North Asia

The prices of Caspian crude oil grades such as Kazakhstan's CPC Blend and Azerbaijan Azeri BTC are falling despite the growing pressure on European barrels, traders said. The difference between Caspian crude oil and Brent has weakened in line with the global trend. As Gulf oil supplies increase, physical cargoes in many regions are now at discounts to Brent. Iran is expected to boost sales after a temporary easing of U.S. sanction. On Wednesday, oil prices fell further, continuing the declines that began earlier in the week. They are now hovering at four-month lows as more tankers, which have been...

The grain freight rates in Ukraine are down despite the 'ongoing Russian attacks' on Black Sea ports, ASAP Agri said on Monday. They cited a seasonal decline in cargo flow. Last week, officials and industry executives told? Last week, industry executives and officials told? The Ukrainian Navy said Monday that a Russian drone?hit a Turkish dry cargo vessel, causing an extensive fire on board. Ukraine is a major grain exporter in the world, and its Black Sea port handles more than 90% of its exports. ASAP Agri stated that as Ukraine closes its 2025/26 summer-july export season, the historically low...

The Ukrainian economy ministry announced over the weekend that it would be increasing rail freight tariffs by 30% on August 1st to help stabilize the financial position of the state railway Ukrzaliznytsia. The war against Russia is now in its fifth and final year. Railways are still a crucial part of Ukraine's logistic network, transporting both passengers and freight. The government is under pressure to reduce its debt because of increased spending on infrastructure and security. Ukrzaliznytsia's CEO Oleksandr P. Pertsovskyi said?this month the firm had to increase their tariffs this year by at least 45% in order to help...

The Russian crude oil exports were higher than expected in early June as drone attacks on refineries released a large amount of extra volumes for shipping, according to trade sources and port sources. Russia planned to reduce its crude oil exports to cover fuel shortages and boost refinery runs in June, but was unable to do so because Ukraine intensified its drone campaign, which targeted major?facilities such as the TANECO complex and the Moscow refining facility. According to three sources who are familiar with port operations, the average daily loadings of Primorsk, Ust-Luga and Novorossiysk on the Black Sea and...

Two trade sources reported that freight rates for tanker shipments of Urals crude oil from Russia's western port 'to India' eased in June compared to last month due to seasonal factors, increased 'availability' of vessels and shippers' optimistic view of the opening of Strait of Hormuz. Two trade sources said that the United States and Iran reached a deal on a peace agreement, which would end the?war? in Iran and allow free passage through the Strait of Hormuz. Sources said that the blockade caused a dramatic increase in freight rates around the world, including on the Russian oil shipping markets....

According to industry sources, Russia's seaborne product exports dropped by 0.2% daily in May compared to April. This equates to a drop of?8.016 millions metric tons. While the 'continued Ukrainian drone attacks on key ports and major refineries led to a sharp decline in oil product loadings at Russia's southern port, this was offset by an increase in fuel exports from Baltic terminals. Kyiv intensified its attacks on Russian energy installations in the last few months as peace talks to end Ukraine's conflict failed to progress. In May, drones targeted a number of Russia's largest refineries, including Lukoil's NORSI refinery...

Saudi Arabia and its neighbours in the Gulf will celebrate the eventual reopening of Strait of Hormuz. But the ensuing oil flood could erode OPEC’s fragile grip on the markets. The Iran War and the closing of the vital waterway, through which nearly one fifth of world oil and gas passed before the conflict, have dramatically reduced the output of the Organization of Petroleum Exporting Countries and shifted the industry's center of gravity away. Riyadh has limited options to counter these changes. The strait is not expected to reopen anytime soon, and it's unclear what the conditions will be. Iran...

The Ukrainian Ports Authority reported on Wednesday that two vessels flying the Panamanian and Barbadian flags had been damaged by an attack while they were moving along Ukraine's Black Sea navigation corridor. According to the authority's Telegram post, one vessel is headed towards the port of Odesa - a vital port for Ukrainian exports - with a cargo?of metal while the other was carrying grain and had already left the port. Both vessels were operating in the navigation corridor set up by Ukrainian authorities to allow ships travel from the 'Black Sea' to Romanian ports along the 'Danube River. Oleh...

Kyiv announced?on? Wednesday that Ukrainian forces had struck "several" key facilities in the Russian-occupied port of Mariupol. This attack has "significantly reduced" its ability to be a vital logistics hub for Moscow’s war effort. According to Ukraine's Drone Forces, the port had no power after strikes on its energy management and infrastructure. They said that they had "carried out" the operation in conjunction with the 1st Azov Corps, and the SBU security service. The statement said that the port had been 'used by the enemy for military logistic, as well illegal exports of Ukrainian grain and coal to Russia. "The...

UAC, Ukraine's biggest farmers' union, said that Russian attacks on Ukraine’s Black Sea ports had already caused "serious" damage to the export terminals and threatened a significant?reduction in shipments. This includes key agricultural exports. The hub of Odesa is the main port for exports of Ukraine, including iron ore. In recent months, Russia increased its attacks on port infrastructure. It has targeted?grain termini as well as storage and export facilities for sunflower oil. Ukraine's agricultural products are dominated by grain?and vegetable oils. "The situation in ports around Odesa has reached a critical level." UAC stated that systematic Russian shelling was...

The Ukrainian steelmakers union UkrMetalurgProm warned on Tuesday that a proposed freight tariff hike by the'state railway' of Ukraine could lead to a reduction in GDP, permanent closure of certain facilities, and the loss of 300,000 jobs. Oleksandr P.rtsovskyi, CEO of Ukrzaliznytsia, said earlier in the month that his company intended to increase freight rates by at least 45 percent. The increase would reduce losses and help restructure the company's significant debt. Oleksandr Kalenko, president of the union, wrote a letter commenting on Ukrzaliznytsia’s statements. He said that Ukraine’s steel industry had suffered losses totaling 28?billion Hryvnias (about $632 million),...

The defence ministry reported that a marine drone of the type used during the war in Ukraine, a neighbouring country, self-detonated in Romania's Black Sea port of Constanta, near an oil terminal. No casualties were caused, according to the ministry. Raed Arafat, the deputy interior minister, said that two helicopters were scouring the area to look for drones. "We now know that there is a risk of self-detonation. We have... evacuated in case there are other drones," said Arafat. "We're not panicking, these measures are only preventative." Two people were injured by the explosion, which occurred a week after the...

Estonia released images of a Russian-flagged LNG carrier in the Baltic Sea this spring with machine guns and sandbags, indicating a more aggressive stance from Moscow to 'protect its civilian fleet. Surveillance images show machine gun positions fortified on the roof of the Marshal Vasilevskiy civilian vessel, which has its home port in Kaliningrad. Yoruk isik, a geopolitical expert who runs the Bosphorus Observer consulting, described it as "a crazy step" by civilian vessels operating in the Baltic. Isik said that "this is a hostile act by Russia" to send a signal to EU and NATO nations, saying it would...

Three 'trade sources' told us on Wednesday that the price differentials between Russia Urals crude delivered to India in August had?fallen to its lowest level since late February amid a plethora of?supply? and increasing competition. The discount for August Urals cargoes shipped to Indian ports under the DES system had widened from $4 to $7 per barrel compared to the benchmark Brent dated 10 days ago. The price of Russia's flagship grade in India is at its lowest level since the Iran war began, as Middle Eastern producers resume their shipments through the Strait of Hormuz after the interim peace...

Two trading sources reported that the Caspian Pipeline Consortium will 'export around 1.6 million barrels per day of CPC blend crude in July. This is down from the 1.7 million barrels per day planned for June, after drone damage caused a Russian gas plant to reduce production. The Russian Orenburg?gas plant normally receives gas from Kazakhstan's Karachaganak oil and gas condensate fields, which export?oil through the CPC pipeline. Karachaganak had to cut production after the Orenburg gas plant was attacked. Calculations show that daily?CPC blend oil?loadings are expected to decline by 6% from June in July. Karachaganak's production is now...

Estonia released photos of a Russian flagged liquefied gas carrier with machine guns and sandbags in the Baltic Sea in spring. This indicates a more confrontational approach by Moscow to protect its civilian fleet. Surveillance images show machine gun positions fortified on the?the?bridge roof of a civilian vessel, the Marshal Vasilevskiy. Its home port is Kaliningrad. Yoruk isik, a geopolitical expert who runs the Bosphorus Observer consulting, described it as "a crazy step" by civilian vessels operating in the Baltic. Isik said that "this is a hostile act by Russia" to send a signal to EU and NATO nations, saying...

Alice Weidel, leader of the far right Alternative for Germany (AfD), said that Germany should stop a boycott against Russian oil and gas in order to boost its flagging economy. She was describing the ambitions of her party to become the next national government. Weidel stated that the AfD could win two important federal state elections in the next few months. He described them as a milestone to securing a?post? of German chancellor by the time the 2020 national elections are due. The success of Made in Germany was due to the cheap energy that Russia provided. Weidel stated that...

Maxim Timchenko, the CEO of Ukraine's biggest private power and coal company DTEK, said that it plans to upgrade its infrastructure to switch from coal to natural gas and nuclear energy in order to?phase out? its coal use by 2035. The global progress in phasing-out carbon-intensive coal is uneven. While many countries hesitate to invest in the energy transition, Ukraine was forced by Russia's conflict to upgrade its infrastructure. Timchenko stated that about 80% equipment at the coal-fired stations in Ukraine was damaged or destroyed last winter by Russian attacks. DTEK has announced its plans for energy transition to reach...

In recent months, Ukraine intensified its attacks on Russian energy infrastructure. The war is now in its fifth year. Fuel shortages are worsened by drone attacks in Russia. People have reported rising prices and long lines at filling stations in most regions. Here is a list of recent attacks, starting with the newest. NORSI NORSI - Russia's fourth largest oil refinery owned by Lukoil, halted operations on Wednesday after a Ukrainian drone strike, which is likely to worsen fuel shortages across the country, according to two industry sources. NORSI is the second largest producer of gasoline in Russia. It can...

The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future....

Sevastopol has limited the power supply to homes in order to avoid overloading the network. This is according the the Russian-installed Governor of Crimea's biggest city, who spoke on Thursday. The Black Sea Peninsula is currently experiencing fuel and electricity shortages. Crimean authorities already have suspended fuel sales for private motorists. Sevastopol, on the other hand, has implemented restrictions to operating hours of public transport, shops and cafes. In 2014, Russia annexed Crimea, despite the fact that most countries don't recognise Moscow's authority in the region. Kyiv, however, has stated it will never cede this territory. The fuel supply to...

As a result of the Ukrainian drone attacks, Russia will ship record volumes of crude oil from its western ports in June. Sources said that loadings at the Baltic ports Primorsk and Ust-Luga as well as the Black Sea port Novorossiysk are expected to be around 2.7 million barrels per day this month. One source said that shipments could reach as high as 2,8 million barrels per day. This would be a significant increase over the 2.5 million barrels per day (bpd) exported in May, and about 1 million above the initial forecast for the month. As a result of...

Four industry sources said that Russia and Kazakhstan are in discussions to import 50,000 metric tons of AI92 to alleviate a 'domestic shortage' caused by refinery failures and unscheduled maintenance. As of late June, the shutdowns at several large refineries in central Russia following Ukrainian drone attacks had reduced gasoline production by about 25% on an annual basis. The Russian Energy Ministry declined to comment immediately. Erlan Akkenzhenov, Kazakhstan's energy minister, said earlier that Astana hadn't received a formal request for gasoline from Moscow. The Russian government is considering measures for stabilizing the market. These include fuel export restrictions and...

Local officials reported that Ukrainian drones targeted energy infrastructure in central and southern Russia and the largest city in Russian-held Crimea. This highlights the'reach' of Kyiv’s attacks. Ukraine intensified its strikes against Russian oil refineries and depots this year, driving up the price of gasoline in Russia where authorities have restricted sales in certain regions. The fuel shortages in the Crimean peninsula have been especially acute since Russia's annexation of the peninsula in 2014. Sevastopol's newly-installed Russian governor has ordered the early closure of cafes, public transport, and street lights to protect Sevastopol from overnight attacks. He said that the...