North Asia

The Russian Urals crude differentials remained unchanged on Wednesday. Kazakhstan, however, diverted some oil from the Caspian pipeline consortium?pipeline?in December due to a decrease in the route’s capacity. Kaztransoil, the oil pipeline operator in Kazakhstan, announced on Wednesday that the country would divert certain volumes of oil from the Caspian Pipeline Consortium network damaged to other routes such as China. Kazakhstan will increase its oil supplies to Russia and the Baku, Tbilisi, Ceyhan pipeline by 58,000 tonnes this month as compared to initial plans. A source in the industry said that a drone strike by Ukraine on a Black Sea...

A Ukrainian official reported that Ukrainian drones disabled a tanker trading Russian oil on Wednesday as it sailed through Ukraine’s exclusive economic zone (EEZ) in the Black Sea towards the Russian port of Novorossiysk. This is the third drone attack in two weeks against vessels of Russia's "shadow fleet", which Kyiv claims are unregulated ships that help Moscow export large amounts of oil to fund its war?in Ukraine, despite Western sanctions. As the conflict in Ukraine spills over into sea lanes, insurers are reviewing policies daily. An official with the Security Service of Ukraine stated that the Dashan tanker had...

The government of Lithuania announced that on Tuesday, a?state of emergency was declared due to the threat to public safety posed by smuggled s?balloons from Belarus. Lithuania accuses Belarus of allowing smugglers use weather balloons for contraband cigarettes to be transported across the border. This has repeatedly forced Vilnius Airport to stop operations and disrupt air traffic. Vladislav Kondratovic, Interior Minister at a live-streamed government meeting, said: "The state of Emergency is declared not only because of civil aviation disruptions, but also due to national security interests." Kondratovic said that the declaration gives increased operational freedom to military forces, allowing...

Ukrzaliznytsia, the Ukrainian state railway company, said that a railway hub near Kyiv had been attacked by a Russian drone and a missile attack. The depot and rail carriages were damaged. Fastiv was not reported as a casualty in the attack that occurred overnight. In recent weeks, Russia has intensified attacks on Ukraine's infrastructure and energy sector. Power stations and rail hubs have been targeted. Ukrzaliznytsia announced on Telegram that it had to cancel a number of suburban trains in the northeastern Ukrainian city of Chernihiv and near the capital. The emergency services did not provide any further details, but...

Analyst Barva Invest stated on Friday that the constant Russian attacks have caused Ukraine's export terminals to reduce grain intake. This has a negative impact on trading. Ukraine is a major corn exporter in the world. It relies on Black Sea Ports near Odesa for 90% of its agricultural products, which are targeted by Russian drones and missiles almost every day. Some ports and terminals have limited the acceptance of goods due to Russian shelling. This has further slowed down the trading activity in the Ukrainian corn markets, which were already struggling with complicated logistics and a lack of supply,"...

Four sources reported on Friday that the ESPO blend crude cargoes from Russia, which loaded in Chinese ports in December, were sold at a discount between $5 and $6 per barrel compared to ICE Brent, marking the lowest differential in history. Discounts in China have widened due to a drop in demand, after state refiners stopped buying as a result of recent Western sanctions. Private players are also more cautious. Traders said that ESPO blend oil cargoes were being sold at discounts between $0.50 and $1 per barrel under ICE Brent, as recently as October. In October, the United States...

Five shipping and insurance sources reported on Thursday that the cost of war insurance for ships sailing into the Black Sea has increased again. Insurers are reviewing policies every day as the conflict in Ukraine spills over onto sea lanes. Black Sea is vital for shipping grain, oil and oil-based products. Bulgaria, Georgia and Romania, as well Russia and Ukraine, share its waters. Hakan Fidan, the Turkish Foreign Minister, said on Wednesday that recent attacks on Russian-linked tankers on the Black Sea threatened the safety and security of everyone in the region. Ships entering Russian or Ukrainian Black Sea terminals...

Sources said that the differential between Russian Urals crude and Brent dated was stable on Wednesday. Kazakhstan also rerouted some oil exports to other destinations than the Caspian Pipeline Consortium (CPC), which had been attacked by a drone over the weekend. Five industry sources have confirmed that Kazakhstan will divert additional crude oil through the Baku, Tbilisi, and Ceyhan pipelines in December, after the CPC, its main export route suffered damage following a drone attack by Ukraine. According to a source, Kazakh producers could add up to 140,000 tons KEBCO crude oil in December. Ukraine has struck the Druzhba pipeline...

The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with a cargo of sunflower oil, was attacked near the Turkish coast. However, its 13 crew members escaped unharmed. The vessel MIDVOLGA-2 reported being attacked 80 miles (130km) off the Turkish coastline but did not request assistance. It was heading towards the Sinop port in Turkey, according to the Maritime Affairs Directorate. NTV, a broadcaster in the United States, did not give any additional details but said that the attack was carried out by a kamikaze-style drone. When asked about the latest attack...

The Turkish maritime authority reported on Tuesday that a Russian-flagged oil tanker, sailing from Russia to Georgia with sunflower oil loaded aboard, was attacked near the Turkish coast. However, its 13 crew members were not injured. The Maritime Affairs Directorate reported that the vessel MIDVOLGA-2 had been attacked 80 miles (129 kilometers) off the Turkish coastline, but it did not request assistance. It was heading towards the Sinop port in Turkey. The report did not give any other details. Last Friday, Ukrainian drones targeted two tankers that were sanctioned in the Black Sea, as they approached a Russian port with...

The difference between Brent and Russian Urals crudes was unchanged in quiet trading on Monday, while the Caspian Pipeline Consortium (CPC), which is responsible for the oil loadings, said that the CPC has resumed oil loads after the drone attack at the weekend. The CPC, a consortium of Russian, Kazakh, and U.S. shareholders said that on Saturday, the attack had caused serious damage to Single-Point Mooring 2 (SPM2) at its Novorossiysk Terminal. SPM 1 has resumed oil loading, while SPM 2 is damaged and SPM 3 is idle for repairs since November 12. According to traders, one SPM is capable...

Data released on Monday showed that the cargo volumes handled by Russia's largest commercial employer, state-owned Russian Railways, continued to decline in November. Russian Railways released a statement saying that November cargo volumes fell by 1.5% on an annual basis to 94.2 millions tonnes. Volumes from January to November also dropped by 5.6%, to 1.021 billion tonnes. The Russian government is examining different options to support Russian Railways. It has accumulated a debt of 4 trillion roubles ($50,8 billion). The railway cargo volume, a key economic indicator of the strength of Russia's export economy, fell to its lowest level in...

Two industry sources reported on Thursday that oil exports by the Caspian Pipeline Consortium, which ships 'oil from Kazakhstan through a pipeline and then to a Russian Black Sea terminal, had declined 12% from October. CPC, the company that handles around 80% Kazakhstan's oil exports, was severely damaged by a Ukrainian drone in November. Since then, SPM-2 has been?damaged, and SPM-3 is under maintenance. Sources said that exports fell last month from 1.52 millions barrels per day to 5.088 metric tons or 1.34million barrels per day. CPC exports increased by 15% between January and November to 66.541 millions tons. CPC...

PCK, Germany's PCK, said Thursday that it was operating normally. It also stated that they were drawing from "internal stock" a day following a crude spillage in a pipeline feeding the re-finery via the port of Rostock. PCK reported that the incident occurred at a valve-station near Gramzow. There were no injuries or dangers for residents in the area. There are no immediate effects on the refinery's operations. PCK has enough stocks to cover short-term interruptions in supply," said a PCK spokesperson. According to the current information, "there is no damage in the pipeline." A restart can therefore be planned...

The 'International Energy Agency' said that Russia's revenue from crude oil and refined product exports fell again in November due to lower export volume and weaker prices, reaching their lowest level since the 2022 invasion of Ukraine. The Russian energy industry, which is vital to the country's economy, is being put under pressure by an increase in drone attacks on oil refineries. Washington increased its pressure against the Kremlin by introducing sanctions in October, targeting Russia's two largest oil companies, Rosneft & Lukoil. The IEA, based in Paris, said that Russia's revenue from crude oil and fuel sales dropped to...

Kazakhstan announced on Thursday it would be reducing its '2026 oil production plan due to maintenance expected at major 'oilfields. The Kremlin and Kazakhstan have condemned the attack on CPC's facilities in the last month. "Obviously, there will be three large-scale repairs - plans will be adjusted," Energy minister Yerlan AKkenzhenov stated about Kazakhstan's plans to produce oil in 2026. He also said that plans for this year remain unchanged. Kazakhstan is home to three major oil fields, Tengiz Karachaganak, and Kashagan. These are operated by major international oil companies. CPC, which includes Russian, Kazakh, and U.S. shareholders and accounts...

Shipping data shows that Washington could punish more than 30 U.S. sanctioned oil vessels doing business in Venezuela after the Coast Guard confiscated a supertanker transporting Venezuelan crude to be exported. The President Donald Trump announced the seizure on Wednesday. It was the first time that an oil "cargo" from Venezuela had been seized. Venezuela has been subject to U.S. sanctions against it since 2019. This is also the first action taken by the Trump administration since he ordered the massive military buildup of the region. Shipping sources say that the U.S. actions, in which Trump intensifies pressure on Venezuelan...

According to a Chinese researcher, the proposed pipeline that would transport gas from Siberia to China will require "a lot of work, many jobs and lots of negotiations." Moscow has been pushing Beijing hard in recent years to reach a 'deal' for the construction of the Power of Siberia 2 pipeline. In September, during the visit of President Vladimir Putin to China, the "legally-binding memorandum" was revealed. Beijing has not made many public comments about the deal. Lu Ruquan said that the International Energy Executive Forum, 2025, was the first time he had heard of a project of this magnitude,...

SOCAR, Azerbaijan’s state energy company, and MVM ONEnergy of Hungary have?signed a natural gas supply contract?that takes effect on 'January '1, 2026. Azerbaijani gas is gaining in importance since the collapse of Russian gas exports to Europe following Moscow's invasion of Ukraine in February 2022, and subsequent Western sanctions. SOCAR stated that the new agreement was based on the old contract. SOCAR signed an agreement with MVM CEEnergy in June 2023 for a?supply? of 100 million cubic meters?of natural gas. Deliveries will begin in April 2024. A source familiar with the deal said that Azerbaijan would export around the same...

Shell is looking to dissolve its joint venture with Rosneft in Russia, which allows the London-listed company to hold a part of its stake in Caspian Pipeline Consortium. A source who has direct knowledge about the matter confirmed this on Wednesday. In October, the United States imposed sanctions against?Rosneft over Russia's involvement in the?Ukraine war. On 'Monday, Russian President Vladimir Putin released a decree clearing potential deals with Rosneft's and Shell’s joint-venture stakes in CPC which exports oil mostly from Kazakhstan. Shell owns a total of 7.4% of the?CPC through three entities. One of these is the Rosneft/Shell Caspian Ventures...

The energy ministry reported that the power was out in the Ukrainian capital Kyiv for about half of the residents on Tuesday after the latest Russian attacks on the country's electricity system. The situation in Kyiv is one of the worst - at the moment, 50%?of the consumers in the capital do not have electricity,"?the ministry stated on Telegram. In recent months, Russia has increased the number of attacks and intensity on Ukrainian energy and gas infrastructure. This includes both power generation facilities and transmission systems. Ukraine has three nuclear power stations that produce more than half of its electricity....

Two sources have confirmed that Kazakhstan will supply 50,000 tons of crude oil to China in December, the first time the country has done so. This is after an Ukrainian drone destroyed the Black Sea terminal for the Caspian Pipeline Consortium. CPC, which is a 1% share of the global crude oil supply, and has shareholders from Russia, Kazakhstan and the United States, had to cut exports after a critical part of their loading infrastructure, a single-point-mooring (SPM), was damaged. CPC uses only one of the three SPMs at this time, SPM-1. SPM-2 is severely damaged, and SPM-3 undergoes planned...

Two industry sources said that Kazakhstan's Caspian Pipeline Consortium will not be able to return to full capacity until December 11, after an Ukrainian drone attack damaged part of the terminal. A drone attack by the Ukrainian navy on Nov. 29 damaged the CPC terminal which is responsible for around 80% Kazakhstan's oil exports. This caused global oil prices to rise over $1 per barrel. The CPC, which is made up of Russian, Kazakh, and U.S. shareholders said that the attack temporarily halted operations due to serious damage to Single Point Mooring (SPM), which is a floating buoy used to...

The International Atomic Energy Agency reported on Saturday that Ukraine's Zaporizhzhia Nuclear Power Plant temporarily lost all of its off-site electricity overnight. It cited Director General Rafael Mariano Grossi. Since March 2022 when Russian forces seized much of the southeast Ukraine, this nuclear plant - Europe's biggest - has been under Russian authority. The plant is currently not producing electricity, but it relies on external power in order to keep the material cool and prevent a meltdown. IAEA reported that the plant had been reconnected after a 30-minute outage to a power line of 330 kilovolts (kV). The Russian-installed plant...