Czechia Offers Limited Oil to Slovakia After Ukraine Pipeline Attack
The Czech Republic is offering small volumes of oil to Slovakia through an eastward flow of the Druzhba pipeline after westward flows from Ukraine were stopped after an attack on the pipeline last month, Czech Economy Minister Karel Havlicek said on Tuesday.The Czechs stopped using Russian supplies via Druzhba last year after expanding an alternative route, and have mentioned reversing the flow of the Czech section of the pipeline to Slovakia as a theoretical possibility.Havlicek told Reuters a "certain small amount" could b
EU: Hungary, Slovakia to See No Short-Term Oil Supply Risk
The European Commission sees no short-term risk to the security of oil supplies in Hungary or Slovakia following the disruption of Russian oil flows via Ukraine because both EU countries have ample emergency stocks, a Commission spokesperson said on Tuesday.Slovakia's government also said its domestic fuel supply was not under threat, alleviating fears of an immediate fuel crunch after Kyiv's foreign ministry last week said…
Hungary, Slovakia Turn to Croatia to Secure Russian Oil
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was responsible for the halt in flows to Eastern Europe since January 27.Ukrainian Foreign Minister Andrii Sybiha posted a photo on X of firefighters and what he said was Druzhba pipeline infrastructure burning…
Trafigura Ships First Venezuelan Oil to Europe in Almost Two Years
Trader Trafigura has moved the first shipment of Venezuelan fuel oil to Europe in nearly two years, two trading sources and data seen by Reuters showed.The Aframax tanker Seawish loaded about half a million barrels of high-sulphur fuel oil at Amuay in Venezuela in late January and is due to arrive in Rotterdam, Europe's main fuel oil hub, in mid-February, according to Kpler data and PDVSA's export schedule.The cargo would mark the first arrival of Venezuelan fuel oil to Europe since April 2024, Kpler data showed.Reuters cont
Russian Urals Oil Trades at Close to Widest Discounts Since 2022
Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said.Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports, a $3-5 per barrel increase from estimates for cargoes loading in the autumn months last year and close to the widest discount on record, the two sources said.Late in 2025 the U.S.
OPEC Oil Output Falls in December After Low Supply From Iran, Venezuela
OPEC's oil output fell in December due to lower supply from Iran and Venezuela, which offset an OPEC+ agreement to raise production for the month, a Reuters survey found on Friday.The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, down 100,000 bpd from November's revised total, the survey showed, with Iran posting the largest decline.OPEC+, comprising OPEC and allies including Russia, has slowed the pace of its monthly output increases amid concerns of a supply glut.
Chinese Companies Shy Away From Russian Oil
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said.Russian oil supplies to top buyers India and China fell sharply following the January 10 sanctions by the former Biden administration targeting Russian producers Gazprom Neft and Surgutneftegaz…
India Defends Propping Up Russian Oil - Prices "would have hit the roof"
Global oil prices "would have hit the roof" if big importer India had not bought oil from Russia following the Ukraine war, India's oil minister said, adding that prices would determine where the country buys oil from.India, the world's third largest oil importer and consumer, has become the top buyer of discounted Russian sea-borne oil shunned by Western countries since Ukraine's invasion began in early 2022. Before that…
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand
OPEC+ has two problems and two solutions.The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia.The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth.The first solution is for OPEC+ to surprise…
Nigeria Seeking Operators for State-owned Oil Refineries
Nigeria's state-owned NNPC Ltd oil company said it has started the tender process for the operation of the Warri and Kaduna refineries, which are scheduled to begin processing crude this year.The oil refineries, which are being upgraded after being shut for several years, have the capacity to process 125,000 barrels per day (bpd) and 110,000 bpd, respectively.Nigeria, which is Africa's biggest oil producer, is seeking operators…
Demand Concerns Drive Oil Prices Down
Oil prices edged lower for a fifth session on Thursday as investors worried about the global demand outlook, however a decline in U.S. fuel inventories limited declines.Brent crude futures LCOc1 slipped 2 cents to $76.03 a barrel, while U.S. West Texas Intermediate crude CLc1 futures fell 13 cents to trade at $71.80 at 0840 GMT.Prices have plunged amid a report on Wednesday of revised employment statistics in the U.S., the world's biggest oil consumer…
Bangladesh Puts to use China-built Crude Oil Offloading Facility
Bangladesh started in recent days a large crude oil receiving and offloading facility built by China that allows the south Asian oil importer to significantly reduce the cost of shipping in crude oil.The single-point mooring facility at Chattogram port last Sunday offloaded 82,000 tons (about 600,000 barrels) of crude oil from a 100,000-ton tanker, said an official with state-run Bangladesh Petroleum Corp (BPC).The project is majority-funded by the Chinese government and build by a unit of Chinese state oil major CNPC, said
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S. energy companies have been focused on regaining favor with investors…
MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil
Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO is leased on a 25-year time charter contract to the state-owned Brazilian energy company—one of MODEC's longest charters to date.The FPSO is the 16th FPSO/FSO vessel that MODEC has delivered to the Brazilian oil and gas sector. MODEC was responsible for its engineering…
Saudi Arabian Crude Oil Exports Fall 12%
“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration)…
China Banks "Massive Volume" of Crude in May
China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare, draw of 340,000 bpd in April.When assessing the state of China's oil market, it's common to focus on the level of imports and refinery throughput…
PetroVietnam Beats Q1 Crude Output Target
Vietnam's state oil firm PetroVietnam said on Monday its crude oil output was 2.6 million tonnes in the first quarter this year, 12.6% higher than its target.The figure, however, is lower than the company's crude oil output of 2.74 million tonnes in the same period last year. PetroVietnam, formally known as Vietnam Oil and Gas Group, reported natural gas output of 1.97 billion cubic metres in the January-March period, 17.6% higher than its target.
Valero Seeks US Approval to Import Venezuelan Oil
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition.
Finance: Investors Become Super-Bullish on Oil
Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020.China’s exit from a zero-COVID strategy, along with hopes the global economy can avoid a recession and low oil inventories, have contributed to an extraordinary wave of buying across the petroleum complex.Hedge funds and other money managers purchased the equivalent…
Saudi Arabia Remains China's Top Crude Supplier
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 million barrels per day (bpd), data from the General Administration of Customs…