Russian crude

Oil Posts Second Weekly Gain As Russia Warns of Output Cut

Credits: Zbynek Burival/Unsplash
  • Russia may cut crude production by as much as 700,000 barrels
  • 1.8 million barrels of refinery capacity halted in Texas

Oil rallied to a three-week high and clinched a second straight weekly gain after Russia warned it may cut output by as much as 700,000 barrels a day in response to sanctions on the nation’s crude, reports Gulf News.

Trading volumes dwindle

With trading volumes dwindling heading into the Christmas holiday, Russia’s threat outweighed the impacts of...

https://mfame.guru/oil-posts-second-weekly-gain-as-russia-warns-of-output-cut/

Price Cap for Maritime Transport of Crude Oil of Russian Origin Set and Implemented

Credits: Alvarez/Unsplash

The G7 (the United States, Canada, France, Germany, Italy, Japan, and Australia)[1] and the Council of the European Union (“EU”)[2] (collectively, the “Price Cap Coalition”)[2] announced the imposition of a $60 per barrel (“Price Cap”) cap on the price of seaborne crude oil that is produced in or exported from Russia, as reported by Global Dunn.

Price cap 

The Price Cap is implemented as an exception to a general prohibition on providing certain services for the maritime...

https://mfame.guru/price-cap-for-maritime-transport-of-crude-oil-of-russian-origin-set-and-implemented/

The EU Will No Longer Be Able To Buy Crude Oil From Russia

maria-lupan-unsplash

A recent news article published in the Gibson Shipbrokers states that The Clock is Ticking.

EU ban on imports of Russian crude

In just a couple of days from now, the EU ban on imports of Russian crude will come into effect.

Still, huge uncertainty remains about the impact of sanctions and the price cap itself. The cap is designed to give additional bargaining power to buyers in third countries with minimal disruptions to crude flows. However, Russia has repeatedly stated...

https://mfame.guru/the-eu-will-no-longer-be-able-to-buy-crude-oil-from-russia/

Asia ‘Could’ Absorb Half the Russian Crude Displaced After EU Sanctions

Credits: Zbynek Burival/Unsplash
  • About half of displaced Russian crude may flow to Asia: S&P Global
  • $60/b EU price cap may see limited immediate impact on flows to Asia
  • Platts assessed Urals FOB Primorsk at $55.79/b Dec. 1

Asia may be able to incrementally absorb only half the Russian crude volumes displaced as a result of the European Union sanctions taking effect, and the price cap of $60/b may not be able to create immediate hurdles for oil flows from the non-OPEC supplier, analysts and...

https://mfame.guru/asia-could-absorb-half-the-russian-crude-displaced-after-eu-sanctions/

G7 Price Cap on Russian Oil Hangs on Asia’s Ability To Squeeze Russia

China and India hold the key to the success, or failure, of a price cap on Russian oil proposed by the G7. Asia’s largest oil consumers are expected to buy even more cheap Russian crude if the US-led coalition’s attempt to starve President Vladimir Putin of oil earnings to fund its war in Ukraine plays out.

But the market remains divided over whether the latest efforts to hurt Russia financially will fall flat or even backfire, accelerating a potential global recession, reports Platts.

G7 price...

https://mfame.guru/g7-price-cap-on-russian-oil-hangs-on-asias-ability-to-squeeze-russia/

OPEC+ Cuts Oil Production By 100,000 b/d Despite Tight Market

  • Decision brings output targets to August levels
  • Next meeting Oct. 5, but group says can reconvene ‘anytime’
  • Many OPEC+ countries struggling to hit quotas already

Wary of a global economic slowdown, OPEC and its allies will trim their production quotas by 100,000 b/d in October, despite what appears to be a tight physical market, as the group seeks to put a floor under slumping oil prices, reports Platts.

OPEC+ countries struggling to reach their quotas

The decision, made in yet another brief...

https://mfame.guru/opec-cuts-oil-production-by-100000-b-d-despite-tight-market/

Russian oil heading to storage in South Africa

Two supertankers loaded with Russian oil are en route to a storage facility in South Africa.

The Searacer and Elandra Denali, each carrying about 2.1 million barrels of oil, are headed to the Port of Saldanha, a hub for crude oil storage, according to Argus. American Shipper has verified the destinations through MarineTraffic.

Andy Lipow of Lipow Energy Associates tells American Shipper the only reason for vessels to berth in Saldanha is to store oil.

“This shows you the sanctions are having a...

https://www.freightwaves.com/news/russian-oil-heading-to-storage-in-south-africa

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