North Asia

The differential between dated Brent and Urals crude remained unchanged on Monday as buyers of both grades awaited clarity about the impact of new Western sanctions on Russian oil imports. Last week, the European Union (EU), Britain and the U.S. imposed sanctions on Russia, including those affecting its two largest oil producers, Lukoil, and Rosneft. The U.S. gave companies until November 21, 2011 to end their transactions with Russian oil producers. Four sources familiar with the discussions said that OPEC+ is likely to increase output modestly in December as it continues with its monthly increases aimed at regaining market share....

Two industry sources said on Friday that the fourth largest oil refinery in Russia, located in Ryazan, south-east of Moscow, had halted its primary crude distillation unit following an attack by a Ukrainian drone on Wednesday. Ukraine has intensified its attacks on Russia’s energy infrastructure, as the peace talks that were mediated by U.S. president Donald Trump failed to progress. Local authorities in Russia have reported that such attacks are the cause of fuel shortages in several regions. The Ukrainian General Staff said that Kyiv forces struck the Ryazan Oil Refinery on Thursday. Industry sources in Russia said that the...

Industry sources say that the rate of shipping Urals crude oil from Russia's western port to India has risen sharply since October due to increased exports and sanctions. The U.S. president Donald Trump imposed additional sanctions on Russia's largest oil producers Lukoil, and Rosneft on Wednesday. The European Union also approved its 19th set of sanctions against Moscow on the same day. The EU added 117 vessels, mostly tankers, to its shadow fleet of ships that are linked to Russia. This brings the total up to 558. The crude oil loadings in Russia's western port of Primorsk remained high in...

VTB, Russia's second-largest bank, said that funding for a massive gas processing complex is already underway in the Baltic Sea port Ust-Luga. This shows Moscow's commitment to developing its energy sector, despite sanctions. The complex will be part of the Kremlin's energy giant Gazprom’s strategy to shift their focus from production to processing. It will include a gas-processing plant and a complex for gas-chemical processing. Dmitry Pyanov, Chief Financial Officer of VTB, told reporters that the project was fully funded by both bank loans and other sources. The comments were published on Friday. The project will create Russia's most advanced...

LSEG and traders' data show that Russia will deliver 750,000 barrels (or 100,000 metric tonnes) of a mixture of Arctic heavy ARCO and gas condensate - a type light oil - to Syria's Banias Port. Russia has considered Syria a major gateway for its military and trade operations in the Middle East. Western sanctions are affecting the sale of both Russian gas and oil condensate on international markets. In October, Russian and Syrian officials met in Moscow to discuss potential energy co-operation. LSEG data show that the tanker Antarktika is an Aframax vessel capable of carrying 700,000-800,000 barrels. It has...

According to LSEG data and industry sources, the differential between Urals crude oil and other grades was unchanged on Tuesday. Meanwhile, Russia delivered a first cargo of oil to the newly constructed Kulevi oil refining plant in Georgia earlier this month. According to LSEG, and a trader the tanker Kayseri transported 105,340 metric tonnes of Siberian Light Oil grade from the Russian Black Sea Port of Novorossiisk, to the Kulevi Oil Terminal, on October 6, 2006. The Danube Refinery of MOL, a Hungarian oil-and-gas company, is gradually reopening its units following an early Monday morning fire in one of the...

Azerbaijan has lifted all restrictions on cargo transit into Armenia, President Ilham Alyev announced on Tuesday. This is a sign that relations between the two countries are warming after nearly four decades of conflict. Aliyev informed Kazakh President Kassym Jomart Tokayev during a meeting held in Astana, that the shipment of grain from Kazakhstan via Azerbaijan was the first of its kind since the transit was stopped in the last years of the Soviet Union when the war broke out between both neighbours. Azerbaijani media quoted Aliyev as saying, "I believe this is also a sign that peace between Azerbaijan...

According to LSEG data and industry sources, the Russian company Russneft delivered a first oil shipment to the newly constructed Kulevi oil refining plant in Georgia. Since 2008, Russia and Georgia did not have formal diplomatic relations. They fought over the breakaway regions South Ossetia (backed by Moscow) and Abkhazia. Tbilisi's economic ties to Russia have grown under the Georgian Dream Party, but its relations with Western nations have deteriorated dramatically. According to LSEG, and a trader the tanker Kayseri transported 105,340 metric tonnes of Siberian Light Oil grade from the Russian Black Sea Port of Novorossiisk, to the Kulevi...

Officials said that a Russian attack on energy infrastructure in Ukraine's Chernihiv Region left thousands without electricity and others without water. Repairs were slowed by the threat of drone attacks. The Energy Ministry said that the northern part and regional capital of Chernihiv had no electricity. The latest of a series of Russian attacks on the Ukrainian grid in preparation for winter, the attack also targeted the nearby Sumy region. In recent weeks, Russian missile and drone attacks have ravaged the power infrastructure of Chernihiv, causing blackouts to disrupt daily life and causing blackouts. DRONES IN VICINITY GRID REPAIRS The...

Calculations based on trader data showed that the price of Russia's Urals Crude at Baltic ports dropped below the EU price cap of $47.60 a barrel on Wednesday, for the first time. This was due to a five-month high in Brent benchmark prices, and increased freight costs. According to calculations, the price of Urals free-onboard at the port Primorsk dropped to $47.40 a barrel on Wednesday. In July, the European Union approved its 18th package against Russia. This included measures that were designed to deal further blows with the Russian oil industry and energy sector. The EU's MOVING Price Cap...

Three market sources reported that the Black Sea port in Russia, Novorossiisk, has reached its export capacity limit. This leaves traders scrambling to find a new route for crude oil, which it is unable to refine at home and can only produce because of increased OPEC+ quotas. Organization of the Petroleum Exporting Countries (OPEC) and its allies have been easing up on output restrictions. In addition, Russia's refining facilities carried out record amounts of maintenance in August, and September. This was partly due to damage caused by Ukrainian drones. As a result, its ability to process crude oil domestically has...

U.S. president Donald Trump targeted China, the top economic rival with a cascade tariff order on billions in imported goods. The orders were aimed at narrowing an enormous trade deficit, bringing manufacturing back and crippling fentanyl traffic. The reverse chronological timeline below shows the U.S. - China trade war in this year. China starts collecting port fees for vessels with a U.S. connection on October 14. Ships built in China are exempted. On the same date, the U.S. will also implement an additional port fee for Chinese ships. Beijing claims it informed Washington about its new rare earths control measures...

The Hungarian oil company MOL announced on Tuesday that it has resumed production at its main Danube Refinery following an earlier fire at a distillation unit which processes more than 40% of the refinery’s crude intake. MOL's and Hungary’s energy supply was under pressure last week on two fronts due to the fire, and U.S. sanction against Russian oil companies Lukoil & Rosneft. According to MOL, the refinery processes a large amount of Russian crude that is delivered through the Druzhba Pipeline. International Energy Agency data show that it effectively covers Hungary's demand for oil and petroleum products. According to...

Hayan Abdel Ghani, the Iraqi oil minister, said that Iraq was in negotiations with OPEC over its quota within the available capacity of 5.5 millions barrels per day. In April, the country, OPEC’s largest overproducer submitted plans to further reduce oil production to compensate for pumping beyond agreed quotas. Abdel-Ghani stated that Iraq was committed to its OPEC quota despite having a larger production capacity. Total oil exports are currently at 3.6 million bpd. Abdel-Ghani said that the fire which broke out in Zubair's southern oilfield on Sunday has not affected exports. Abdel-Ghani said that exports from Iraq's Kurdistan north...

Viktor Orban, the Prime Minister of Hungary, said that his country is looking for a way around U.S. sanctions against Russian oil companies. He did not give any details, but he made it clear that he had no intention to ignore these restrictions. U.S. president Donald Trump, an ally of Hungary's leader, imposed sanctions against Russia on Wednesday for the first time during his second term. He targeted Lukoil, and Rosneft as he tried to pressure Moscow into agreeing to a ceasefire agreement in Ukraine. Trump's decision has pushed up the price of oil and raised questions for Hungary, Slovakia...

Slovnaft - a Slovak refiner that processes a large amount of Russian crude oil and belongs to Hungary's MOL Group - said Thursday it would be analyzing the impact of U.S. sanctions against Russian oil companies on its operations. Donald Trump, the U.S. president, imposed sanctions against Russia on Wednesday for the first times in his second term. He targeted Lukoil, and Rosneft in an effort to press Moscow into a ceasefire agreement in Ukraine. This move has pushed up the price of oil and raised questions for Hungary, Slovakia and other EU countries that are the largest buyers of...

Multiple sources confirmed on Thursday that Chinese state oil giants had suspended their purchases of Russian oil shipped by sea after the United States imposed new sanctions against Rosneft, one of Moscow's largest oil companies, and Lukoil. Refiners in India, which is the biggest buyer of Russian crude oil by sea, will be reducing their imports of the oil from Moscow to comply with U.S. sanction imposed on the Kremlin for its invasion of Ukraine. The sharp decline in demand for oil from Russia's largest two customers will strain Moscow's oil revenue and force top importers around the world to...

A senior official said that a Russian drone attack overnight on Kyiv injured nine people and damaged several buildings in the Ukrainian capital. Tymur Tkachenko is the head of Kyiv’s military administration. He said that 10 locations in the city had been damaged, and two apartment buildings were directly hit. He posted photos online showing a car on its side, and buildings with broken windows. In the latest Russian attack, the capital was hit for the second night in a row. Ukrainian officials claim that the previous strikes were aimed at power infrastructure in a campaign to disrupt Ukraine's energy...

Officials said that Russian drone and missile attacks on Ukraine resulted in the deaths of six people including two children and caused nationwide power outages. Moscow was implementing a targeted campaign against Ukraine's energy system. Timur Tkachenko of the Kyiv military administration said that debris from weapons dropped caused fires to spread in several districts. Svitlana Svitlana said that "most regions of Ukraine" were targeted. This is the second attack of this kind in the last month. It indicates a systematic campaign by the enemy, to destroy Ukraine's power sector before winter. Hrynchuk stated that Russia is now targeting also...

Three industry sources confirmed on Wednesday that a Chevron-led group developing Kazakhstan's biggest oilfield Tengiz, will resume oil exports through the Baku-Tbilisi - Ceyhan pipeline by November. The pipeline connects Georgia with Turkey, and is primarily used to export oil produced by the Azeri Chirag and Guneshli fields, operated by BP. In July, organic chloride contamination was found in Azeri BTC crude shipments. This caused several days of delays in loadings at BTC Ceyhan in Turkey. The TCO consortium halted exports along the route in the month following. Tengiz did not return to the pipeline when Kazakhstan recommenced oil supply...

The Russian-installed management has said that the Zaporizhzhia Nuclear Power Station in southeast Ukraine will be able to receive external power by Saturday. Since September 2022, the Zaporizhzhia nuclear plant in Europe - Europe's biggest with six reactors -- has been using external power to cool down nuclear material and prevent an accident. The plant was taken over by Russia in the first weeks of the conflict with Ukraine. Both sides have accused each other of shelling the facility at different times. The plant has relied on diesel emergency generators since almost a full month, after the external power supply...

The companies, which include Chevron, Shell and others, said that they had reduced their oil and gas production at a major Kazakh field following a drone strike by Ukraine, which damaged a Russian gas processing plant that supported their operations. The Orenburg gas plant strike, which took place about 1,056 miles (1,700 km) east of Ukraine marks the first incident known in Kyiv’s campaign to disrupt Western oil majors' operations abroad. Erlan Akkenzhenov said that the Karachaganak field's daily production had been reduced by 8,500 metric tonnes (66,810 bbls) to 9,000 tons as a result of the strike. He said...

Two industry sources said on Monday that a Ukrainian drone attack on Russia’s Orenburg Gas Plant has forced Kazakhstan to reduce its production at Karachaganak Oil and Gas Condensate Field by 25 to 30%. Kazakhstan's Energy Ministry said that Orenburg, one of the largest gas processing facilities in the world, was forced to stop importing gas from Kazakhstan following the attack. Ukraine confirmed that it had hit a gas station in the Orenburg area, located 1,700 km (1,060 mi) east of Russia's border with Ukraine. It also confirmed hitting an oil refinery, in the Samara Region. Since August, Kyiv's attacks...

Two industry sources said on Monday that a Ukrainian drone attack on Russia’s Orenburg Gas Plant has forced Kazakhstan to reduce its production at Karachaganak Oil and Gas Condensate Field by 25 to 30%. Kazakhstan's Energy Ministry said that Orenburg, one of the largest gas processing facilities in the world, was forced to stop importing gas from Kazakhstan following the attack. Ukraine confirmed that it had hit a gas station in the Orenburg area, located 1,700 km (1,060 mi) east of Russia's border with Ukraine. It also confirmed hitting an oil refinery, in the Samara Region. Since August, Kyiv's attacks...