India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said on Friday, as the world’s biggest edible oil importer tries to help protect farmers reeling from lower oilseed prices The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil BOc2 and sunflower oil. After the duty hike announcement, Chicago Board of Trade soyoil BOc2 extended losses and fell more than 2%. New Delhi on Friday imposed a 20% basic customs duty ...

Japan’s ENEOS canceled a 55,000-metric ton naphtha cargo purchase from Spain’s Cepsa after the LR1 Hafnia Nile hit the VLCC Ceres I July 19, several sources familiar with the matter said Sept. 12. “The deal was canceled because it was not possible for the cargo to be delivered on time and some of the volume had also been lost in the accident,” a trading source tracking the deal said on the sidelines of S&P Global Commodity Insights’ Asia Pacific Petroleum Conference, or APPEC, in Singapore. Another source said the deal ...

Oil exports via the Baku-Tbilisi-Ceyhan pipeline, which runs from Azerbaijan through Georgia to Turkey, were down 3.5% year-on-year in January-August 2024 at 19.39 million metric tons, Azerbaijan’s state statistics committee said on Friday. The BTC pipeline is used to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP BP.L. Azerbaijan’s total oil transit in January-August 2024 amounted to 25.8 million tons, of which 75.1% flowed through the BTC. The volume of transit oil sourced from other countries such as Kazakhstan and Turkmenistan via the BTC ...

India removed a floor price for basmati rice exports on Friday, according to a government order, to help farmers boost overseas sales of the premium grade just weeks ahead of the arrival of the new-season crop. Last year New Delhi set a floor price, or minimum export price (MEP), of $1,200 a metric ton and later cut the MEP to $950 a ton. As supplies picked up since then, exporters urged the government to either cut or remove the MEP to ensure that farmers do not get saddled with large ...

Egypt’s recent tender seeking 20 cargoes of liquefied natural gas (LNG) to cover winter demand after a steep decline in domestic gas output has been fully awarded, four trading sources told Reuters on Friday. This is the first time Egypt has issued a tender to cover winter demand since 2018. The most populous Arab country has returned to being a net importer of natural gas this year, buying more than 50 cargoes so far this year and abandoning plans to become a reliable supplier to Europe. The tender, which was ...

Czech gas transmission system operator NET4GAS has won an arbitration case against Russian group Gazprom Export over payments it was owed, the Czech company said. In a filing late on Thursday, NET4GAS said a tribunal had “ordered (Gazprom Export) to pay the claimed amount together with default interest and reimburse N4G for the costs of the proceedings.” Gazprom and Gazprom Export did not immediately respond to a request for comment. NET4GAS has said it was claiming 113 million euros from Gazprom Export after the Russian shipper failed to make payments ...

Energy production and agricultural exports out of the U.S. Gulf of Mexico were partially disrupted on Wednesday, and some oil refineries in Louisiana slowed operations ahead of Hurricane Francine’s landfall later in the day, according to official and operator reports. Port Fourchon, Louisiana, home to marine and equipment suppliers to offshore oil producers, was closed to vessel traffic as was the Louisiana Offshore Oil Port (LOOP), the only U.S. deepwater port that can handle very large crude carriers (VLCCs) for oil imports and exports. New Orleans, Plaquemines, Cameron, Lake Charles ...

Russian exports of liquefied petroleum gas to China by rail jumped by almost 40% year on year in the January to August period to 184,000 metric tons, Reuters calculations based on industry sources and data showed on Thursday. Traders also said that Russian LPG rail supplies to China in July and August returned to monthly average levels of around 25,000 tons following a slump in May and June due to restrictions imposed by Russian Railways to tackle bottlenecks. The sources said the main contributor to the overall exports has been ...

India’s palm oil imports in August fell more than a quarter from a month ago, primarily driven by sufficient domestic stocks and negative margins that discouraged refiners from purchasing more of the tropical oil, a leading trade body said on Thursday. Lower purchases by the world’s biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures FCPOc3. India’s palm oil imports fell 26% in August from July to 797,482 metric tons, the Solvent Extractors’ Association of India ...

China’s crude oil imports staged a rebound in August, rising to the highest in a year, but the increase is largely due to earlier lower prices rather than any recovery in consumption. The world’s biggest crude importer saw arrivals of 49.1 million metric tons in August, equivalent to 11.56 million barrels per day (bpd), according to customs data released on Sept. 10. This was the highest monthly total since August last year, and also a strong gain on the 9.97 million bpd seen in July, which was the weakest monthly ...

Asian LNG importers are increasingly using flexibility in LNG contracts to manage supply security such as adjustment of offtake volumes during weak demand or due to uncertainty around alternative fuels and energy transition, executives at the Asia Pacific Petroleum Conference (APPEC) said in Singapore Sept. 11. Flexibility on a range of terms and conditions were initially built into LNG supply contracts to manage seasonal fluctuations, and over time it provided traders with optionality to move LNG cargoes around to profit on various types of arbitrage. But gas-based power utilities are ...

Saudi Arabia’s crude oil supply to China is set to rise to 46 million barrels in October, trade sources said on Thursday, after the world’s top oil exporter slashed prices for Asia, boosting demand. China’s top refiners Sinopec 600028.SS and PetroChina 601857.SS sought more crude for loading in October while demand from private refiners Rongsheng Petrochemical and Hengli Petrochemical held steady, they said. The October volume is higher than the 43 million barrels that Chinese refiners are expected to receive in September. The rise in demand from the world’s top ...

The short voyage and competitive prices of heavy sour Western Canadian crudes transmitted via the Trans Mountain Expansion (TMX) pipeline offers an economic feedstock option for Asian buyers in addition to the supplies from the Middle East, despite high seaborne freight, said Wu Qiunan, Chief Economist of PetroChina International at S&P Global Commodity Insights’ APPEC event Sept. 9. In the Americas, the US and Brazil have been increasing their crude supplies to Asia, including China, while other streams are relatively stable. Looking forward, the flows from Guyana and Canada have ...

Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya’s central bank and oil revenue. The standoff began last month when western Libyan factions moved to oust a veteran central bank governor, prompting eastern factions to declare a shutdown to all oil output. Libyan ports shipped 194,000 barrels per day (bpd) on average of crude last week, down about 81% from just over 1 million bpd in the previous week, Kpler’s data showed. Although Libya’s ...

Abu Dhabi National Oil Co.’s exports of Upper Zakum crude have trended downward over the last eight months, complicating plans for a much-discussed futures contract underpinned by the grade. In the last few months, Upper Zakum exports have hovered around 700,000 b/d, dropping to as low as 589,000 b/d in June, according to S&P Global Commodities at Sea data. The decline in exports of the medium sour crude come as ADNOC has completed its Ruwais West refinery transformation project that now allows the 418,000 b/d facility to process heavier crude, ...