Russia's Black Sea oil loadings suspended over ship access paperwork, sources say
One of the sources said he expected the situation to be resolved in a day or two.
The suspension will add to uncertainty in the Mediterranean oil markets, which are jittery following a contamination scare which led to delayed loadings of Azeri BTC crude oil from the Turkish port of Ceyhan in recent days.
Caspian Pipeline Consortium, which exports oil via Russia's Yuzhnaya Ozereevka terminal, and Russia's ministry of transport declined to comment.
President Vladimir Putin signed on Monday a law which said the foreign ships will require the approval of Russia's FSB security service to access the country's ports.
The decree said that permission from port authorities for foreign ships to enter would need to be agreed with the FSB, which is the main successor organisation to the Soviet-era KGB. The new measures came into force immediately after the decree was published on Monday.
Black Sea CPC Blend oil exports from the terminal in Russia were set at 1.66 million barrels per day for August, or about 6.5 million metric tons, almost unchanged from the July export plan.
Exports and oil transit via Novorossisk are seen around 2.2 million metric tons in July, according to industry sources.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Oil prices stable ahead of Trump-Putin meeting in Alaska
LONDON, Aug 14 (Reuters) - Oil prices were stable on Thursday as investors weighed the potential impact of the upcoming U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Moscow if it does not agree to peace. Brent crude futures were up 49 cents, or 0.75%, at $66.12 a barrel by 1303 GMT, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.81%, to $63.16. Both contracts hit their lowest levels in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened "severe consequences" if Russian President Vladimir Putin does not agree to peace in Ukraine. The U.S. president did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. Trump has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues its war in Ukraine. "The uncertainty of U.S.-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure," Rystad Energy said in a client note. "How (the) Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises." However, some analysts remained sceptical that Trump would take action that could significantly disrupt oil supplies. "Anything that causes oil prices to rise from policy such as secondary tariffs is almost an own goal against this administration, and the man from Moscow knows it," PVM analyst John Evans said. Expectations that the U.S. Federal Reserve will cut interest rates in September also propped up oil prices, as lower borrowing rates can spur economic growth and demand for oil. Traders overwhelmingly believe a cut will happen next month after U.S. consumer prices increased at a moderate pace in July. U.S. Treasury Secretary Scott Bessent said he thought an aggressive half-percentage-point cut was possible given recent weak employment numbers. Oil prices were kept in check on Wednesday as crude inventories in the U.S. unexpectedly rose by 3 million barrels in the week ending August 8, according to the U.S. Energy Information Administration on Wednesday.
The Independent
2 hours ago
- The Independent
US warns India could face higher tariffs if Trump-Putin talks fail
The US said India could be slapped with a higher tariff rate if Donald Trump's summit with Vladimir Putin failed to end the war in Ukraine. Washington hit New Delhi with a 25 per cent import tariff on 31 July and then a 25 per cent penalty on 6 August primarily for its continued purchase of Russian crude oil, bringing the effective rate to a steep 50 per cent. US treasury secretary Scott Bessent said Washington could hike the secondary tariff imposed on India after Mr Trump warned of "very severe consequences" if a ceasefire deal was not reached in Alaska on Friday. "We've put secondary tariffs on Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up," Mr Bessent told Bloomberg TV on Wednesday. "President Trump is meeting with President Putin, and the Europeans are in the wings carping about how he should do it, what he should do. The Europeans need to join us in these sanctions. The Europeans need to be willing to put on these secondary sanctions.' Mr Trump is travelling to Anchorage, Alaska, on Friday for a high-stakes meeting with the Russian leader. He says the talks are aimed at "setting the table" for a follow-up summit involving Ukraine as well. On Wednesday, Mr Trump threatened "severe consequences" if Mr Putin didn't agree to a truce in Ukraine but did not specify what the consequences could be or for whom. 'There will be, I don't have to say, there will be very severe consequences,' Mr Trump said at the Kennedy Centre in Washington after Ukrainian president Volodymyr Zelensky suggested, in a virtual meeting with the US president, that Mr Putin was bluffing about seeking peace. Mr Trump has been attacking India in recent days for its refusal to stop buying oil from Russia. He has accused India of financing Russia's war in Ukraine by purchasing discounted crude from Moscow. India has responded that it needs cheap oil to meet the energy needs of its fast-growing economy. India has been sourcing nearly a third of its oil needs from Russia since the Ukraine war began in early 2022. It is now the second-largest importer of Russian crude after China. In an unusually sharp response, India accused the US of hypocrisy in punishing it for buying Russian oil while continuing to buy Russian uranium hexafluoride, palladium and fertiliser itself. Narendra Modi's government called the US tariffs "unfair, unjustified and unreasonable" and vowed to "take all actions necessary to protect its national interests'. On Thursday, India's foreign ministry said it hoped relations with the US would move forward based on mutual respect and shared interests. For India, the steep US levies threaten to disrupt access to its largest export market where its shipments totalled nearly $87bn (£65bn) in 2024, hitting sectors like textiles, footwear, gems and jewellery. The increased levies place Indian exporters at a 30-35 per cent disadvantage versus rivals in Bangladesh, Vietnam, and Japan, according to Reuters. It is also expected to shake up India's employment sector, with millions of jobs on the line in textiles, gems, leather and chemicals companies. Talks for a trade deal have been ongoing for several months. It is believed that India's reluctance to reduce duties on agriculture and dairy is a major sticking point in reaching an agreement.
Reuters
2 hours ago
- Reuters
India BPCL buys 10 million barrels of US oil via five-month tender, sources say
NEW DELHI, Aug 14 (Reuters) - India's state-run Bharat Petroleum Corp ( opens new tab has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington. India, the world's third-largest oil importer, is increasing imports from the United States as negotiations for a bilateral trade agreement continue. Under the deal, Glencore will deliver 2 million barrels of WTI Midland crude per month from November to March to the Indian refiner, the sources said, doubling the volume BPCL imported under its previous tender. Indian refiners and traders do not comment on oil trade issues citing confidentiality. The increased imports are expected to support India's efforts to narrow its trade surplus with the U.S., which stood at $45.7 billion last year. Trade tensions between India and the United States have escalated sharply in the last few weeks, with U.S. President Donald Trump imposing a 25% tariff on Indian goods starting August 7 and threatening similar measures over the Asian country's continued purchases of Russian oil. During Prime Minister Narendra Modi's visit to Washington in February, India pledged to raise U.S. energy purchases from $10 billion to $25 billion, with both nations targeting $500 billion in bilateral trade by 2030. Indian refiners have already increased imports of U.S. oil from the spot markets on improved arbitrage economics of sending Atlantic Basin grades to Asia. Refiners also plan to raise imports of cooking gas from the U.S. from 2026, while the federal government is looking at eliminating import tax on propane and liquefied natural gas purchases from the U.S.
