OIL EMBARGO
India and China top buyers of Russian fuel oil in May, LSEG data shows
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
China, India top buyers of Russian seaborne fuel oil, VGO in Feb, LSEG data shows
In February, China and India remained primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports, as they sought alternatives to crude oil. Russia redirected most of its fuel oil and VGO to Asia following the EU's oil embargo. Seaborne exports to India and China increased, while shipments to Turkey declined.
Russia can fight on in Ukraine for at least two years, Lithuania says
Lithuanian intelligence agencies warn that high oil prices, sanctions evasion, and state investment have given Russia resources to continue fighting in Ukraine for at least two more years. Russia has a battle-torn army, expanding military capabilities, and a focus on evading sanctions.
Oil stocks fall up to 8% on crude price uptick. IOC dragged most
Both IOC and HPCL have given multibagger returns of 128% and 116%, respectively over the past 12 months while returns by BPCL have been to the tune of 80% during this period.
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BPCL avoiding Russian Sokol crude oil purchases due to payment issues: Source
Urals oil, Russia's flagship export blend loaded from its western ports, is mostly supplied to Asia due to a European Union embargo on Russian oil, with India becoming its top buyer for seaborne oil. Meanwhile, there have been no disruptions in BPCL receiving Russian crude due to the Red Sea crisis and the company will buy crude from any source as long as it is financially viable, head of refineries Sanjay Khanna said on the sidelines of the India Energy Week event in Goa.
Goa to get energetic
Amid the tussle with producers in the past few years, what worked for consuming countries was the massive release of emergency crude stock, mainly by the US, which partly offset the price impact from Opec supply cuts. With a small emergency reserve, India's support was primarily moral. The lesson is that a sizeable strategic reserve is critical to influencing the global market.
Good job keeping a lid on crude prices
India's self-interest in securing energy has, in no means, added to international tension. Which is why New Delhi has got its viewpoint across so tellingly. There could just be a new way for future energy contracts to be drawn up.
Russia exports almost all its oil to China and India - Novak
"As for those restrictions and embargoes on supplies to Europe and the U.S. that were introduced... this only accelerated the process of reorienting our energy flows," Novak said.
What are OPEC and OPEC+ and how do they affect your oil bills?
OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now, it includes 13 countries, which are mainly from Middle East and Africa. They produce around 30% of the world's oil.
World Bank sees oil lower in 2024, but wider Middle East war could spike them
The World Bank's latest Commodity Markets Outlook report noted that oil prices have risen only about 6% since the start of the Israel-Hamas war, while prices of agricultural commodities, most metals and other commodities "have barely budged."
Oil and gas markets eye risk of war escalation
The biggest risk to crude prices after the invasion remains any escalation to other regional powers. The Middle East supplies about a third of the world's oil and Iran, which backs Hamas and other regional militant groups, said over the weekend that the incursion "may force everyone to take action."
We are at the foothills of a multi-year boom cycle in oil prices: Robert McNally, Founder & President, Rapidan Energy
Robert McNelly has seen conflicts from up close. He was the former senior energy advisor on both the National Economic Council as well as the National Security Council of George Bush Junior’s White House administration and between 2001-09, Robert was part of the US government that saw the 9/11 attacks on the Twin Towers, which eventually led to the 2nd Gulf War.
Gaza has oil markets on edge. That could build more urgency to shift to renewables, IEA head says
Tensions in the Middle East, coupled with the energy crisis and geopolitical uncertainties, could accelerate the transition towards renewable energy sources, according to the International Energy Agency (IEA). The head of the IEA, Fatih Birol, stated that the recent conflict in Gaza and the supply disruptions caused by Russia's invasion of Ukraine highlight the risks associated with relying on oil and gas.
Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease
Brent futures for December fell 74 cents to $90.76 a barrel. U.S. West Texas Intermediate (WTI) futures for November, which expires on Friday, dropped 57 cents to trade at $87.75 per barrel. The more active December WTI was down 51 cents to $86.76 a barrel at 0047 GMT.
Oil up about 2% on big US crude storage draw, Middle East tension
Oil prices rose by about 2% to a two-week high due to a larger-than-expected drawdown in US storage and escalating tensions in the Middle East. The US Energy Information Administration reported that energy firms pulled 4.5 million barrels of crude from stockpiles, exceeding analysts' forecasts.
What impact will the Israel-Hamas conflict have on oil? Here's everything explained
Analysts and industry insiders, who had expected a stronger rally, acknowledged that the situation differed from the 1973 oil crisis when Saudi Arabia spearheaded an embargo targeted at nations that had supported Israel during the Yom Kippur War, causing prices to skyrocket.
As Israel war rages, oil traders are focused on Iran
Oil traders are closely watching the conflict between Israel and Hamas, with concerns over its potential impact on oil supply and prices. While there is no immediate threat to supply, attention is focused on Iran, a major oil producer and backer of Hamas. A retaliatory strike against Iran or any disruption in the Strait of Hormuz would significantly affect the market.
The US sanctions squeezing Iran leaders, oil and trade
Iran stands as one of the world's most heavily sanctioned nations, with the United States imposing a comprehensive array of measures on the Islamic republic since the Iran hostage crisis that unfolded from 1979 to 1981. The following outlines the primary categories of sanctions currently enforced.
View: China may get caught in an oil-price crossfire
The battle between authoritarian states and democracies in the new Cold War is centered around petroleum as a weapon. However, higher oil prices caused by output cuts by Russia and Saudi Arabia may backfire on them. China, the largest source of additional oil demand, is at a crucial moment in its energy transition and its gasoline demand is expected to peak this year. Every dollar added to the oil price will lead to a faster drop in long-term demand from their most important market, including India.
India continues as top buyer of Russian Urals oil in August despite price hikes
Russia's high dependence on India as its main oil buyer is a rising concern for its oil companies this month, as an expected rise in loadings from Primorsk, Ust-Luga and Novorossiysk port in September coincides with a decrease in demand in India amid seasonal maintenance.
Oil edges lower ahead of Fed meeting
Oil prices declined due to concerns about China's fuel demand growth and increased crude supply from Russia while investors wait for the Federal Reserve meeting. Brent crude futures fell by 0.4% to $74.50 per barrel while West Texas Intermediate crude was at $69.93 per barrel, down by 0.3%. The disappointing economic data from China raised concerns about demand growth from the largest crude importer, offsetting a boost in prices from Saudi Arabia cutting an additional 1 million barrels per day from production in July.
Russia is feeling the pain of Europe’s oil embargo
The US Administration feared that EU sanctions on Russia’s seaborne crude, which came into effect on Monday, would send prices soaring. The particular worry was a ban on the provision of ships and services like insurance and financing for Russian cargoes moving anywhere in the world.
Many market uncertainties ahead of Russian crude, products embargoes: Saudi Aramco CEO Amin Nasser
Nasser also told the Future Investment Initiative (FII) conference in Riyadh that market realignments were taking place with discounts being offered by Russia.
European Union wrestles with Russia oil embargo as leaders gather
Ukrainian President Volodymyr Zelenskyy, who will address the 27 heads of state and government by videoconference in the evening, has repeatedly demanded that the EU target Russia's lucrative energy sector and deprive Moscow of billions of dollars each day in supply payments.
Oil falls on uncertainty over Russian energy embargo by EU
Oil edged lower in early Asian trade on Wednesday, sustaining the previous session's weakness that was caused by risks to demand from an economic recession and on uncertainty about an embargo on Russian oil by the European Union.
Hungary says rejecting Russian oil embargo over energy security concerns
The EU is now preparing the sixth package of sanctions against Russia for its military operation in Ukraine. The oil embargo is reportedly among the anticipated measures, yet EU member states remain disparate about the ability of the bloc to substitute Russian supplies using alternative sources, considering EU heavy dependence on oil (24 per cent) and gas (39.2 per cent) from Russia.
EU foreign ministers consider new sanctions on Russia, some push for oil embargo
EU foreign and defence ministers meet on Monday to discuss imposing further sanctions on Moscow, especially whether to introduce an oil embargo.
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