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.
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 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin.
TASS: Gazprom is working on a new gas contract with Serbia.
The Kremlin's energy giant Gazprom has been working on a gas supply contract for Serbia, according to TASS. Alexander Novak, Russia's Deputy Premier was quoted as saying this on Monday. Serbia, which has historically had close ties with Moscow, but aspires also to join the European Union is heavily dependent on Russia for its natural gas. It has been trying to renew the contract that expired in March.
Romania: OMV Petrom signs a three-year gas supply contract with Moldova
Romanian oil-and-gas group OMV Petrom signed a contract for three years to deliver gas to Moldova from the Black Sea offshore Neptun Deep project, Romania's Energy Ministry announced on Wednesday. Neptun Deep, a joint venture between OMV Petrom, the Romanian state-owned Romgaz and OMV Petrom, is estimated to contain 100 billion…
Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as part of their Neptun Deep Project. The company stated that drilling for the first ten wells began in March. It is expected to take between two and three months. Neptun Deep is a project that OMV Romania's Romanian subsidiary OMV Petrom…
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun…
OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim
Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production. Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia.
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022. It has sought to diversify and find cheaper gas sources.
TurkStream gas pipeline may slow down EU-Russia decoupling
May 7 - While the European Commission has announced a revised plan to wean Europe off Russian energy completely by 2027, some parts of Europe have taken the opposite approach. The TurkStream pipeline is not only still operating, but has expanded its gas supply. Since the beginning of the conflict in Ukraine, Russian gas exports have dropped dramatically.
Trump tariffs are set to worsen the woes in the petchems industry
Industry officials and analysts warned that the new U.S. import duties will further reduce demand for global producers of petrochemicals and increase capacity cuts in a sector plagued with low margins. The tariffs announced on Wednesday by President Donald Trump are expected to increase prices for electronic goods, appliances, and packaging.