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[1/2] Oil product tanker Lila Fujairah sails in the Bosphorus, on its way to the Mediterranean Sea, in Istanbul, Turkey December 6, 2022. REUTERS/Yoruk IsikCompanies Ingosstrakh SPAO FollowLONDON, Dec 7 (Reuters) - Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. At least 20 oil tankers continue to face delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to the Turkish rules. "The (insurers) have agreed that they cannot and should not issue such a letter," UK P&I said in a statement on its website.

☆ 7 real-life heroes you may have never heard of from the Pearl Harbor attack
▼ + stars: | 2022-12-07 | by ( Daniel Brown | ) www.businessinsider.com time to read: +1 min

Doris Miller, who fired a machine gun at attacking fighters. US NavyCook Third Class Doris Miller was stationed on the USS West Virginia battleship when the Japanese attacked. Awake at 6 a.m., Miller was collecting laundry when the attack was launched. "It wasn't hard," Miller later said. Miller was killed in 1943 while serving on the escort carrier USS Liscome Bay, which was sunk by a Japanese torpedo.

But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism's evolution and energy analysts said. Analysts said the cap will have little immediate impact on the oil revenues that Moscow is currently earning. "I really think that the U.S. Treasury's main objective was to defuse the EU embargo," on Russia's oil exports, Cahill said. The official said the price cap is "institutionalizing" current market discounts, arguing that the price cap created them. The $60 price cap level was agreed on Friday after fierce debate.

Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). read moreThe news caused oil and stock markets to pare gains. The data challenges hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID curbs over the weekend.

☆ U.S. crude turns positive, Brent pares losses on output on OPEC+ rumors
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil turns positive in output rumours ahead of OPEC+ meeting
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

☆ Oil falls to near year's lows on China demand worries
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

ET (1548 GMT), having slumped more than 3% to $80.61 earlier in the session for its lowest since Jan. 4. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil prices erase 2022 gains as China's protests spark demand worries
▼ + stars: | 2022-11-28 | by ( Noah Browning | Huw Jones | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, to $73.97 after touching its lowest since Dec. 22 last year at $73.60. Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

Russia has said it will not sell oil to countries that endorse the price cap. A G7 plan to take effect on Dec. 5 will allow the shipping industry to help export Russian oil but only at a set price - the price cap. That would leave a shortfall of 110 tankers should Moscow seek to fully skirt the price cap, Gromov added. POOLING RESOURCES WITH BUYER COUNTRIESRussia may seek to bypass the restrictions by pooling its shipping resources with those of top buyer countries that have yet to endorse the G7 price cap. Between 1 million and 2 million bpd of Russian crude and refined products exports could be shut in, a U.S. Treasury official said.

☆ Factbox: U.S. offers new details on plan to cap Russian oil prices
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +3 min

Crucially, though, the guidance does not yet state what the price cap will be, something that the United States is still hashing out with its partners. Here are key points from the latest guidance:START AND STOP"While shipping and insurance are covered services, these costs are distinct from the price cap on Russian oil," the guidance stated. Any oil purchased or docked after those times, however, will need to adhere to the price cap. In addition, the price cap only applies to the first "landed" sale outside of Russia, meaning the first point at which the cargo comes ashore. They include trading and commodities brokers, and companies involved in financing, shipping, insurance, flagging, and customs brokering.

☆ Oil rebounds from early plunge after Saudis deny OPEC+ output report
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January settled at $87.45, shedding 17 cents. U.S. West Texas Intermediate (WTI) crude futures for December settled at $79.73 a barrel, falling 35 cents ahead of the contract's expiry later on Monday. Oil then retraced its losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil prices rebound from early dive as reports vary on OPEC+ output
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January fell 77 cents, or 0.9%, to $86.85 a barrel by 12:54 p.m. EST (1754 GMT) . U.S. West Texas Intermediate (WTI) crude futures for December were down 58 cents, or 0.7%, at $79.50 ahead of the contract's expiry later on Monday. Oil retraced most losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Russian oil output to fall 1.4 mln bpd next year as EU ban takes effect - IEA
▼ + stars: | 2022-11-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Companies S-Energy Co Ltd FollowLONDON, Nov 15 (Reuters) - Russian oil output is set to fall 1.4 million barrels per day(bpd) next year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday. "The approaching EU embargoes on Russian crude and oil product imports and a ban on maritime services will add further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets," the IEA said. The EU will ban Russian crude imports from Dec. 5 and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world's top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. But the agency did increase slightly its forecast for Chinese demand growth for next year by 100,000 bpd to 15.7 million bpd.

☆ The US is sending 40 more boats to join Ukraine's growing 'river navy'
▼ + stars: | 2022-11-13 | by ( Peter Suciu | ) www.businessinsider.com time to read: +5 min

The US is sending Ukraine more riverine patrol boats in an aid package announced this month. The 40 boats in the latest package will join the 18 boats that the US supplied to Kyiv in June. The aid assistance package hasn't detailed the type of riverine boats that will be sent, but six from the previous batch were made by Louisiana-based Metal Shark. Those are now reportedly operating in the Black Sea. Ukraine defiantThe US supplied 10 34-foot Dauntless Sea Ark patrol boats, like those seen above, to Ukraine in June.

CIA officer Johnny "Mike" Spann. Tyson tried to come to his aid after hearing Spann call his first name, and found four men on top of Spann, Tyson said. “But when it mattered, he ran towards his comrade — Mike Spann. Having already lost her husband to the war, Spann said the chaotic U.S. exit from Afghanistan and its aftermath have been incredibly painful to watch. Nutsch is part of the group now working to help former Afghan allies escape the Taliban.

The Group of Seven (G7), which includes the United States, Britain, Germany and France, agreed in September to enforce a low price on sales of Russian oil. And with just three weeks to go, time is running out to fully convince the shipping services industry it will work. Concerns are centred around a scenario in which insurers discover that oil in transit at sea, which was believed to have been sold below the price cap, was in fact sold above it. The official spoke to Reuters on condition of anonymity because they are not authorized to speak about the matter. "This would be a bad development as no one will want uninsured ships sitting off coasts," he added.

☆ Why it's taken nearly 100 years to have jet packs
▼ + stars: | 2022-11-10 | by ( Daniel Gessner | ) www.businessinsider.com time to read: +6 min

So why has it taken so long to develop jet packs that can reach 1,200 feet and fly up to 10 minutes? Why has it taken almost a century for us to see real jet packs? Narrator: The arrival of small but powerful jet engines designed for model aircraft brought back an interest in the possibilities of jet packs. Less than 10 years later, companies like Gravity Industries have demonstrated what modern microturbine-powered jet packs are capable of. But it's not far-fetched to think that jet packs like Gravity's could be used for more than just recreation.

REUTERS/Wolfgang Rattay/PoolWASHINGTON/LONDON, Nov 3 (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," said a coalition source, who was not authorized to speak publicly. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Russia has said it will refuse to ship oil to countries that set price caps.

LONDON, Nov 1 (Reuters) - New G7 and European Union sanctions on Russian oil exports will have a muted impact on flows and global prices according to analysts polled by Reuters, as Russia is set to largely succeed in rerouting its trade eastward. Analysts at the Bank of Nova Scotia, however, saw oil export and production levels remaining relatively flat despite the sanctions. Up to 80-90% of Russian oil could still flow if Moscow seeks to flout the G7 price cap, a U.S. treasury official told Reuters last month, leaving 1-2 million bpd shut in. "The implementation of Russian sanctions ... will remove 1.5 million bpd of supply from the market. "While we believe (the price cap) would be very difficult to implement, it would directionally raise the likelihood of more Russian oil staying on the market at any price."

☆ Oil falls on U.S. output gains, Chinese demand doubts
▼ + stars: | 2022-10-31 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude fell $2.41 to $85.49 a barrel, a 2.7% loss. Biden will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official said. The president has previously pushed oil companies to raise production rather than use profits for share buybacks and dividends. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. The Organization of the Petroleum Exporting Countries (OPEC) on Monday raised its forecast for medium and long-term oil demand and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

☆ Oil falls on China COVID curbs and weak factory data
▼ + stars: | 2022-10-31 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude was down $1.49, or 1.7%, at $86.41 after losing 1.3% on Friday. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Chinese cities are stepping up zero-COVID curbs as outbreaks widen, dampening hopes of a rebound in demand. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. China's crude oil imports for the first three quarters of the year fell 4.3% year on year for the first annual decline for the period since at least 2014.

☆ Energy crisis sparked by Ukraine war to speed up green transition -IEA
▼ + stars: | 2022-10-27 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

LONDON, Oct 27 (Reuters) - The drop in Russian fossil fuel exports after its Ukraine invasion this year will transform the global energy landscape for decades and can help to hasten a green energy transition, the International Energy Agency (IEA) said on Thursday. The IEA's report said the global energy crisis is causing profound and long-lasting changes that could hasten the transition to a more sustainable and secure energy system. "The energy world is shifting dramatically before our eyes. Short-term gaps created by the reduction in fossil fuel supplies from Russia will need to be plugged from elsewhere. The strongest candidates are projects with "short lead times" which rapidly bring oil and gas supplies to market without locking in dependency.

☆ Oil prices ease on Chinese demand data, stronger dollar
▼ + stars: | 2022-10-24 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com Register"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand. Ongoing strength in the U.S. dollar, which was up again for part of the trading session following another suspected foreign exchange intervention by Japan, also posed problems for oil prices. read more A stronger dollar makes oil more expensive for non-U.S. buyers. Oil prices regained some ground after data that showed U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand. "Such a release is likely to have only a modest influence (<$5/bbl) on oil prices", the bank said in a note.

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