Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war
1 year, 9 months ago

Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war

Firstpost  

Houston: A year after Russia’s invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term. The oil market “is radically different in some ways than it was before the invasion of Ukraine,” said Jim Burkhard, head of research for oil markets, energy and mobility at S&P Global Commodity Insights. A “true global market” with open competition “doesn’t exist anymore,” said Burkhard, who calls the current state of the market “partitioned.” With the addition of Russia to the list of sanctioned countries alongside crude exporters Iran and Venezuela, almost 20 per cent of global supply is cut off from major markets, including the United States. “The extra capacity to deliver new supplies into markets, whether we’re talking about gas or oil, is very low.” Waerness said there are also questions about the sustainability of Russian production given the exodus of Western oilfield suppliers and service companies. “We don’t know how long Russia can continue to produce 11 million barrel and 12 million barrels a day,” Waerness said.

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History of this topic

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
3 weeks, 2 days ago

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, - Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day in November, up from …

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

As Russia steps up attacks on Ukraine, crude oil prices start rising
1 month ago

As Russia steps up attacks on Ukraine, crude oil prices start rising

Firstpost  

Oil prices have risen amid escalating Russia-Ukraine tensions, which had been tempered by concerns over weak demand in China and a projected global oil surplus Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

Russia raises estimates for oil and gas export sales
3 months, 2 weeks ago

Russia raises estimates for oil and gas export sales

Live Mint  

Sept 6 - Russia's economy ministry revised up its forecasts for export sales of oil and gas, key sources of budget revenue, by $17.4 billion from a previous estimate to $239.7 billion this year thanks to a more positive price outlook, a document seen by Reuters showed. Following is a table of the ministry's key updated forecasts. Previous estimates made …

Oil producers led by Saudis extended supply cuts amid slack prices
6 months, 3 weeks ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 1 week ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

’My friend...’: Russian FM lauds Jaishankar’s response on oil import
9 months, 2 weeks ago

’My friend...’: Russian FM lauds Jaishankar’s response on oil import

Live Mint  

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war. Russian oil import According to …

What can Russia do to sell its unwanted oil?
9 months, 3 weeks ago

What can Russia do to sell its unwanted oil?

Hindustan Times  

ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of oil. On March 24th the volume of Russian seaborne oil exports, at 2.3m barrels per day, was nearly 2m below the level on March 1st, reckons Kpler, a data firm. In May 2018 America imposed “maximum pressure” …

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip
11 months ago

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip

The Telegraph  

With Russian forces stuck in a stalemate on the frontlines in Ukraine, Vladimir Putin is facing a drain on the Kremlin coffers that threaten to sink his war machine. A combination of falling prices and Western sanctions are driving Putin’s revenues steadily down even though he is pumping more oil, the report says. “Russian oil exports rose by 500,000 barrels …

India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

Russia minister says oil supplies to India increased to 40 percent since Ukraine war
11 months, 3 weeks ago

Russia minister says oil supplies to India increased to 40 percent since Ukraine war

Hindustan Times  

Moscow: Russia's deputy prime minister Alexander Novak said on Wednesday his country has redirected most its oil supplies towards India and China after the West enforced economic sanctions against it over the Ukraine war. "China -- whose share has grown to 45-50 percent -- and India have become our main partners in the current situation," Novak was quoted as saying …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

Global oil prices could hit $100 a barrel: How it will impact the world
1 year, 2 months ago

Global oil prices could hit $100 a barrel: How it will impact the world

Firstpost  

The increasing oil prices complicates the global fight against inflation and feeds Russia’s war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world’s goods or harvest fields The year 2023 is seeing a major increase in crude oil prices, with Brent Crude rising by nearly 19 per …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 3 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 3 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

The oil market is very chill about the chaos in Russia. Should it be?
1 year, 5 months ago

The oil market is very chill about the chaos in Russia. Should it be?

CNN  

New York CNN Business — The Wagner rebellion in Russia shocked the world. Oil prices are, incredibly, lower today than they were before the short-lived uprising in Russia — one of the world’s most important players in the oil market. An actual disruption to Russia’s oil flows would be a game-changer for the oil market, and perhaps the world economy. …

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market
1 year, 5 months ago

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market

News 18  

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world’s largest producers. RBC Capital Markets analyst Helima Croft said there were concerns that Putin would declare martial law, preventing workers from showing …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 5 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

Why chaos in Russia could spell trouble for the global economy
1 year, 6 months ago

Why chaos in Russia could spell trouble for the global economy

CNN  

London CNN — After the pandemic and war in Ukraine, and the inflation shock that followed, the global economy is in a precarious state. That’s what it nearly got at the weekend as disaffected Russian mercenaries marched toward Moscow, drawing a stark warning from President Vladimir Putin that the country was on the brink of a 1917-style “civil war.” The …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

China, India receive record Russian crude oil in May: data
1 year, 6 months ago

China, India receive record Russian crude oil in May: data

The Hindu  

Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. 3 crude importers and top buyers of Russian oil imported about 110 million barrels in May, data from Vortexa and Kpler showed, up …

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact
1 year, 6 months ago

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact

India Today  

Amid the adverse impact of sanctions imposed by Western countries on Russia in the past 15 months, the country is reportedly equipping its soldiers with weaponry containing components salvaged from household appliances. They're repurposing things like computers that used to go into washing machines and now are going into missiles," Dr Haar said, while speaking to Express.co.uk. Dr Haar's remarks …

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil
1 year, 7 months ago

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil

The Hindu  

May 19, 2023 09:10 pm | Updated 10:34 pm IST - London Days after saying the European Union had to curb the import of refined petroleum products from India, the EU’s top foreign affairs and security official, Josep Borrell, suggested that EU entities buying refined products from India were primarily accountable for the leakage of Russian oil-based products into the …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

India’s oil trade has undergone a seismic shift
1 year, 7 months ago

India’s oil trade has undergone a seismic shift

Live Mint  

From where it buys crude oil to where it sells finished petroleum products, India has seen massive changes in its oil trade since the Ukraine war began, propelling profits for Indian oil companies. Russia is now India’s largest supplier of crude oil, ahead of West Asian countries, accounting for 27% of India’s crude imports this February, up from 6% in …

Russian oil slashes OPEC's share of Indian market to 22-year low
1 year, 8 months ago

Russian oil slashes OPEC's share of Indian market to 22-year low

The Hindu  

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year. OPEC's share shrank as India, which in the past rarely bought Russian oil due to high …

Russia’s shadowy energy trade is raising fears of a devastating oil spill
1 year, 8 months ago

Russia’s shadowy energy trade is raising fears of a devastating oil spill

CNN  

London CNN — The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. “Smaller vessels come in from Russian ports, they transfer the cargoes onto larger vessels, and then those larger vessels will head off to Asia.” A satellite image taken on March 20, 2023 shows two tankers conducting a …

India and China snap up Russian oil in April above ’price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ’price cap’

Live Mint  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said
1 year, 8 months ago

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said

Live Mint  

As the Ukraine-Russia war continues, much has been said about India's ongoing import of Russian oil. Now, Finance Minister Nirmala Sitharaman has indicated that the country will explore buying Russian crude oil near or past the price cap imposed by the G-7 if necessary. While India has not signed any agreement with the Western powers to impose a price cap …

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%
1 year, 8 months ago

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Russia’s oil exports are back to pre-war levels
1 year, 8 months ago

Russia’s oil exports are back to pre-war levels

CNN  

London CNN — Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions. Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency said in its monthly oil report Friday. The IEA …

Oil market surges on shock output cuts
1 year, 8 months ago

Oil market surges on shock output cuts

Firstpost  

London: World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year. ‘Revive geopolitical tensions’ Sunday’s decision is “in reality” aimed at pushing prices higher but could have a political impact too, senior analyst Ipek Ozkardeskaya at Swissquote Bank said. Green said …

OPEC+ cuts put $100/bbl oil back in sight
1 year, 8 months ago

OPEC+ cuts put $100/bbl oil back in sight

Live Mint  

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added. "Producing …

US has replaced Russia as Europe’s top crude oil supplier
1 year, 8 months ago

US has replaced Russia as Europe’s top crude oil supplier

CNN  

London CNN — The United States is now the biggest supplier of crude oil to the European Union. Russia’s share of Europe’s natural gas imports has fallen sharply, from 31% in the first quarter of 2022 to nearly 19% by the end of the year, Eurostat data shows. US crude exports to Europe were rising before the war, though Russia’s …

Russia says oil sales to India soared 22-fold last year
1 year, 8 months ago

Russia says oil sales to India soared 22-fold last year

Al Jazeera  

Sales to India surged in 2022 as European buyers turned to other markets after the Ukraine war, Russian deputy PM says. Russian oil sales to India surged more than 22-fold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister has said. Russia shifted its oil exports to India and China last …

'No other option': Russia's unequal economic marriage with China
1 year, 9 months ago

'No other option': Russia's unequal economic marriage with China

Firstpost  

Moscow: Russia has found itself in an unequal relationship with China since intensifying its pivot toward Beijing after the assault on Ukraine. “It’s absolutely critical for Russia to be close to China, because Russia doesn’t have many trade friends,” Elina Ribakova, deputy chief economist at the Institute of International Finance, told AFP. “China and India have replaced the European Union …

US says Russia not benefiting from +$60/bbl oil to India
1 year, 9 months ago

US says Russia not benefiting from +$60/bbl oil to India

Live Mint  

Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday. Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

‘Global economy in better place today than predicted’
1 year, 10 months ago

‘Global economy in better place today than predicted’

Live Mint  

New Delhi: War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US treasury secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill-over effects of macroeconomic tightening in major economies and debt distress in vulnerable countries like Zambia and Sri Lanka ahead of the crucial two-day meeting of finance …

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