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Business Standard
31-07-2025
- Business
- Business Standard
Asia likely to step up US WTI oil imports as West Asia prices rise
Asia is expected to step up imports of US West Texas Intermediate crude in the fourth quarter after Middle East oil prices strengthened and opened the arbitrage window, trade sources said. Middle East crude benchmarks Dubai and Murban gained this month on the back of robust demand for high-sulphur oil in Asia, narrowing their price gaps with light-sweet US WTI oil, they said. WTI's arbitrage has been wide open to Asia for the past week for cargoes arriving in early November, said June Goh, a senior analyst at Sparta Commodities. US producer Occidental has sold WTI crude to Japanese refiner Taiyo Oil, the sources said. The cargo was sold at a premium of about $3.50 a barrel to October Dubai quotes for October delivery, one of the sources said. WTI crude could be delivered at 50-75 cents a barrel lower versus similar quality Murban oil to north Asian refiners depending on suppliers, a Singapore-based trader said. Two other traders said WTI is at least 30 cents cheaper than the light-sour Murban grade. Murban's supply has also tightened after Abu Dhabi National Oil Co reduced exports of its flagship grade by diverting the oil to its domestic refinery, the sources said, supporting the benchmark. "We anticipate more Asian buyers to secure WTI cargoes especially with Murban looking expensive whilst taking opportunity to diversify against AG (Arabian Gulf) crude," Goh said. Middle East crude prices are also supported by a threat by US President Donald Trump to impose secondary tariffs on countries that buy Russian oil, she said, adding that Indian refiners will look to buy oil from the Gulf to replace Russian supplies. Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia's actions. China, India and Turkey are the key importers of Russian crude.
Reuters
31-07-2025
- Business
- Reuters
Asia steps up US WTI oil imports as Middle East prices rise, sources say
SINGAPORE/HOUSTON, July 31 (Reuters) - Asia is expected to step up imports of U.S. West Texas Intermediate crude in the fourth quarter after Middle East oil prices strengthened and opened the arbitrage window, trade sources said. Middle East crude benchmarks Dubai and Murban gained this month on the back of robust demand for high-sulphur oil in Asia, narrowing their price gaps with light-sweet U.S. WTI oil, they said. WTI's arbitrage has been wide open to Asia for the past week for cargoes arriving in early November, said June Goh, a senior analyst at Sparta Commodities. U.S. producer Occidental (OXY.N), opens new tab has sold WTI crude to Japanese refiner Taiyo Oil, the sources said. The cargo was sold at a premium of about $3.50 a barrel to October Dubai quotes for October delivery, one of the sources said. WTI crude could be delivered at 50-75 cents a barrel lower versus similar quality Murban oil to north Asian refiners depending on suppliers, a Singapore-based trader said. Two other traders said WTI is at least 30 cents cheaper than the light-sour Murban grade. Murban's supply has also tightened after Abu Dhabi National Oil Co reduced exports of its flagship grade by diverting the oil to its domestic refinery, the sources said, supporting the benchmark. "We anticipate more Asian buyers to secure WTI cargoes especially with Murban looking expensive whilst taking opportunity to diversify against AG (Arabian Gulf) crude," Goh said. Middle East crude prices are also supported by a threat by U.S. President Donald Trump to impose secondary tariffs on countries that buy Russian oil, she said, adding that Indian refiners will look to buy oil from the Gulf to replace Russian supplies. Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia's actions. China, India and Turkey are the key importers of Russian crude.
Nikkei Asia
12-06-2025
- Business
- Nikkei Asia
Japan buys Russian crude oil for first time in over 2 years
TOKYO -- Japan has imported Russian crude oil for the first time in more than two years, delivered on a tanker sanctioned by both the U.S. and the European Union. Data from Kpler, a ship tracking specialist, showed that the sanctioned vessel, Voyager, discharged its load at a refinery owned by Taiyo Oil on June 8. The company has confirmed the purchase of the Russian crude.
Reuters
10-06-2025
- Business
- Reuters
Taiyo Oil buys first Russian crude in more than two years on government request
TOKYO, June 10 (Reuters) - Japanese refinery Taiyo Oil has bought its first Sakhalin Blend crude from Russia in more than two years at the Japanese government's request, it said on Tuesday, to help ensure the stability of a plant also supplying Japan with liquefied natural gas. Japan last imported Russian crude in February 2023, trade data showed, after Tokyo agreed with other G7 countries to phase out imports in response to Moscow's 2022 invasion of Ukraine. China has since been the sole importer of Sakhalin Blend, but sanctions imposed by the former Biden administration in January on ice class tankers, used to lift oil from Sakhalin, have disrupted that trade, according to Kpler data and traders. The Sakhalin Island complex, known as Sakhalin-2 and owned by Russia's Gazprom ( opens new tab and Japanese companies, is vital to Japan's energy security as it accounts for 9% of its LNG imports. Tokyo asked refiners earlier this year to consider buying Sakhalin Blend crude, a byproduct of LNG production, so the project can continue to operate smoothly. The U.S. sanctions make exemptions for transactions related to Sakhalin-2 oil byproduct until June 28, 2025, provided it is imported only to Japan. "At the request of the Ministry of Economy, Trade and Industry, we have decided to take delivery of 600,000 barrels of Sakhalin Blend crude oil," a Taiyo Oil spokesperson told Reuters by phone. "This decision was made to help ensure a stable energy or LNG supply to Japan." Aframax tanker Voyager, which is under U.S. sanctions, arrived at the Japanese port of Kikuma on Monday and left after discharging its cargo, LSEG shipping data showed. An official of the industry ministry who deals with fuels confirmed the government's request to its refiners. The Taiyo Oil spokesperson said there are no plans for additional Sakhalin-2 purchases at the moment.
Bloomberg
09-06-2025
- Business
- Bloomberg
Japan's Taiyo Oil Imports Russian Crude on US-Sanctioned Tanker
The Japanese oil refiner Taiyo Oil Co. is taking delivery of a cargo of Russian crude on a tanker that's blacklisted by both the US Treasury and the European Union. While Japan has a waiver to buy the oil in question, the delivery — the nation's first in over two years from Russia — speaks to a growing ease among buyers around the world in dealing with Moscow as the war in Ukraine rages for a fourth year.
