Asia

Oil prices eased Thursday, after a week of gains, as the focus shifted to the 'expected' lowering of global oil demand in this year. Meanwhile, there were no signs of progress towards opening up of the Strait of Hormuz. Brent futures fell 42 cents or 0.47% to $88.56 per barrel at 0405 GMT. U.S., erasing gains over the six previous sessions. West Texas Intermediate crude (WTI), which had been rising over the previous five sessions, fell by 55 cents or 0.66% to $82.72. On?Wednesday, a senior Iranian source stated that there was no progress made in the talks to revive...

MSCI, a global index provider, announced on Thursday that it would 'add four Indian companies to the widely-tracked Global Standard Index and remove three in its August review. This highlights a 'continuing churn' of India’s representation within global passive portfolios. MSCI stated that the changes would be made after August 31st 2026's close of business and will take effect September 1st. Adani Energy Solutions (the Adani Group's power distribution and transmission arm), Lenskart (an omnichannel eyewear retailer), and Groww (a digital investment platform and brokering platform) will all?enter this index. These companies will replace Balkrishna Industries (a tyre manufacturer), SBI...

GMS, a Dubai-based company, has received approval from the U.S. The government has approved the scrapping of?two oil tankers that were damaged by sanctions. This comes a few months after the ship recycler secured agreements to recycle four container ships. In recent years the use of shadow fleet tankers, also known as "shadow fleets", has increased, with hundreds transporting Iranian and Russian oil without any safety or insurance checks. The major shipowners are calling for the faster demolition of these vessels. They warn that they pose serious environmental and safety hazards. 'DESTINED TO RESPONSIBLE RECYCLING GMS, which purchases ships and...

Chicago wheat futures rose around 3% Wednesday, after Ukraine attacked grain terminals at the main Russian wheat exporting port of Novorossiysk. This sparked fears that supplies would be disrupted to global markets. Soybeans, corn and other grains rose in advance of a U.S. Agriculture report on world supply/demand later Wednesday. Chicago Board of Trade?most active wheat increased 3.05% at $9.49-1/2 per bushel by 0929 GMT. Soybeans increased 0.3% to $11.73-1/4 bushels, while corn rose by 0.7% to $4.63-3/4 bushels. Industry sources said that two of Russia's largest grain terminals at the Black Sea port Novorossiysk have suspended operations as a...

The U.N. shipping agency reported on Wednesday that oil from a large slick of oil leaking from the tanker Caroline 'Bezengi has reached 'Oman's' mainland. Oil is drifting off to the northeast (of Oman's Al-Qibliyyah Island), with reports that some oil has reached the mainland. A spokesperson for the IMO said that oil spill contingency planning is already in place. The government of 'Oman said that the slick from a nature preserve in the country has covered 'almost 400 square kilometers. The tanker, which was carrying 800,000 barrels from Russia to Asia, grounded on the coast of Oman around 22...

The Russian state news agency TASS reported that Vladimir 'Putin' said on Wednesday, Russia would respond in kind if a?European country seizes?ussian mercantile vessels. The remarks come at a time when the EU is intensifying pressure on Russia's shadow fleet. It has expanded sanctions against hundreds vessels and detained some ships for inspections. Several European governments have stated that they are exploring tougher enforcement measures against ships suspected of evading sanctions. Putin was quoted by TASS as saying that these measures were nothing less than piracy and robbery. If?this is put into practice, then we will have to retaliate in...

Four industry sources said that two of Russia's largest grain terminals in the southern port of Novorossiysk had suspended operations due to overnight Ukrainian drone attacks. Russia is the largest wheat exporter in the world and most of its exports are shipped through its Black Sea ports, like Novorossiysk. Russia's largest grain lobby warned last month about the possibility of Ukrainian drone attacks shutting down?grain imports via the Black Sea, which would cause prices to rise and hunger in Africa and the Middle East. A source in the industry, who did not want to be identified due to the sensitive...

The Financial Times reported?on Wednesday that Ukraine had halted drone strikes on oil tanks using Russia's port at the?Black Sea, Novorossiysk, after receiving a request by U.S. Vice President JD Vance. The paper reported that the request was made last month after U.S. concerns that Ukraine destabilised oil markets and harmed U.S. companies by targeting tankers transporting crude oil piped from Kazakhstan into a Caspian?Consortium terminal at this port. The newspaper reported that Ukraine had agreed to not target CPC infrastructure or non-Russian ships as long as they were not subject to Ukrainian sanctions, and did not carry Russian oil...

On Wednesday, Mayor Andrei Kravchenko revealed on Telegram that an overnight drone attack in Novorossiysk killed a child and damaged over two dozen residential structures. Veniamin kondratyev said that eight people were injured, including a young child. Another person was killed in the attack, and several others were wounded throughout the region. Unverified Telegram posts purported to show photos of smoke and flames rising somewhere in Novorossiysk. This is a major oil export hub. Mikhail Razvozhayev said on Telegram that more than 30 drones had been shot down in Sevastopol, a city located in the Crimea occupied by Russia. The...

According to the mayor of Novorossiysk in Russia, six residential buildings have been damaged by drone debris. On Telegram, Mayor Andrei Kravchenko stated that the injured received medical attention and that a commercial property was also damaged. Unverified posts on Telegram claimed to show photos of an enormous?tower? of flames rising from Novorossiysk. Mikhail Razvozhayev said on Telegram that more than 30 drones had been shot down in Sevastopol, Crimea. The attack damaged a few houses, but no one was injured, the governor said. Ivan Fedorov, regional governor of the region, posted pictures of the burning building on Telegram. Fedorov...

The?exports of Ukraine's wheat and?barley were very low?over the period August 1-10, after Russian attacks?effectively?shut?Black?Sea?ports, said?traders? at a major farmer's union on Tuesday. Both Ukraine and Russia have intensified their campaigns against logistic targets. E-commerce warehouses and Ukrainian petrol stations were targeted heavily this summer. In recent weeks, Russia has attacked Ukrainian Black Sea port terminals, vessels and export terminals almost every day. UAC's trading department, the largest farmers' union in the country, reported that Ukraine had exported a total of 122,000 metric tons (tonnages) of wheat, and 1,160 ton (tonnages) of barley between August 1-10. This is only 6%...

The government of Oman said that an oil slick covers 390 square kilometres (150 sq miles) of ocean off its coast. This is after a ship?under sanctions? and?carrying Russian petroleum sustained damage. Two maritime security sources confirmed that the crew of?Caroline?Bezengi first reported problems on June 8, off Mukalla in southern Yemen. Initial assessments suggested that an explosion occurred onboard. In its first public disclosure, Oman announced on Monday that it is working to stop the oil spillage in its waters near the Hallaniyat Islands of southern Governorate Dhofar. According to a statement by Oman's?Environment Authority, carried by Omani state...

Multiple trade sources confirmed that 'Indian state-run refiner Hindustan Petroleum Corp. bought 4 million barrels of Middle Eastern crude in a spot auction on Thursday. They said that the refiner bought 2 million?barrels? of Murban crude? from BP and another?1million barrels? of Murban?from PetroChina, as well as 1 million barrels?of Oman crude?from Trafigura. Both grades are?loaded from outside of the Strait of Hormuz. Two of the people said that Murban's delivered price was $7 per barrel higher than Brent's contract date, and Oman's delivered price was $4 to $5 per barrel. Arrival of the oil is expected to be around...

Russian claimed on Wednesday that Ukrainian strikes against its grain and agricultural infrastructure were causing global food prices to rise - and exacerbating the grain shortages. This, it said, served some Western countries' interests. Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, made her comments after a wave Ukrainian strikes on Russia’s Black Sea Port of Novorossiysk, which killed three people, including a young child, and caused major grain terminals in the city to cease working. Zakharova stated: "It's evident that the Kyiv regime is pursuing a cynical campaign of military aggression to create chaos on the global food...

Chief Executive 'Horacio 'Marin announced on Wednesday that Argentine oil Company YPF will begin exporting?180,000 barrels a day via a port located in the Rio Negro Province?from january as part -of -the VMOS Project. Marin told the Vaca Muerta Investment Forum, in Buenos Aires, that "we will begin exporting in January. First, we will export 180,000 barrels a day. Then, 360,000 barrels a day by mid-year, and then 550,000 barrels a day in 2028." He added, "We're already looking at expanding our production to 700,000.?barrels a day." VMOS, a consortium, includes YPF and Vista Energy Argentina, as well as Pampa...

Saudi Arabia, increasingly dragged into wars it did not initiate, is building defensive regional alliances to keep its enemies away and respond more "robustly" to attacks from Iran and its regional allies. Analysts and diplomats say that despite the earliest attempts to build a maritime alliance in the Red Sea and the decision to bring Turkey into a defence agreement with the Kingdom and Pakistan, they have not been able to prevent attacks. Saudi Arabia's military response to the attacks by Iran, Iraq, and Yemen's Houthis last month, which opened a southern front on the kingdom, as well as attacking...

Two industry sources confirmed on Wednesday that the mid-sized Orsknefteorgsintez refinery in Russia ceased operations on August '11 following a fire caused by a 'drone attack from Ukraine. Sources said that the drones struck the plant located about 1,900 km (1180 miles) east from the border with Ukraine on Tuesday. Ukraine's military has confirmed the strike. Industry sources claim that the drone damaged some of the refinery units at the plant. Forteinvest, a company that owns the refinery?did not respond to a request for comment. Ukraine has increased drone attacks this year on Russian energy infrastructure, including refineries and pipelines,...

According to three sources of trade and LSEG shipping information, Russia began shipping crude oil 'via its Arctic sea routes' this year at a quicker pace compared to a year earlier. Seven cargoes containing 6 million barrels are already headed to Asia. The Northern Sea Route is usually open between July 1 and October 1 every year. It connects Russia's western port with Asian markets via Arctic waters. The route is being used more frequently by Russia because it allows its cargoes to be delivered to China and other parts in Asia without having to transit waters where they would...

Ukrainian forces have intensified their strikes against Russian energy infrastructure, among other targets. Kyiv claims that this is part of an effort to deny Russia the resources it needs to fund its military. Here is a list of recent attacks and their impact, starting with the latest: ORSK On Tuesday, the Ukrainian military announced that it had attacked the Orsknefteorgsintez refinery located in Orsk. Orsk is the second largest city in Orenburg and an important industrial center. The refinery has a design capacity of around 6 million tons of oil per annum. ZapSibNeftekhim Ukraine’s special forces announced on August 10...

After reporting the third drone attack on oil assets in the city, Libya's National Oil Corporation said it would declare force majeure and stop operations at the Zawiya Refinery if the attacks continued. NOC reported that the drone's latest attack targeted an oil mixing and filling facility operated by Zawiya Oil Refining Company. It fell near the main oil tank of the company and the pipeline network which is used to produce "oils" for the domestic market. There were no reported injuries or damage to property. Authorities did not immediately claim responsibility for the attacks and have not revealed who...

Kazakhstan's oil-and-gas condensate production grew 40% on August 9 to 275,000 metric tons, or approximately 2.08 million barrels a day, from 197,000 metric tons, or 1.49million bpd on July 31 as the giant Tengiz field restored production, according to a source with the most recent data. The source reported that oil production at the 'Tengiz' field increased to 903,000 bpd by August 9, compared to 454,000 bpd by July 31. This compares with an average of 784,000bpd for July. The Kazakhstani energy ministry did not respond immediately to a request for comment. Tengizchevroil, the operator of Tengiz's field led by...

Russia's NATO northern neighbours tighten security around dams and power plants, as they grow increasingly concerned that Moscow may stage a "false-flag" attack using Ukrainian drones. Last week, Lithuania claimed that Moscow was considering a staged attack. Poland, Latvia and Estonia?also warned against acts of sabotage in order to test NATO response during a time when the U.S. commitment towards the Western military alliance has been questioned. Last month, Kremlin spokesperson?Dmitry Peskov? said that warnings about Russian clandestine attack are "scare tales" used to justify military action against Russia. Poland and the Baltic States, all of which border Russia, and...

Four sources with knowledge of the data claim that drone attacks in the Black Sea wiped out a fifth (?5) of the Caspian Pipeline Consortium's (CPC) oil loads in July, while the Russia-Ukraine conflict spilled over to affect Kazakhstan and western oil majors. Sources said that CPC loadings were'more than 20% behind schedule in July, falling to between 1.2 and 1.3 million barrels a day (bpd), after drone attacks near Black Sea export terminal disrupted supply. Reduced loadings resulted in the loss of 400,000 bpd of CPC blend oil for international markets during July. This added to the disruption of?atleast...

Four sources with knowledge of the data claim that drone attacks in the Black Sea wiped out a fifth or more of the Caspian Pipeline Consortium's (CPC) oil loads in July, as the Russia/Ukraine conflict spilled over and affected?Kazakhstan, as well as western oil majors. Sources said that CPC loadings were more than 20% behind schedule in July, at 1.2 to 1.3 millions barrels per day after drone attacks near Black Sea export terminal disrupted supply. CPC, the pipeline that transports crude oil from Kazakhstan to Russia’s Black Sea port of Novorossiysk accounts for around 1.8% of world oil supply....