Latest news with #SereneCheong
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Business Standard
2 days ago
- Business
- Business Standard
Indian refiners scour globe for more oil ahead of Trump-Putin summit
By Serene Cheong and Rakesh Sharma Refiners in India, the world's top importer of seaborne Russian crude, are scouring the globe for alternative supplies, hedging their bets ahead of a summit between the US and Russian leaders. President Donald Trump, eager to gain traction in talks with Vladimir Putin, has demanded that India stop purchases of cut-price crude and doubled tariffs on the country's goods as punishment for imports he has said were fuelling 'the war machine'. The move left refiners in the world's third-largest oil consumer looking to switch up their procurement plans. India's state processors have bought large volumes of non-Russian crude this week for prompt September-October delivery, extending a buying spree spurred by an early threat by Washington. Indian Oil Corp. and Bharat Petroleum Corp. have taken cargoes from all corners of the market including the US, but also Brazil and the Middle East. These spot market purchases come on top of supplies from long-term sellers like Saudi Arabia, which is set to send about 22.5 million barrels of crude to India for September loading, traders said. India's monthly imports from Saudi last exceeded that level in September 2024, according to data from analytics firm Kpler. The meeting between Trump and Putin in Alaska on Friday will be closely watched by the industry, eager for clues as to whether the US will ease pressure on Russian sales — or crank it up. India has long had close ties to Russia and Foreign Affairs Minister S. Jaishankar will be traveling to Moscow next week with a delegation that's likely to include Petroleum Secretary Pankaj Jain, the most senior bureaucrat in the oil ministry. Jaishankar will hold talks with his Russian counterpart Sergei Lavrov on Aug. 21, according to a post on X by Russia's Ministry of Foreign Affairs on Wednesday. Historically, India has not been a significant importer of Russian crude, depending more heavily on the Middle East. All that changed in 2022, after the invasion of Ukraine and a $60-per-barrel price cap imposed by the Group of Seven nations that aimed to limit the Kremlin's oil revenues while keeping supplies flowing globally. India's imports amounted to about 1.7 million barrels a day, or nearly 37% of the nation's overseas purchases, in mid-2025. They were mostly of Urals crude, a medium-density grade that can be interchanged with barrels from across the Middle East. While the total volume that India would need to find as replacement is significant, the task has been made less challenging in a market awash with oil after the return of OPEC+ barrels and softer demand from major economies such as China. For now, Indian private refiners such as Reliance Industries Ltd. and Nayara Energy are still expected to continue buying Russian crude, some of which is procured via term contracts, even as state refiners hold back on spot purchases for loading in October. Russian producers have already started to tout Urals more aggressively to Chinese buyers in response to the potential shift. Prices have been cut for offers of Urals for delivery in September to October, suggesting some of the oil was diverted from Indian buyers. Indian importers who still want to take Russian crude are being met with hesitation from banking and logistics partners worried about the prospect of Trump's threat of so-called secondary sanctions on those supporting the trade. In light of such reservations, traders said some private players may increasingly look at buying more Russian crude using smaller banks, Chinese yuan and dark-fleet tankers. Trump has warned he would impose 'very severe consequences' if Putin doesn't agree to a deal later this week, a threat that the oil market will struggle to fully quantify and prepare for. Oil-market observers have said that the Chinese may be wary of piling in on Russian crude — taking supplies that it doesn't desperately need due to ample flows from Iran — to avoid Washington's wrath.
Bloomberg
25-06-2025
- Business
- Bloomberg
Trump's Iranian U-Turn Exposes an Uncomfortable Oil Truth
Welcome to our guide to the commodities markets powering the global economy. Today, Asia oil trading team leader Serene Cheong looks at the US president's surprising announcement that China can carry on buying crude from Iran. Even for seasoned observers of Donald Trump's White House, Tuesday's pronouncement was a headscratcher. China, he wrote on social media, 'can now continue to buy oil from Iran.'
Yahoo
14-03-2025
- Business
- Yahoo
Singapore shipping firm hit by US sanctions over Iran oil links
By Serene Cheong and Weilun Soon (Bloomberg) – A Singapore-based company has been slapped with US sanctions for links to the Iranian oil trade, becoming the first in the city-state to be penalised for assisting with oil transfers at sea. Shipload Maritime was sanctioned because it 'knowingly engaged in a significant transaction for the transport of petroleum or petroleum products from Iran,' according to a statement from the US Department of State on March 13. The punishment relates to an ship-to-ship transfer in December near Indonesia. Calls to Shipload Maritime on Friday went unanswered. The Trump administration has vowed 'maximum pressure' on Iran to disrupt the flow of its oil, which the White House says generates revenue that supports Tehran-backed militia groups such as Hamas. Rounds of US sanctions on the OPEC producer has caused logistical challenges and slowed exports to China, forcing traders to engage in risky efforts to circumvent the measures. Shipload Maritime was sanctioned for using the tug boat Malili to facilitate the STS transfer between Sobar, an Iranian-flagged tanker, and Star Forest on Dec. 25 near Nipa in Indonesia, according to the statement. The Singapore-based company is the commercial manager and operator of Malili, it said. The US also targeted PT Bintang Samudra Utama and PT Gianira Adhinusa Senatama for using tug boats related to the Sobar-Star Forest transfer. Tug boats are small and powerful vessels that help safely guide bigger ships with tight manoeuvres near ports, or stabilise them during STS operations. The region off eastern Malaysia is home to the world's biggest and busiest hub for the movement of Iranian oil from one tanker to another. Shipload Maritime provides STS transfer support to oil majors in and around Singapore, as well as in Japan, according to shipping executives familiar with its operations. The company is based in Golden Mile Tower, a mixed-used commercial and residential building that houses many small businesses. It's not the first time a Singapore-based company has been hit with US sanctions related to the Iranian petroleum trade. Asia Fuel and Unicious Energy were penalised in 2023 for their roles in facilitating Tehran-related shipments and payments. (Removes AI summary for incorrect timeline.) More stories like this are available on ©2025 Bloomberg L.P.
