Latest news with #RussianCrude
Arab News
6 days ago
- Business
- Arab News
Oil Updates — prices climb $1 as US court blocks Trump tariffs
SINGAPORE: Oil prices rose by about $1 a barrel on Thursday after a US court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new US sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed $1.03, or 1.6 percent, to $65.93 a barrel. US West Texas Intermediate crude advanced by $1.06, or 1.7 percent, to $62.90 a barrel at 08:30 a.m. Saudi time. A US trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from US trading partners. The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum using a different statute. The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the Trump administration has said it will appeal. 'But for now, investors get a breather from the economic uncertainty they love to loathe,' said Matt Simpson, an analyst at City Index in Brisbane. On the oil supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate oil production hikes in July. 'We're assuming the group will agree on another large supply increase of 411,000 barrels per day. We expect similar increases through until the end of the third quarter, as the group increases its focus on defending market share,' said ING analysts in a note. Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by the Trump administration in March. Venezuela in April canceled cargoes scheduled to Chevron citing payment uncertainties related to US sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country's total before that. 'From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply,' Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 600,000 to 700,000 bpd. Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the US Department of Energy. According to the market sources familiar with the API data, US crude and gasoline stocks fell last week while distillate inventories rose. Meanwhile, a wildfire in the Canadian province of Alberta has prompted the temporary shutdown of some oil and gas production which could reduce supply, and forced residents of a small town to evacuate.
CNA
6 days ago
- Business
- CNA
Oil prices climb as US court blocks Trump tariffs
TOKYO : Oil prices rose on Thursday after a U.S. court blocked President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed 81 cents, or 1.25 per cent, to $65.71 a barrel. U.S. West Texas Intermediate crude advanced by 83 cents, or 1.34 per cent, to $62.62 a barrel at 0102 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board tariffs on imports from nations that sell more to the United States than they buy. The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the administration has said it will appeal. "But for now, investors get a breather from the economic uncertainty they love to loathe," said Matt Simpson, an analyst at City Index in Brisbane. On the supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate their oil production hikes in July. With Russian oil so far overall showing relative resistance to the sanctions, imposed over Moscow's war on Ukraine, "it is hard to be convinced that any new U.S. sanctions on Russia will meaningfully dent Russia's oil exports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by U.S. President Donald Trump's government in March. Venezuela in April cancelled cargoes scheduled to Chevron citing payment uncertainties related to U.S. sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country's total before that. "From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply," Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 0.6 million to 0.7 million bpd. Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the U.S. Department of Energy. U.S. crude oil and distillate inventories likely rose last week while gasoline stockpiles likely fell, an extended Reuters poll showed on Wednesday.
Russia Today
22-05-2025
- Business
- Russia Today
India's oil imports from Russia surge
India's imports of Russian crude oil are expected to reach around 1.8 million barrels per day in May, the highest level in 10 months, Reuters has reported, citing ship-tracking data from Kpler. The surge is attributed to refiners purchasing more light grades, such as Russia's ESPO Blend. Traders predict that the strong demand for lighter Russian grades will continue until July, driven by Indian refiners who have ordered over 10 cargoes of ESPO crude for June loading, the Reuters report added. ESPO crude refers to oil from the Eastern Siberian-Pacific Ocean pipeline. The most recent purchases of Russian crude by India were made before the EU and UK imposed the latest round of sanctions targeting Moscow's so-called 'shadow fleet' of oil tankers and financial firms. Despite Western concerns, India has strengthened its economic ties with Russia and increased its imports of Russian crude oil throughout the Ukraine conflict. India's imports of Russian crude oil, which were marginally down earlier in 2025, bounced back from March onwards. The surge is attributed to lower prices, which have made it more economical for refiners. Additionally, the decreased prices have led to an increase in the availability of non-sanctioned tankers, facilitating easier transportation of oil for Indian companies. After the imposition of a round of Western sanctions on Moscow in February, New Delhi said it would continue purchasing Russian oil, provided that certain conditions were met. These included a sale price below $60 per barrel, transportation on tankers that are not subject to sanctions, and ensuring that transactions did not involve any sanctioned entities or individuals, according to the Financial Express. Russian crude accounted for over 35% of India's total oil imports in March. The surge in imports in May has helped Moscow solidify its position as a major oil supplier to Asia's third largest economy.
Reuters
21-05-2025
- Business
- Reuters
India's Russian oil imports hit 10-month high on strong demand for ESPO crude
SINGAPORE/NEW DELHI, May 21 (Reuters) - India's Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, ship tracking data from Kpler showed, after refiners snapped up more light grades such as ESPO Blend. The robust demand for the lighter Russian grades in the world's third biggest oil importer and consumer is expected to last into July as Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week, traders said. India's strong demand has led to a rebound in spot premiums for ESPO cargoes delivered to China, the biggest buyer of the crude exported from the Far East port of Kozmino. Crude distillation unit shutdowns at India's major refineries Reliance Industries ( opens new tab and MRPL ( opens new tab have increased import requirements for feedstock at fluid catalytic crackers on favorable margins, said Jay Shah, a senior oil analyst at consultancy Rystad Energy. He added that some of these cargoes were delivered under a long-term deal between Reliance Industries and Rosneft, noting that cargoes arriving at the western Sikka port for the Indian refiner have increased since the beginning of the year. A source at an Indian refiner, who recently bought some volumes of the light sweet crude, said: "ESPO oil is available in good quantities in the market. Traders are charging a premium of about 50 cents to Dubai prices." Another source said ESPO delivered to India is currently trading at a premium of between 50 cents and $1 per barrel to Dubai prices. More ESPO was offered to India as Chinese state-owned companies continue shunning sanctioned crudes and crude quotas are running tight for Chinese independent refiners, analysts said. India's demand has pushed up ESPO prices for China, traders said. Offers for July-loading cargoes stood at around $2 per barrel premiums for delivery to Chinese ports, up from the $1.50-$1.70 a barrel traded for June-loading cargoes, traders said.
Reuters
21-05-2025
- Business
- Reuters
Indonesia's Pertamina has been importing Russian crude since last year
TANGERANG, Indonesia, May 21 (Reuters) - Indonesia's Pertamina has been importing Russian crude since last year to its refineries, the CEO of Pertamina's refinery unit said at a conference on Wednesday. "We have opened (to imports from Russia) since last May," Taufik Aditiyawarman, the CEO of the Kilang Pertamina International refinery unit, said to reporters on the sidelines of the Indonesian Petroleum Association conference. He added that they still comply with U.S. sanctions on Russian crude in place as a result of the Russia-Ukraine war. Amid an ongoing government probe into alleged corruption in oil imports between 2018 and 2023, he said that there may be some limitations for trading companies to join Pertamina's tenders. "We are in line with what the prosecutor's office is investigating. So we also have to be in line with them, there may be limitations on the number of traders who can be invited," Aditiyawarman said. On Monday, the Indonesian Attorney General's Office said it is trying to question some Singapore-based trading companies about the investigation into Pertamina's trading.
