Kazakhstan CPC Oil Exports Struggle After Tengiz Field Shutdown
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.The CPC terminal, which handles about 1.5% of global oil supply and 80% of Kazakhstan's crude exports…
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
Urals Freight Rates to India Rise Due to Bad Weather, War Risks
Freight rates for tankers to ship Urals crude from Russia’s western ports to India have risen this month, as bad weather made fewer vessels available, disrupted loading and unloading and the cost of insuring for war risks increased, industry sources told Reuters on Friday.Drones struck two oil tankers in the Black Sea on Tuesday, including one chartered by U.S.
Oil Prices Surge Ahead of Possible Iranian Supply Disruptions
Oil prices surged by about 3% on Tuesday as the prospect of disruptions to Iranian crude exports overshadowed possible increased supply from Venezuela.Brent futures LCOc1 jumped $1.88, or 2.9%, to $65.75 a barrel by 11:07 a.m. EST (1607 GMT), hovering around a three-month high. U.S. West Texas Intermediate crude CLc1 climbed $1.79…
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S.
Oil Prices Rise as US Continues Tanker Interceptions Offshore Venezuela
Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S.
OPEC data show that Russian oil production increased in November.
OPEC data on Thursday showed that Russian oil production increased in November by 10,000 barrels per day, up from October. This was after the OPEC+ group agreed to a moderate increase in output quotas. OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and some smaller producers) has increased their?oil production targets by over 2.7 million bpd in this?year.
Romania extends OMV Petrom Permits; Onshore royalty tax will jump
The coalition government of Romania announced on Wednesday that it had extended exploration and production licenses for energy group OMV "Petrom" (and agreed to increase its onshore royalties by approximately 40%). OMV Petrom is a majority-owned company by Austrian OMV. It supplies a third of Romanian gas, fuels, and electricity.
Kazakhstan to Divert Kashagan Oil to China After Ukraine Drone Attack
Kazakhstan said on Wednesday it would redirect some oil from its Kashagan field to China and other routes after a Ukrainian drone attack last month on the Caspian Pipeline Consortium's Black Sea terminal in Russia.The decision was announced by the energy ministry after Reuters reported earlier this week that Kazakhstan plans…
Kazakhstan to Directly Supply Kashagan Oil to China Due to CPC Damage
Kazakhstan plans to supply 50,000 metric tons of crude to China directly from the vast Kashagan field in December for the first time after a Ukrainian drone damaged the Black Sea terminal of the Caspian Pipeline Consortium (CPC), two sources told Reuters.The CPC, which accounts for 1% of global crude supply and includes Russian, Kazakh and U.S.
Romania adopts decree to control Lukoil local assets
The coalition government in Romania approved a decret on Tuesday that allows it to control the assets local of companies subject to international sanctions such as Russia's Lukoil. Lukoil operates 320 petrol stations across Romania. It is the third largest refinery in the country and has offshore exploration rights for a part of the Black Sea. For weeks, the refinery has been closed for maintenance.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals.
Palmettos end higher due to Indonesian output risks and a softer ringgit
Malaysian palm futures closed slightly higher for the third session in a row on Monday, thanks to a weaker ringgit as well as bullish predictions from industry analysts. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 6 ringgit or 0.14% to 4,151 Ringgit ($1,000.72). A Kuala Lumpur…
Palm extends its gains as it faces Indonesian output risks and a softer ringgit
Malaysian palm futures rose for the third consecutive session on Monday, thanks to a weaker ringgit as well as bullish predictions from industry analysts. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 13 ringgit or 0.31% to 4,158 Ringgit ($1,002.89) per metric ton. A Kuala…
VEGOILS-Palm ends four-week losing streak amid weak demand, elevated stocks
Malaysian palm-oil futures ended Friday on a high note, ending a four week decline despite concerns about a weak demand for November and higher inventories. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery remained at 4,125 Ringgit ($976.56) per metric ton. The contract increased by 0.39% in the past week.
Palmetto set to decline for fifth week on weak November demand and elevated stocks
Malaysian palm futures fell on Friday. The market is now poised to experience a fifth consecutive weekly decline due to the weak demand for palm oil in November. A stronger ringgit, along with the expectation of higher inventories, are all contributing factors. By midday, the benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange had lost 22 ringgit or 0.53% to 4…
Lukoil's drilling plans in the Black Sea of Romania are stymied by sanctions
Vantage Drilling, a company listed in Oslo, has cancelled a contract for drilling next year. Two industry sources said on Wednesday that the contract was with Russian oil major Lukoil to explore its Romanian Black Sea Trident discovery. This cancellation comes just days after the company declared force majeure on its Iraqi oilfield, the company's prized asset abroad.
The Black Sea Infrastructure is at risk, according to the Romanian National Defence Strategy
A draft national defence strategy released on Wednesday said that Romania must strengthen its ties with allies along the Black Sea to protect energy projects, which will make Romania the largest gas producer of the European Union in 2027. In the past two years, the EU and NATO member state has been repeatedly violated by Russian drones.
US sanctions threaten to disrupt Lukoil's international assets
The sale of Lukoil's overseas assets to Swiss commodity traders Gunvor has been blocked by Washington, which is a result of U.S. sanctions. Lukoil has a global footprint that includes upstream oil and natural gas projects, refineries, and fuel distribution networks in Europe, Central Asia and the Middle East. The company produces a half-million barrels of crude oil per day…
Urals Crude Differentials Steady; Russia Ships Oil to New Georgia Refinery
Urals crude differentials were steady again on Tuesday, while Russia has supplied a first oil cargo to the newly built Kulevi oil refinery in Georgia this month, according to LSEG ship-tracking data and industry sources.According to LSEG and a trader, the tanker Kayseri delivered 105,340 metric tons of Siberian Light oil grade from the Russian Black Sea port of Novorossiisk to the Kulevi Oil Terminal o