Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new US sanctions on Russian producers and ships curb supplies to Moscow\’s top customers, traders and analysts said. The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and […]
Continue ReadingForesea Brazilian drilling contractor Foresea is adding $70m to its backlog under an existing drillship deal with Petrobras. The company established in June 2023 from the restructuring of Ocyan’s drilling unit fixed its floater Norbe VIII in September of the same year to the state-controlled oil giant for three years. The deal worth approximately $450m […]
Continue ReadingUS sanctions seen costing Russia billions of dollars a month US official sees no danger of global crude oil shortage Circumventing sanctions could add costs to Russia\’s oil industry WASHINGTON/NEW DELHI/LONDON, Jan 10 (Reuters) – U.S. President Joe Biden\’s administration imposed its broadest package of sanctions so far targeting Russia\’s oil and gas revenues on […]
Continue ReadingENB Pub Note: The following article is an excellent summary from Alexandra Prokopenko and Alexander Kolyandr about what the oil and gas exports mean to the Russian economy and, conversely, what impact the sanctions will have on global consumers. This is a complicated issue, and we can already see the Neocons starting their talks of […]
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The UK is leading a bid to stamp out falsely flagged ships at the International Maritime Organization (IMO). In a submission to the IMO’s legal committee, backed by 21 other countries, the UK has counted that the number of falsely flagged vessels has more than doubled to 223 ships in the space of just 22 […]
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The number of vessels hit by sanctions has surpassed 1,000 with data from S&P Global Market Intelligence showing that more 800 of these ships do not have confirmed insurance. Moreover, the average age of sanctioned ships – 21 years – is some eight years older than the global average, adding to growing concern that the […]
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The US on Friday announced the most sweeping and aggressive sanctions yet on Russia’s oil trade, just ten days before Joe Biden leaves the White House to be replaced by Donald Trump as president. If they stay in place under Trump, the measures have more chance of disrupting Russia’s exports of petroleum than anything done […]
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Data source: Bloomberg, L.P. Note: A front-month contract is a futures contract that is the closest to expiration. Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. […]
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Western officials have told Indian companies to “carefully evaluate their exports” to Moscow to avoid being sanctioned Officials from the US and EU have urged Indian exporters to evaluate their trade with Russia carefully to ensure compliance with their sanctions, according to a report by the Hindu Business Line. The outlet’s sources said that […]
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The restrictions target two major Russian producers, along with what Washington calls a “shadow fleet” transporting Russian oil The US Treasury on Friday announced a fresh round of sanctions against Russia, imposed in conjunction with the UK. The restrictions target Russia’s oil industry, including two major producers – Gazprom Neft and Surgutheftegaz – as well as their […]
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