North Asia

Two industry sources?said that the Russian Tuapse refinery, which exports a majority of its products, has ceased operations after a drone attack by Ukraine on April 16th. Ukraine increased its attacks on Russia's infrastructure, as the U.S., who had mediated peace talks with Russia to end the conflict, shifted its focus?to the war in Iran. The U.S. has also lowered some sanctions against Russian oil in order to help reduce the impact of the supply disruptions in the Gulf. According to Russian officials the 'attacks on 16 April and 20 April 'on the city of Tuapse, on the Black Sea...

The sporadic shipping through the Strait of Hormuz highlights the uncertainty that hangs over the world's most critical oil and natural gas chokepoint. One thing is certain: even if all the guns are silenced, it will take years to restore the flow of oil and gas through the Strait of Hormuz to its pre-war level. Iran announced on Saturday it would tighten control of the strait as a response to an?U.S. Blockade of Iranian tankers. Fired at several vessels. Warned?mariners about the closure. It was just hours after Tehran had announced a temporary "reopening" amid a 10-day ceasefire. Donald Trump,...

Russian officials said that a major Ukrainian drone strike on Russia's Black Sea Port of Tuapse caused a fire, and at least one person was killed. This comes just hours after the blaze?was extinguished in the aftermath of a similar attack?on April 16th. Tuapse, one of Russia's most important southern ports, is an oil export hub. It also handles dry bulk cargo, including coal and fertiliser. It is also home to the Rosneft-owned major oil refinery with the same name. Veniamin kondratiev said that Tuapse had been subjected to a'massive drone strike,' on the messaging app Telegram. "A fire broke...

The sporadic shipping through the Strait of Hormuz highlights the uncertainty that hangs over the world's critical oil and natural gas chokepoint. Even if the gunfire stops, it will take months and perhaps years for the flow of oil through the Strait of Hormuz to return to its pre-war level. Iran announced on Saturday it was tightening its control over the Strait as a response to the U.S. blocking of Iranian tankers. It fired at?several vessels, and warned mariners the strait had been closed. This was just hours after Tehran had announced that the strait would temporarily reopen following a...

Overnight, Russian local governors reported that Ukrainian drones had struck two industrial cities along the 'Volga River, as well as a port on the Baltic Sea near St Petersburg, which exports petroleum products. Governor Alexander Drozdenko announced that a fire was extinguished in the Vysotsk port, where a terminal operated by Lukoil handles the export of diesel fuel, vacuum gas oil, and naphtha. Vyacheslav Federischev, the governor of Samara region, confirmed that industrial targets were attacked in Syzran and Novokuibyshevsk. These cities are located around 1,800 kilometers (1,118 miles), to a southeast of Vysotsk. He didn't name the oil refineries,...

Two children are killed by a drone attack in Ukraine * Tuapse Port?hit by fragments of drone * Tuapse, a major port in southern Russia (details on the port's importance and fire at the port). MOSCOW, 16 April - Two children were killed and a fire was started by a major Ukrainian drone attack in the Black Sea port Tuapse, according to Russian officials and media. Tuapse, one of Russia's southernmost ports, is a major oil export hub and handles bulk dry cargo like coal and fertiliser. It is also home of a major oil refinery with the same name,...

According to calculations, the discount for Russian Urals Oil on a FOB Basis for cargoes that?load from the Baltic Port of Primorsk in the month of April?was reduced to $15-$17 a barrel against dated Brent, from $24-$27 a barrel?in the second?half?of March. This was due to falling freight rates which reduced the?costs to Russian sellers. LSEG data show that the urals price in Russian ports has remained at a 12-year high of $100 per barrel. This is due to strong Brent prices and a combination of softer freight rates, firmer premiums, and strong premiums, which are boosting Russian producers' revenues....

According to LSEG and industry sources, Russia is likely to 'raise its export duties on liquefied petroleum gases in May - by about 25 times compared to april. Export duty on a propane-butane mixture is currently $5.2 per ton. The levy has been reinstated for the month of April, after being?zero between June 2025 to March 2026 due to?weak prices. Sources said that the export 'duty' on a mix of butane and iobutane could be as high as $119 per tonne in May. Since the U.S. - Israel war with?Iran began in late February, LPG exports have plummeted from the...

Russian drones attacked Ukraine’s Izmail port in southern Odesa overnight, damaging a civilian Panama flagged?vessel. Ukrainian?officials? said? on Tuesday. Oleksiy Kulba, Ukraine's Vice Prime Minister, said that several strikes had been recorded in the port area. He added that different infrastructure elements and equipment have also been damaged. Kuleba, a Telegram user, said that the enemy was "once again" deliberately targeting critical infrastructure and logistical facilities in the Odesa region. He said that one of the strikes caused a fire which was quickly put out. Ukrainian Sea Ports Authority stated that the port continues to operate. Oleh 'Kiper, Regional Governor...

Data from industry sources show that despite the disruptions caused by drone attacks on key ports in March, Russia's seaborne product exports rose 0.9% compared to February. Drone strikes in late March on the Baltic ports Primorsk, Ust-Luga and the terminal infrastructure caused fires to fuel tanks and storage containers. Meanwhile, persistent storms and further drone strikes forced the port of Novorossiysk at the Black Sea to halt loadings early last month. The traders claimed that a ban on the entry of non-ice class tankers into Russian Baltic ports impacted vessel availability and hampered loadings last month. Data from industry...

Two sources familiar with port operations said that Russia's Black Sea Port?of Novorossiysk?partially resumed oil and fuel loadings? from its Sheskharis Terminal?later?on Thursday? after this week's suspension due to a drone strike. Sheskharis, Russia's largest oil terminal with a capacity to load 700,000 barrels of crude oil per day, suspended oil loadings Monday following a Ukrainian drone attack that started fires in a fuel terminal and at some berths. Oil tanker loading resumed on one berth and only a single cargo of about 80,000 tons is expected to leave Friday. After the strikes, the oil loading schedule would?be trimmed?and it...

Three sources familiar with this matter have confirmed that the Ust-Luga Port has resumed oil exports, despite ongoing drone strikes. LSEG data?showed. According to LSEG and sources, the vessel 'Jewel' left Ust-Luga with 700,000 barrels on board. Loadings had been halted for almost two weeks. The Baltic port is capable of loading up to 700,000 barrels a day. Ust-Luga oil loadings were halted on 25 March after a heavy?drone attack from Ukraine?damaged the port. The attacks have continued during the suspension. Sources said that the Jewel began loading oil at the weekend, but it did not depart immediately due to...

According to economists and government officials, Kyiv could need additional money this year to meet its military needs. Ukraine's budget projects a huge deficit of 1.9 trillion hryvnias (43 billion dollars) by 2026, which is around a fifth of its economic output. However, economists claim that this figure significantly underestimates the costs of the?war against Russia. Maksym Samoiliuk, an economist at Kyiv's Centre for Economic Strategy (a?think tank), said that military spending will be assessed more realistically now that the delayed loan has been approved. This is because factors like a pay increase for military personnel expected this summer can...

Three trading sources have told? that spot premiums for Russia’s Far East ESPO blend crude oil delivered to China in Junehave eased due to weak refining margins. Sources said that ESPO Blend cargoes for June delivery were trading at $5 - $6 per barrel over ICE Brent, on a delivered basis, into Chinese ports. This compares to premiums of $8 per barrel in May. The premiums are dependent on the supplier and shipment conditions, but traders have noted a weaker demand. The drop in prices came despite a stronger global demand for Russian crude since early March, after the Iran...

The Economy Ministry of Slovakia announced that Slovakia began receiving crude oil via the Druzhba Pipeline early on Thursday. This confirmed the end of the outage, which lasted for months after a Russian attack on the pipeline, according to Ukraine. The Economy Ministry announced that at 2 am (0000 GMT), the reception of oil into Slovakia via the Druzhba pipe was resumed. Since the halt of Russian oil deliveries to Hungary and Slovakia, in January, the Druzhba?pipeline is one of Europe's most political pieces of?infrastructure. The oil flowing through the Ukrainian portion of the pipeline began on Wednesday. This prompted...

Two industry sources said that the Caspian Pipeline Consortium plans to export 1.8 million barrels of CPC Blend crude per day in May, up from 1.65 million barrels expected in April. This is because Kazakhstan will divert oil from Russia's Druzhba Pipeline Oil previously scheduled for Germany. Calculations show that May loadings will rise daily by?9% compared to April and reach a record for a number of months. Alexander Novak, Russia's deputy prime minister, said that from May 1, the Druzhba Pipeline will be diverted onto other routes. According to two sources, volumes rerouted out of?Druzhba are expected to enter...

Officials said that Russian oil began flowing through the Ukrainian portion of the Druzhba Pipeline on Wednesday, after a halt which lasted months. This allowed Hungary to lift its veto over a 90 billion euro ($105.79billion) EU loan, which Kyiv urgently needs. Since a Russian drone attack damaged the Druzhba pipe in western Ukraine, and stopped Russian oil delivery to Hungary and Slovakia, the Druzhba has become one the most political pieces of infrastructure across Europe. The Hungarian oil company MOL announced on Wednesday that Ukraine informed them that Russian crude deliveries had resumed via the pipeline. MOL said that...

After Hungary lifted its veto on Wednesday, EU ambassadors approved the disbursement a?90 billion euro ($106billion) loan to Ukraine, as well as a?new?package? of sanctions against Russia. A spokesperson for the Cypriot Presidency said that the 27 EU member states will now be expected to approve the deal on Thursday afternoon. Last year, the EU approved a loan that would keep Ukraine solvent through 2026 or 2027. Hungary refused to approve the loan because Viktor Orban, the Prime Minister of Hungary and a Russia-friendly politician, accused Ukraine of sabotaging Russian oil transit through a pipeline that was damaged by Russian...

In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks failed to progress. Here is a brief summary of the recent attacks and their impact. Two industry sources have confirmed that Rosneft’s Syzran refinery, owned by Rosneft, has suspended oil refining following drone attacks on 18 April which damaged processing equipment. The Syzran refinery can process around 170,000 barrels of oil per day, or 8.5 million tons per annum. According to industry sources, it processed 4.3 millions tons of crude oil in 2024 and produced 800,000 tonnes of gasoline, 1,5 million?tons diesel, and 700,000...

MOL, the oil group of Hungary, announced 'on Wednesday' that the Ukrainian operator of the Druzhba Pipeline has officially informed MOL that he is prepared to resume crude oil transports from Ukraine to Hungary and Slovakia. Hungary and Slovakia are no longer receiving Russian oil via Druzhba after a Russian drone attack damaged the pipeline west Ukraine. The Slovak and incoming?Hungarian prime ministers, Viktor Orban (who was ousted from office in elections on April 12) have accused Ukraine of delaying repairs. Kyiv denies this. Ukraine will resume pumping through the Druzhba Pipeline?on Tuesday?, according to an industry source. President Volodymyr...

The 'energy minister' of Kazakhstan said that no Kazakh oil would be flowing via the 'Russian Druzhba Pipeline' to Germany in 'May'. He said this disruption was likely caused by Ukrainian drone attacks. Erlan Akkenzhenov, Minister of Erlan's Erlan, said that Russia has informally informed Kazakhstan that they do not have the technical capability to ship Kazakh oil into Germany and that exports will resume "once the capacity is restored." He didn't provide any more specific details. He said that the transit of Kazakh oil would resume as soon as the technical feasibility issue was resolved. Most likely, it is...

The Druzhba pipeline, which pumps 'Russian oil into Europe, is ready to resume operations. Ukrainian President?Volodymyr... Zelenskiy?said this on Tuesday. This signals that Kyiv expects to receive a 90 billion-euro aid package. "Ukraine completed repair works on the section of the Druzhba Oil Pipeline that was damaged by a Russian strike. The pipeline is ready to resume operations," Zelenskiy told X. The suspension of the flows has prompted outrage in?Hungary, and Slovakia which are still dependent on Russian oil imports. In response, Hungary's incoming government threatened to reduce energy aid to Ukraine. Prime Minister Victor Orban then blocked the package...

In a 'Monday interview, Ukrainian President Volodymyr Zelenskiy stated that the Druzhba oil pipeline that carries 'Russian oil into a number of Eastern European countries will be restored to full operation by April. Zelenskiy said to a Ukrainian television interviewer that the system would be operational by April's end. It was not immediately clear when the interview had been recorded. Zelenskiy, earlier this month, cited the date of the end April as the?date for the pipeline operations to be resumed. Ukraine's state energy company Naftogaz declined to comment on the date when pipeline operations will resume. Peter Magyar, the winner...

Peter Magyar, the Hungarian winner of the election on Monday, called on Ukrainian President Volodymyr Zelenskiy to reopen damaged Druzhba Pipeline as soon as it becomes functional and for Russia to resume oil shipments via it. Hungary's outgoing Prime Minister Viktor Orban and Slovakia are in dispute with Ukraine regarding the suspension of Russian Oil Supplies over Ukrainian Territory through the Soviet-era Pipeline. Kyiv claims that the pipeline was closed due to an attack by Russia in late January. Magyar said at a press conference after the first meeting of the parliamentary group that if the Druzhba oil pipeline was...