louise Heavens Organizations: Federal, hawkish Bank of, . West Texas, Bank of England, U.S, ING, Reuters, American Petroleum Institute, Energy, Administration, Thomson Locations: bank's Washington, U.S, Tokyo, Singapore

June 21 (Reuters) - Oil prices rebounded early on Wednesday, recovering after two straight sessions of losses, as expectations of hawkish Fed talk later in the afternoon and possible U.S. crude stock draws in outweighed China demand worries. Concerns about demand recovery in China, the world's top oil importer, limited price gains as its economy struggles. "The only reason why I think prices are not climbing (steadily) yet is because the data from China is still unclear. "As for the Fed (meeting), that is also uncertain but with latest inflation data coming in a 4%, they have room to be dovish," Galimberti added. Looking to boost growth, China on Tuesday cut its benchmark loan prime rates (LPR) for the first time in 10 months, with a smaller-than-expected 10-basis-point reduction in the five-year LPR.

Persons: Brent, Powell, Jerome Powell, Claudio Galimberti, Galimberti, Katya Golubkova, Trixie Yap, Sonali Paul, Kim Coghill Organizations: Fed, . West Texas, ANZ Research, Market Committee, U.S . Federal, Federal Reserve, Reuters, American Petroleum Institute, Energy, Administration, Thomson Locations: China, Washington, U.S, Tokyo, Singapore

Prices rose on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day (bpd) in July from about 10 million bpd in May. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. Higher interest rates boost borrowing costs, which can slow the economy and reduce oil demand. EIA also projected U.S. petroleum demand would rise from 20.3 million bpd in 2022 to 20.4 million bpd in 2023 and 20.7 million bpd in 2024. That compares with a record 20.8 million bpd in 2005, according to EIA data going back to 1973.

Persons: Brent, Edward Moya, Scott DiSavino, Rowena Edwards, Arathy, Trixie Yap, David Goodman, Matthew Lewis, Chizu Nomiyama, Richard Chang Organizations: EIA, Saudi, U.S, West Texas, Citi, U.S . Federal Reserve, Bank, Energy Information Administration, American Petroleum Institute, Thomson Locations: Saudi Arabia, Saudi, OPEC, China, U.S, Europe, New York, London, Houston, Singapore

☆ Oil falls as economic fears overshadow Saudi output cut
▼ + stars: | 2023-06-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Brent crude futures were down $1.50, or 1.96%, to $75.21 a barrel by 1046 GMT. U.S. West Texas Intermediate crude fell $1.47, or 2.04%, to $70.68 a barrel. Backwardation in Brent crude oil futures — where the current value is higher than in later months — steepened after the weekend announcement with the six-month spread hitting a five-week high of $2.20/bbl on Monday. The U.S. services sector barely grew in May as new orders slowed, and market participants are waiting to see if the U.S. Federal Reserve will hike or hold interest rates in June. Higher interest rates could curb energy demand.

Persons: Brent, Backwardation, — steepened, Ole Hansen, Tamas Varga, PVM, Rowena Edwards, Arathy Somasekhar, Trixie Yap, Sriraj Kalluvila, Jason Neely Organizations: EIA, LONDON, Saudi, Brent, . West Texas, Citi, bbl, PMI, Saxo Bank, The, U.S . Federal, U.S . Energy Information Administration, Thomson Locations: Saudi Arabia, OPEC, U.S, Europe, China, Brent, The U.S, London, Houston, Singapore

☆ Oil falls on weak China data, stronger U.S. dollar
▼ + stars: | 2023-05-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowLONDON, May 31 (Reuters) - Oil prices fell by over 2% on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand. Mixed signals by major OPEC+ producers on whether or not the group will decide to further cut oil production have sparked recent volatility in oil prices. HSBC said on Wednesday that stronger oil demand from China and the West from the summer onwards will bring about a supply deficit in the second half of the year. Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Brent's, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, Mark Potter, David Evans Organizations: Saudi Arabian Oil, . West Texas, U.S, Federal Reserve, Organization of, Petroleum, HSBC, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would 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, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

May 31 (Reuters) - Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. A stronger dollar makes oil more expensive for buyers holding other currencies. U.S. data showed job openings unexpectedly rose in April, pointing to persistent strength in the labor market that could push the Federal Reserve to raise interest rates in June. HSBC said stronger oil demand from China and the West from the summer onwards will trigger a supply deficit in the second half. U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Bob Yawger, Goldman Sachs, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, David Evans, Emelia, Lisa Shumaker, David Gregorio Our Organizations: . West Texas, Senate, Federal Reserve, Mizuho, Traders, Organization of, Petroleum, HSBC, Energy, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

We are just starting up our expansion here in Singapore," Lehmus said. Neste produces renewable fuels, mainly from waste and residues such as used cooking oil and animal fat from food industry waste. If it goes ahead, production of the renewable fuel could start in 2026 and be primarily used in its refinery’s processes, replacing fuel produced from fossil feedstocks, the company said. "Longer term, if the availability of green hydrogen can be scaled up, it offers then the possibility to also further convert green hydrogen into fuels or chemicals," added Lehmus. The production of synthetic fuels from green hydrogen and carbon dioxide hasn't been commercialised and is costly.

TOKYO, May 16 (Reuters) - Oil prices rose for a second day on Tuesday, supported by U.S. plans to purchase oil for its Strategic Petroleum Reserve (SPR) and by raging wildfires in Canada that fuelled supply worries. The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the SPR for delivery in August, and asked that offers be submitted by May 31. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed on Tuesday. Oil prices on Tuesday also drew support from supply worries stemming from wildfires in Canada. "With so much uncertainty surrounding the macro environment, the lack of any strong signals from the physical market is likely to see oil prices remain under pressure," said ANZ analysts.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

Summary Dip in China consumer inflation points to weak demandU.S. inflation report due on WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures settled up $1.43, or 1.7%, to $85.61 a barrel. U.S. West Texas Intermediate futures rose $1.79, or 2.2%, to $81.53 a barrel. read moreA U.S. inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, the Energy Information Administration forecast on Tuesday.

☆ Oil steady on China demand concerns with US inflation in focus
▼ + stars: | 2023-04-11 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary China consumer inflation drop points to weak demandU.S. inflation report due WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures slipped 18 cents, or 0.2%, to $84 a barrel by 1102 GMT, while U.S. West Texas Intermediate futures eased 12 cents, or 0.1%, to $79.62 a barrel. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report."

Summary China consumer inflation drop spurs stimulus casePOLL-US crude, product stockpiles seen down last weekComing up: API data on US crude stocks at 4:30 p.m. ETCHENNAI, April 11 (Reuters) - Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel at 0557 GMT, while U.S. West Texas Intermediate futures gained 67 cents, or 0.8%, to $80.41 a barrel. Crude futures also climbed as the dollar eased on expectations that the U.S. Federal Reserve is getting closer to ending its rate hike cycle. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices.

ETSINGAPORE, April 11 (Reuters) - Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Oil prices fell on Monday after rising for three straight weeks, after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike that could curb oil demand. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.

NEW DELHI/LONDON, April 6 (Reuters) - Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. The ban comes on top of a halt late last year on Russian crude sales into the bloc as well as Western price caps. Also in March, Russian clean products shipped to Togo reached 973 million MT-NM, up from zero in November. Conversely, Russian exports to the Netherlands dropped to 238,200 tonnes in February from 1.15 million tonnes in September. Those longer distances are being done at higher costs for Russian products than for typical shipments from Europe.

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