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
Novorossiisk Reaches Max Export Capacity, Traders Struggle to Reroute Oil
Russia's Black Sea port of Novorossiisk has reached its maximum capacity to export, leaving traders struggling to reroute the crude oil it cannot refine domestically and that increased OPEC+ quotas allow it to produce, three market sources said.The Organization of the Petroleum Exporting Countries and allies, including Russia…
Russia to Partially Ban Diesel Exports Until Year-End Following Drone Attacks
Russia is set to introduce a partial ban on diesel exports until the end of the year to tackle shortages following a spate of Ukrainian drone attacks on Russian refineries but traders said they expected the measure to have little impact on fuel flows.Russia's restrictions will only be applied to exporters who do not produce…
Ukraine Strikes Two Russian Oil Distribution Facilities
Ukraine's military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight, Kyiv's general staff said on Tuesday.In Samara, the military hit a line production station that mixes Russian oil for its flagship Urals oil grade for export, the general staff said on Telegram.The pumping station…
Russia Revises Oil Exports from Ust-Luga, Novorossiisk Ports
Russia has increased its planned oil loadings from the Baltic port of Ust-Luga and the Black Sea port of Novorossiisk for September, following disruptions at its main western outlet, Primorsk, two sources familiar with the schedule told Reuters.The diversion of oil flows to less affected western ports may help Russia keep overall exports relatively stable despite infrastructure damage.
Kazakhstan Resumes Baku-Tbilisi-Ceyhan Pipeline Exports After Contamination Issues
Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz said on Wednesday.Supplies via the route were suspended last month amid contamination issues.The BTC pipeline, which runs through Georgia to Turkey, is used mainly to export oil from the Azeri, Chirag and Guneshli oilfields…
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The…
Russian Seaborne Diesel Exports Fall in August
Russia's seaborne diesel and gasoil exports fell 6% on the month in August to about 3.1 million metric tons as damage from Ukrainian drone strikes hit production, data from market sources and LSEG showed.Last month Ukraine intensified drone attacks on Russian oil facilities, targeting major refineries and oil depots mainly in southern and central Russia daily ahead of a meeting between U.S.
Grain trade choppy as US crop tour results are awaited
Chicago soybean and corn contracts were up and down Monday, as traders awaited results from this week's Pro Farmer crop tours in the U.S. Midwest. Wheat futures dipped on technical selling despite a rise in export demand. The tour will measure corn yields in seven U.S. States and assess soybean production potential, following forecasts last week by the U.S. Agriculture Department of a record U.S. crop.
Grain trade choppy as US crop tour results are awaited
Chicago soybean and corn contracts were up and down Monday, as traders awaited results from this week's Pro Farmer crop tours in the U.S. Midwest. Technical selling also pushed wheat futures lower, but a rise in export demand provided some support. The tour will measure corn yields in seven U.S. States and assess soybean production potential, following forecasts last week by the U.S.
GRAINS-Soybeans and corn drop on China demand concerns, US crop tour is awaited
Chicago soybean and corn contracts fell on Monday due to favorable weather conditions in the United States and low export demand, as tensions between China and the U.S. continued. The expectation of a large U.S. harvest has also led to a weakening in corn. At 1110 GMT, the most active soybeans on Chicago Board of Trade CBOT fell by 0.5% to $10.37-1/4 a bushel. Corn dropped 0.5% to $4.03 per bushel.
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains.
GRAINS-Chicago Wheat slips as harvest pressure begins; soybeans to gain weekly
Chicago wheat futures retreated on Friday following a rally to cover shorts before the holiday season in the U.S. as harvest pressure in Europe and Black Sea region looms. As of 0211 GMT the most-active contract for wheat fell 0.59%, to $5.87 per bushel. However, it remains close to a four-month-high and is expected to gain weekly.
Russian Urals Oil Prices Rise Above Western Price Cap
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes…
Orban, Orban: EU's plan to ban Russian imports of energy must be stopped
Viktor Orban, the Hungarian prime minister, told state radio that the European Union's plan of banning Russian energy imports should be stopped "by any means". EU executive announced earlier this month that the European Commission would propose next month legal measures to phase-out the EU's imports for all Russian gas, including liquefied gas, by the end 2027.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK.