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☆ India sends more vacuum gasoil to the U.S. as the West shuns Russian oil
▼ + stars: | 2022-11-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

The United States and Canada banned Russian oil imports over Moscow's invasion of Ukraine, while sanctions from the European Union on Russian crude and oil products imports will take effect on Dec. 5 and Feb. 5, respectively. Meanwhile, India, the world's third-largest oil importer, has been ramping up Russian crude imports and increasing oil product exports to the West for higher margins. A vessel ships vacuum gasoil from India to the U.S.India's VGO exports to the United States climbed in 2022 compared with last year. "Given that the U.S. is not buying Russian oil, they are looking for any and all alternatives," said Roslan Khasawneh, senior fuel oil analyst at Vortexa. U.S. and EU sanctions do not apply to refined products produced from Russian crude exported from a third country as they are not of Russian origin.

☆ Brazil cenbank chief says fiscal prudence central to inflation aims
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

BRASILIA, Nov 11 (Reuters) - Brazil's central bank chief Roberto Campos Neto emphatically defended the need for fiscal balance on Friday, following statements by leftist President-elect Luiz Inacio Lula da Silva that soured the markets by downplaying the issue's importance. In Britain, for example, former Prime Minister Liz Truss resigned after markets shunned her plans for major unfunded tax cuts. "I don't know if there was a Liz Truss moment for Brazil (yesterday), but it was a clear demonstration of the markets' sensitivity to the fiscal issue," said Campos Neto. He said the central bank's autonomy would pass "an important test" but believed in the continuity of that status under Lula's future administration. Campos Neto also stressed that the bank's policymakers are open to participating in the transition government.

☆ Argentina inflation seen gaining pace again in October
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

Stubbornly high inflation has seen protesters take to the streets as prices have outstripped wages. The government, under pressure to reduce a deep fiscal deficit, announced a four-month freeze on consumer goods prices earlier on Friday. Jeronimo Montalvo, economist at Empiria Consultores, said monthly inflation is "holding steady around 6%" and scheduled increases in public service rates would also pressure prices in October. Econviews' Marini said that while consumer prices typically cool in November, he projects annual inflation of 101.5% by the end of the year. The INDEC statistics agency is scheduled to publish official inflation data for October next Tuesday.

☆ India's Iraqi oil imports fall to lowest in 20 months - trade sources
▼ + stars: | 2022-11-10 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India's oil imports from No. India will continue to buy Russian oil as it benefits the South Asian nation, foreign minister S. Jaishankar said on Tuesday, days ahead of the U.S. Treasury Secretary's visit to New Delhi for talks on issues including a cap on Russian oil prices. West African oil is priced against Atlantic Basin benchmark dated Brent, whose values have narrowed against Middle East marker Dubai. In contrast, African grades accounted for about 12% of India's imports, rising from 7%. India's oil imports from various regionsIndia's oil imports from various regionsIndia's oil importsReporting by Nidhi Verma; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Dominion Energy weighing sale of stake in Cove Point LNG Facility -Bloomberg
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Dominion Energy Inc (D.N) is considering selling its multi-billion-dollar stake in the Cove Point liquefied natural gas (LNG) facility in Maryland's Chesapeake Bay, Bloomberg News reported on Monday citing people with knowledge of the matter. Talks are at an early stage, and Dominion could still decide to hold onto the 50% stake, the people said. The Cove Point terminal is operated by Berkshire Hathaway Inc's (BRKa.N) Berkshire Hathaway Energy, which owns 25% of the facility. The rest is owned by units of Dominion Energy (50%) and Brookfield Asset Management Inc (BAMa.TO) (25%). Shares of Dominion Energy dropped on Monday as the company initiates a "top-to-bottom" review to weigh strategic business actions, as its shares have been underperforming over the past several years.

Companies Chevron Corp FollowNov 4 (Reuters) - The Contra Costa County District Attorney on Friday said it has reached a settlement with Chevron Corp (CVX.N) over a diesel spill into the San Francisco Bay from the company's 245,271 barrel-per-day Richmond, California refinery last year. Officials did not release financial details of the settlement, and Chevron was not immediately unavailable for comment. "Corporations must be held strictly liable for any discharges of diesel into San Francisco Bay," said District Attorney Diana Becton in a statement. Around 757 gallons of a diesel water mixture leaked into the bay at the Richmond Refinery Marine Terminal in February last year. Some provisions in the judgment mandate Chevron implement various prevention and response measures to address and mitigate the identified hazards discovered in the investigation.

☆ UBS downgrades Teva to sell as CEO exit, ongoing litigation cloud the pharma stock's outlook
▼ + stars: | 2022-11-04 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

It's time to sell Teva stock as it's facing a period of significant downside amid a phase of uncertainty, according to UBS. However, Teva's development partner Alvotech recently received an observation letter from the FDA that puts the launch date at risk, Verma wrote. Without a drug similar to Humira, there's significant downside to earnings for Teva. Price fixing risk Teva is also facing headline risk from litigation concerning price fixing, according to the note. "The DOJ price fixing case outcome may involve potential debarment from conducting business in the government channel (worse case) and/or cash settlement in the $525m-$595m range," wrote Verma.

☆ Hurricane Lisa makes landfall in Belize, U.S. NHC says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

Nov 2 (Reuters) - Hurricane Lisa has made landfall along the coast of Belize, the National Hurricane Center (NHC) said on Wednesday. The hurricane is about 10 miles (15 km) southwest of Belize city, and is carrying maximum sustained winds of 85 miles per hour (140 km per hour), the Miami-based weather forecaster said. Reporting by Bharat Govind Gautam and Swati Verma in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

House Oversight Committee Chairwoman Carolyn Maloney, D-N.Y., will introduce a bill Friday aimed at improving access to abortion services, as well as accurate information on the procedure, in the wake of the Supreme Court’s ruling overturning Roe v. Wade, NBC News has learned. The Abortion Care Awareness Act of 2022 is the latest effort by Democrats to address the fallout from the Supreme Court’s decision to end the constitutional right to an abortion, which has since spurred multiple states to limit or outright ban the procedure. The bill would direct HHS to set up a national campaign to promote resources on where and how to obtain abortion care, medication abortion, and a patient’s right to travel across state lines to get the procedure. John Nacion / STAR MAX/IPx via AP fileA large coalition of reproductive health groups — including the National Family Planning and Reproductive Health Association, Planned Parenthood Federation of America, and more — will endorse Maloney’s bill. Karen Stone, Planned Parenthood Federation of America vice president of public policy and government relations, echoed the need to expand access to educational resources on reproductive health care.

☆ India's Russian oil binge sends Middle East imports to 19-mth low -trade
▼ + stars: | 2022-10-27 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India's imports from the Middle East fell to about 2.2 million bpd, down 16.2% from August, the data showed, while imports from Russia increased 4.6% to about 896,000 bpd after dipping in the previous two months. Russia's share of India's oil imports surged to an all-time high of 23% from 19% the previous month while that of the Middle East declined to 56.4% from 59%, the data showed. India's oil imports from various regionsIndia has emerged as Russia's second biggest oil buyer after China, taking advantage of discounted prices as some Western entities shun purchases over Moscow's invasion of Ukraine. However, supply from the Middle East rose from a low base last year when the second wave of the coronavirus cut fuel demand. India's oil imports from various regionsIndia's oil importsReporting by Nidhi Verma; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England to hike by 75 bps on Nov. 3 but may go bigger
▼ + stars: | 2022-10-25 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

Annual price rises were expected to peak at 10.4% this quarter, the poll showed, before gradually declining, but won't fall to target until at least 2025. The median forecast in the Oct. 18-25 poll showed the BoE would take Bank Rate up by 75 bps to 3.00% next week. But while that was a view held by 18 of 30 respondents, 10 expected 100 bps, one said 125 bps and one said 150. It was then expected to add another 75 bps in December and 50 bps next quarter before pausing, meaning rates would peak at 4.25% in the current cycle. Both the European Central Bank and the U.S. Federal Reserve are expected to deliver 75-bps increases at their next meetings.

☆ Goldman: U.S. SPR crude releases to have modest price influence
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermidOct 21 (Reuters) - The Biden administration's plan to continue releasing the Strategic Petroleum Reserves (SPR) "as appropriate" to bring down retail rates poses limited downside from current crude price levels, Goldman Sachs said in a note dated Thursday. President Joe Biden on Wednesday said the United States will sell 15 million barrels (mb) from the nation's SPR by year-end, intended to prevent oil price spikes in the wake of a decision by OPEC+ oil-producing nations to cut oil production. The announcement, however failed to ease oil prices, as official U.S. data showed the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly. Such a release is likely to have only a modest influence (<$5/bbl) on oil prices however," the bank said.

☆ In Indian village, residents take to YouTube to fulfil their Bollywood dreams
▼ + stars: | 2022-10-21 | by ( Sunil Kataria | ) www.reuters.com time to read: +2 min

TULSI, India Oct 21 (Reuters) - A man sporting a black cap and pink T-shirt sits on a bullock cart, pile of grass behind him, and busts a rhyme to a camera while riding across the dusty streets of India's Tulsi village. The hip-hop video is just one of many home-grown, Bollywood-inspired productions being created for the village's flagship YouTube channel, which boasts nearly 120,000 subscribers and has more than 200 uploaded videos. They now produce two to three videos a month, from slapstick comedy and action dramas to educational shorts and music videos. But for some, the channel is an opportunity to dream big -- well beyond the confines of the small village. "We want the entire world to know us, not just India," said Verma, 30.

☆ Saudi energy minister says OPEC+ doing the right job to ensure stable market
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman on Friday said OPEC+ is doing the right job to ensure stable and sustainable oil markets. He was responding to questions on a recent decision by OPEC+ to cut oil output by 2 million barrels per day. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nidhi Verma in New Delhi; Writing by Shivam Patel; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. natgas languishes near 7-month low after big storage build
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

Oct 20 (Reuters) - U.S. natural gas futures fell to their lowest since March on Thursday, after a federal report showed a larger-than-expected storage build last week and as the market is expected to see increases in output. Front-month gas futures fell 1.9% to settle at $5.358 per million British thermal units, after sliding to $5.253 per mmBtu earlier in the session. It was also the fifth week in a row that stockpiles increased by over 100 bcf. With milder weather coming, Refinitiv projected average U.S. gas demand, including exports, would fall from 100.6 bcf per day this week to 95.5 bcf per day next week. Even though natural gas production growth will likely outpace domestic natural gas demand growth in winter 2022-2023, the continued growth in net exports and reduced natural gas storage inventories are expected to place additional upward pressure on natural gas prices this winter, the Federal Energy Regulatory Commission (FERC) said on Thursday.

☆ India to pitch for global biofuels alliance at G20 - oil minister
▼ + stars: | 2022-10-19 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

REUTERS/Gary McWilliamsNEW DELHI, Oct 19 (Reuters) - India plans to pitch for a global alliance on biofuels among members of the group of 20 major economies, oil minister Hardeep Singh Puri said on Wednesday, as the world's third biggest oil consumer bids to boost use of cleaner fuels. India will take over the presidency of the group, also called G20, from Indonesia in December. "We will utilise our G20 presidency to try and set up an international biofuels alliance," Puri said at the International Conference on Biofuels. I think we are on our way to setting up an international alliance," he said. India, also the world's third-biggest oil importer, ships in about 85% of its crude needs, but is gradually building capacity to increase its output of biofuels.

The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force. Moscow has said it would not supply oil to any country that agrees to the price cap. The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products. "We get Russian oil on a delivered basis, let the contours of the price cap mechanism be finalised. Another source said a halt of Russian oil purchases by India will create a 'huge energy imbalance', which will not be affordable to some economies.

☆ India to examine price cap proposal for Russian crude
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 19 (Reuters) - India will examine the price cap on Russian oil proposed by the West, oil minister Hardeep Singh Puri said on Wednesday. "We will have a look at it," Puri said at an industry event in New Delhi. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nidhi Verma and Mohi Narayan; Writing by Tanvi Mehta; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Enbridge says it agreed to pay $11 mln on Line 3 pipeline penalties
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Companies Enbridge Inc FollowOct 17 (Reuters) - Enbridge Inc (ENB.TO) said on Monday it has reached an agreement on penalties over its Line 3 oil pipeline replacement project and that it will pay $11 million to various Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. The Canadian company said $7.5 million of the total will be used to provide financial assurances and fund multiple environmental and resource enhancement projects, as part of the agreements with the Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. Line 3, built in the 1960s, carries oil from Edmonton, Alberta, to refineries in the U.S. Midwest, but for years was transporting less than its capacity because of age and corrosion. The replacement project, announced in 2014 and amounting to roughly $8.2 billion, was opposed by environmental and Native American groups, particularly in the last stage of the expansion in Minnesota. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Seher Dareen and Swati Verma in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Rosneft moves into tanker chartering as EU ban looms
▼ + stars: | 2022-10-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

Some of the G7 countries are working to introduce a price ceiling on Russian oil though it is not yet clear how this will work in practice. FIRST CHARTER The three sources said Rosneft is using its Rosnefteflot subsidiary to handle the shipping costs for buyers. The volumes have steadily increased and in October Rosneft chartered almost 1 million tonnes, mainly via Rosnefteflot, based on trade sources and Refinitiv Eikon data. That represents nearly 40% of the planned 2.5 million tonnes of Rosneft Urals crude tanker exports scheduled for October, according to Refinitiv Eikon and traders' data. Unlike Russia's second biggest oil company, Lukoil, and oil producer Gazpromneft, Rosneft does not have a chartering arm.

☆ Exxon's Russian oil output collapsed after rejecting local tanker insurance - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sergei KarpukhinHOUSTON/NEW DELHI, Oct 17 (Reuters) - Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. The developments have unfolded as the European Union is due to impose a ban on Russian oil tanker insurance and shows the major impact ship insurance and re-insurance guarantees can have on operations. Russia's state oil champion Rosneft (ROSN.MM), a partner in the Sakhalin-1 project, has blamed Exxon for falling output, saying that since mid-May the project produced hardly any oil. Russian newspaper Kommersant was first to report on Monday that production at Sakhalin-1 collapsed following Exxon's refusal to work with Sovcomflot. Oil output at the Sakhalin-1 project fell to just 10,000 barrels per day (bpd) earlier this year from 220,000 bpd before Russia invaded Ukraine on Feb. 24.

☆ India pushes oil refiners to diversify after surprise OPEC+ cuts
▼ + stars: | 2022-10-14 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

As the world's third largest consumer and importer of oil, India buys about 85% of its needs from overseas, while its energy demands are set to rise to power its economic expansion. Output cuts could temporarily maximise revenue for OPEC+ producers, but could tip the world into recession, he added. India is also upset with Saudi Arabia for charging an Asian premium on oil supplies and Indian state refiners last year briefly cut oil imports from the kingdom after output cuts by OPEC+, led by the Saudis. Puri also said that India's oil imports from Russia are driven by discounts offered on sales. India's oil imports from various regionsIndia's oil imports Opec's share of India's oil imports drop to record low(This story has been refiled to correct the word "unintended" in quote in paragraph 6)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nidhi Verma; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Fed to take rates higher than previously expected; more pain ahead: Reuters Poll
▼ + stars: | 2022-09-28 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

The survey predicted that would be followed by 50 basis points in December to end the year at 4.25%-4.50%. All but two of 51 economists who replied to an additional question said the risks were skewed towards a higher terminal rate than they currently expected. "The short-run pain of recession would be better than the long-run pain of inflation expectations becoming unanchored." Also, unlike most major central banks, the Fed has backing from a strong currency and a relatively strong economy compared with its peers. "The only way the Fed can do that is to hike rates and keep policy restrictive until that is achieved."

☆ Indian refiners pay dollars for Russian oil after dirham attempts fail
▼ + stars: | 2022-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

Traders supplying Russian oil in July had asked at least two Indian companies to settle in dirham. An invoice from one of the refiners seen by Reuters showed oil payments were calculated in dollars while payment was requested in dirhams. The three sources said the dirham payments did not go through because Mashreq declined to facilitate the trade. The U.S. Treasury, Mashreq Bank and Gazprombank did not immediately respond to requests for comment. That provided Indian refiners, which rarely bought Russian oil due to high freight costs, an opportunity to snap up exports at hefty discounts to Brent and Middle East staples.

☆ Goldman cuts 2023 oil price forecast due to weakening demand outlook
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman's commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023. The short-term path for oil prices is likely to remain volatile, Goldman said, adding that a sharply appreciating dollar and lower demand expectations will continue to put downward pressure on oil for the rest of this year. It would take an economic hard landing and a contraction in global GDP growth to justify sustained lower prices, the note said. Goldman does not expect OPEC to increase its production quotas this year and sees the oil exporting group stabilizing output near current levels through 2023.

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