North Asia

Two market sources and calculations show that Russia increased its gasoline exports via railway by about a quarter between January and may, owing to a easing of the fuel embargo. Russia has banned gasoline exports as of March 2024 in order to balance the excessive demand for petroleum and stabilize prices on the domestic market. Fuel supplied to members of the Eurasian Economic Union, led by Moscow, was exempted from this rule. In November, the government lifted an embargo on gasoline supplied by producers. However, it extended restrictions to other exporters such as independent traders or re-sellers. Drone attacks also...

Court documents show that a Moscow court on Tuesday ruled to give the assets of Russia's third largest airport, Moscow Domodedovo to the Russian State at the Prosecutor's General's request. Dmitry Kamenshchik, a Russian businessman or one of his companies owned Domodedovo. According to Russian media Kamenshchik was also a citizen of Turkey and United Arab Emirates. And according to court documents, prosecutors were concerned that the ownership structure of the airport could expose it to foreign influence. Domodedovo has not responded to comments immediately. The Domodedovo investigation is part of a long line of asset seizures that prosecutors have...

According to industry sources and LSEG, Sibur, Russia’s largest producer and supplier of liquefied petrol gas (LPG), doubled the amount of LPG loaded through the Baltic port Ust-Luga from January-May 2025 compared with the same period of 2024, to 418,000 metric tonnes. Sources said that Sibur was able to increase its exports through the shipment of new MGC class (medium-sized gas carriers) gas tankers. Each of these vessels can carry up to 20,000 tonnes of product. LSEG data revealed that the company has also resumed LPG deliveries to India, which it had last done in 2023. Sources said that after...

The availability of tankers in late May and early June allowed for a further reduction in freight rates from Russian oil to India. However, this trend could reverse itself if the proposed price cap by Europe is implemented. The European Union proposed a new sanctions package against Russia for its actions in Ukraine, and suggested that the price cap of Russian crude oil be lowered from $60 per barrel to $45 per barrel by the Group of Seven. The G7 and EU imposed a $60 cap on Russian crude oil by the end of 2022. This would restrict access to...

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, said that on Wednesday, the West had been involved both directly and indirectly in Ukrainian "terrorist" attacks against civilian targets within Russia. The U.S. President Donald Trump’s Ukraine envoy stated that the risk of an escalation in the war in Ukraine had "gone way up" since Ukrainian forces used drones against nuclear-capable aircraft at several airbases inside Russia. The Russian State Investigative Committee accused Ukraine on Tuesday of "acts" of terrorism by blowing two railway bridges up in Russia at the weekend. The explosion of a highway overpass in Russia was a...

The Finance Ministry reported on Wednesday that liquid assets in Russia's National Wealth Fund fell from $40.4 billion to $36.2 billion or 1.3% projected GDP. The ministry bought foreign currency in recent months to replenish the fund, despite plans to use the wealth fund this year to cover the deficit. The Ministry of Transport said that it has transferred 300 billion Russian roubles (about $3.83 billion) in the form of a subordinated loan this month to major banks to finance construction of an high-speed rail between Moscow and St. Petersburg. The finance ministry announced on Monday that the total assets...

Russian authorities announced early Sunday that at least seven people had died and 30 others were hospitalized after "illegal intervention" caused a collapsed bridge and train derailment in the Bryansk region of Russia, which borders Ukraine. Russian Railways announced on Telegram that the train's locomotive, along with several cars, had derailed due to "the collapse of a span-structure of the road bridge in response to an illegal interference with the operation of transportation." Alexander Bogomaz said that two children, including one in a critical condition, were hospitalized. The state-run Russian news agencies cited medics to report that the driver of...

A government minister announced on Friday that Ukraine will need an initial 500 millions euros (566 million dollars) to rebuild its most important infrastructure at the Black Sea ports, which were destroyed by Russian drone and missile attacks. In the course of more than three war years, Russians have damaged almost 400 port infrastructure facilities. Ukraine relies heavily on its seaports, as it ships over 90% of all exports via the sea. Andriy Kazhuba, deputy Minister of Territorial Development, said at the Black Sea Security Forum held in Odesa: "The critical infrastructure for ports and shipping facilities that we've already...

LSEG data and two traders indicate that the imports of Urals oil by Turkey are expected to increase in May, after a top Turkish refiner (Tupras) resumed importing Russian Crude now that its price is below $60 per barrel. Tupras began buying Urals crude again in April, after stopping purchases in February because of U.S. sanctions. Data shows that the price of uranium in Russian ports has been below $60 per barrel since April 3. Tupras did not immediately respond to an inquiry for comment. The Group of Seven (G7) countries have introduced a price cap that prevents Western companies...

Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd...

Four traders reported that spot premiums for Russian ESPO blend crude oil dropped in June compared to May, amid abundant supply following OPEC+'s agreement to increase output for a 2nd month. They said that the premiums for June-loading shipments fell to between $1.50 and $1.70 per barrel compared to ICE Brent, on a basis of delivered cargoes in Chinese ports. Two traders reported that May-loading crude oil cargoes were trading at premiums of up to $2.50 against ICE Brent despite a large export plan. Early in May, the producer group OPEC+ decided to increase oil production for a second month...

Calculations based on official sources and data showed that Kazakhstan increased its oil exports from January to March by 7%, to 19.51 million metric tonnes (1.63 millions barrels per day), thanks to an increase in supply via the Caspian Pipeline. The oil output and exports of Kazakhstan, a country that ranks among the top 10 oil producers, are in the spotlight. This is because the Central Asian nation has exceeded the quotas set by the OPEC+ group, which has angered several members, including Saudi Arabia. The Caspian Pipeline Consortium exports oil via the Black Sea from Kazakhstan. Drone attacks have...

The Russian-owned Serbian Oil Company NIS asked the United States on Friday for a 4th waiver from sanctions that could reduce its crude supply. NIS operates Serbia's sole oil refinery. It is owned by Russia's Gazprom and Gazprom. The refinery has a capacity of 4.8 millions tons per year, which is enough to meet the needs of most Balkan countries. On January 10, the Office of Foreign Assets Control of the U.S. Treasury placed sanctions against Russia's oil industry and gave Gazprom a 45-day deadline to sell its NIS shares. NIS has secured three waivers so far, the third of...

LSEG data and two sources stated that the increase in Turkey's Urals crude imports is due to seasonal demand and healthy refinery margins. According to LSEG, the imports of Urals in Turkey will reach 1.64 million metric tonnes in May. This will be the highest level since May 2024 when the country imported 1,76 million tons. The second largest importer of Urals crude oil by sea is Turkey, after India. It has not complied with Western sanctions against Russia, but it does comply with international laws. Data shows that urals prices were below $60 per barrel at Russian ports during...

In an interview given on Wednesday, the head the state gas company said that Serbia was working on a gas deal with Russia. It will receive the best price available in Europe. Dusan Bjatovic, head of Srbijagas said that Europe, like Serbia, would be forced to return to Russian gas in order to meet its energy requirements at a reasonable price. Serbia was one of the few remaining Russian gas consumers in Europe last year, with around 3 billion cubic meters. It is seeking to join the European Union. This week, the EU proposed a legally-binding ban on the imports...

Japan's second-largest shipping company, Mitsui O.S.K. Takeshi Hashimoto, CEO of Lines (MOL), said that the company is continuing to operate as usual in Gulf while closely watching the situation in the area. Hashimoto said on the sidelines the Energy Asia Conference that "we are operating so many container, car carriers, and chemical tankers, so it is very difficult for us reduce or stop the service." He added that although there was no alternative route in the Gulf for shipping, it had been re-routed to the Cape of Good Hope following the attack by the Yemeni Houthis on ships in the...

Calculations based on data from traders showed that the price of Russia's Urals crude rose above the $60 limit set by Western nations, as the Brent price surged last week due to rising tensions in Middle East. The oil prices rose on Friday, and ended 7% higher after Israel and Iran exchanged air strikes. This fueled investor concerns that the conflict could disrupt Middle East oil exports. As part of a wide range of sanctions, the U.S. and other Group of Seven nations, including Australia, imposed a price cap on Russian oil exports by sea in late 2022. According to...

Khnatsakh residents are anxious at nightfall. Locals claim that every evening, around 10 pm, Azerbaijani soldiers fire into the night skies from their positions high above. Villagers say that bullets have been hitting houses regularly, but no one has been injured so far. Azerbaijan has denied that its troops are firing across the border and accused Armenian forces of violating ceasefire. Karo Andranyan (66), a retired mechanic, said, "It is very tense at home because we have children, little ones and elderly." Azerbaijani flags and a military position on a hillside are only 100 metres away from his door. This...

According to industry sources and calculations, the Caspian Pipeline Consortium has reduced daily oil production in May from April by 6% to 5,906 million metric tonnes (1.51 millions barrels per day). CPC, the company that carries over 80% of Kazakh oil exports connects Tengiz in western Kazakhstan, and other fields, with the CPC terminal at Yuzhnaya Ozereyevka in Russia, near Novorossiisk. Sources said that Kazakh exports of oil via CPC dropped to 5.386 millions tons in may from 5.523 in April, while Russian oil supplies via CPC reached 0.52 million tonnes in May compared with 0.57 million in April. The...

The European Commission's proposal to lower the price of Russian oil to punish Moscow for the war in Ukraine would not help stabilize the global energy market, Kremlin spokesperson Dmitry Peskov stated on Wednesday. The European Commission proposed on Tuesday to lower the price cap of the Group of Seven Nations on Russian crude oil from $60 to $45 per barrel, in an attempt to reduce the country's revenue. Peskov, when asked about the EU proposal he called Western sanctions such as these illegal. Peskov said that such actions "do not contribute to stabilising international energy markets or the oil...

According to European Commission President Ursula von der Leyen, the 18th package against Russia has been proposed. It targets its energy revenues, banks, and military industry. The new package proposes to ban transactions with Russia's Nord Stream Gas Pipelines as well as banks who engage in sanctions-circumvention. Von der Leyen said at a press conference that "Russia will only understand the language of strength" if it imposes the rule by force. In an effort to reduce Russia's revenues from energy, the Commission also proposed that the price cap for Russian crude oil be lowered to $45 per barrel. It was...

Four traders who are active in the market stated on Friday that spot supply has tightened and reduced discounts for Russian Urals crude oil to be delivered to Indian ports by July. This is the lowest discount since 2022. Indian refiners are being pushed by tight supplies and narrowing discounts to look for alternative products through purchasing tenders. Sources said that spot discounts for Urals crude for cargoes arriving to India in July decreased to an average of $2.25 per barrel, compared to $2.70 to $3.10 a barrel for dated Brent delivered ex-ship basis the previous month. This is the...

The English Court of Appeal denied Russian tycoon Ziyavudin Magomedov, who is currently in jail, permission to appeal a ruling that dismissed his $14 billion lawsuit filed against Russian oil pipeline monopoly Transneft as well as other companies. Magomedov filed a lawsuit against the company, as well as several other defendants at London's High Court. He claimed that his arrest in 2018 on embezzlement allegations triggered a Russian government-supported scheme designed to strip him of valuable port operators. Transneft and the U.S. private equity company TPG, among other companies, were successful in their bids to block Magomedov’s London lawsuit. Transneft...

Officials from Russia in Ukraine said that drone and shelling attacks by the Ukrainians caused power outages in large areas of Russian-controlled territory, including in Zaporizhzhia region and Kherson region in south Ukraine. Officials have said that the Zaporizhzhia Nuclear Power Station - Europe's biggest nuclear facility - has not been affected by the Russian invasion in February 2022. The Russian officials who run the plant have said that radiation levels are normal in the facility. It is currently shut down and does not produce any power. The governors of the two regions, who are Russian-installed, said that the Ukrainian...