The European Union has agreed a full ban on Russian oil product imports from Feb. 5 in an attempt to cut Russia’s revenues for its role in the military conflict with Ukraine. The Group of Seven (G7) coalition is also planning to impose price caps on Russian fuel. Russia will divert its supplies to Asia, Africa and Latin America, and would rather cut oil production than agree to a price cap, Russian Deputy Prime Minister Alexander Novak said in December. Diesel supplies from Russian ports to Turkey have been growing ...

China’s exports of both low and high sulfur fuel oil fell 6% year on year to total 18.04 million mt in 2022, according to data from the General Administration of Customs Jan. 28, as bunker demand in the downstream market declined. Exports rose 5% month on month but fell 5.6% on the year to 1.23 million mt in December 2022, the GAC data showed. All of the barrels exported in 2022 were classified under the customs warehouse trade route, suggesting that the volumes were sold as bonded bunker fuels at ...

The world’s top thermal coal exporter shocked global markets a year ago by temporarily banning coal exports to protect domestic power producers, sending coal prices soaring and kicking off an historically volatile year for coal and other power fuels. But since then Indonesia has made a different mark on the global coal arena by setting a new record pace for shipments that if sustained puts it on course to be the first country to surpass half a billion tonnes of coal exports in a single year. With global power markets ...

Majors had many cargoes on offer on Friday but appetite remained thin owing to holidays in China. Total was offering Angolan Pazflor at dated Brent minus 80 cents, Congolese Djeno at dated Brent minus $3.50 and Nigerian Forcados at dated Brent plus $6.50 a barrel. Exxon Mobil was offering a variety of Angolan and Nigerian grades: Mostarda at dated Brent minus $2.80, Erha at plus $6.00, Kissanje at plus 20 cents, Hungo at minus $1.50 and Mondo at minus $1.30 a barrel. Uruguay’s ANCAP issued a buy tender for a ...

The United States has reiterated that Pakistan can purchase oil from Russia at a discounted price even though it has not signed a Washington-backed price-cap on Russian petroleum products. US State Department’s spokesperson Ned Price told reporters at a Tuesday afternoon news briefing that Pakistan can also take advantage of the concessions Washington has given to other countries for buying oil from Russia. “So, we have encouraged countries to take advantage of that, even those countries that have not formally signed on to the price cap, so that they can ...

German crude oil import volumes rose 11.1% in the first 10 months of 2022 on a year-on-year basis as the economy recovered from the COVID-19 pandemic, while the bill more than doubled due to higher prices, official data showed on Friday. Russia remained the top supplier, holding a 27.2% share of Germany’s oil imports in the period, monthly statistics from the BAFA foreign trade office showed. Some 23.5% of German oil imports in the January-Oct period came from the British and Norwegian North Sea, while imports from members of the ...

India’s January sunflower oil imports are set to surge to a record 473,000 tonnes, nearly triple average monthly imports as top exporters Russia and Ukraine seek to reduce stockpiles, industry officials told Reuters. Record imports by India, the world’s biggest vegetable oil importer, come as sunoil’s discount to rival soyoil widened to the highest level in nine months. The import surge will help key Black Sea producing countries in reducing their stocks, but could dampen India’s palm oil imports and weigh on Malaysian palm oil prices. “Sunoil was trading at ...

Russia said on Friday it had increased export quotas for mineral fertilisers by nearly 500,000 tonnes, and that the quotas would be valid until May 31. Source: Reuters (Reporting by Reuters Editing by Mark Potter)

Fortescue (ASX: FMG) on Friday posted its highest ever iron ore shipments for the December quarter and half-year – before the commissioning of its giant Iron Bridge Magnetite project. The company’s shares are up 3.3% in early trade to a fresh six month high of around $23.20. “We are now nearing the 200 million tonne annualised rate in our iron ore business … Our company has never performed better on the mining, exploration, green hydrogen and green energy development front,” noted Executive Chairman, Dr Andrew Forrest. “Demand for Fortescue’s suite ...

Independent Russian oil refiner Forteinvest has clinched a deal that will see Russian gasoline sent to Pakistan by land for the first time, two industry sources said on Friday, as Russian refiners seek alternative markets for motor fuels days before an EU import ban. Forteinvest has sold to a trader an initial 1,000-tonne lot of gasoline from its Orsk plant for delivery to Pakistan and has more requests to supply gasoline, diesel and LPG to the country, the sources added. The refined products will be shipped from the Orsk refinery ...

Bangladesh’s state-owned Rupantarita Prakritik Gas Company Ltd is seeking one liquefied natural gas (LNG) cargo for delivery between Feb. 21-22, two industry sources said on Friday. The tender is sought on a delivered ex-ship (DES) basis and closes on Jan. 29. Bangladesh had last purchased its spot cargo of 138,000 cubic metres for delivery in June 2022 at $24.25 per million British thermal unit (MMBtu) from trading house Gunvor. It then halted spot purchases of the fuel due to a spike in prices LNG-AS, which have since eased more than ...

The Philippines’ Department of Energy said on Friday it has approved a $67-million LNG import terminal project, the country’s seventh such facility, as it gears up for the launch of its liquefied natural gas industry this year. The DOE said in a statement it has issued a notice to proceed to Samat LNG Corp, which plans to construct a small-scale LNG terminal in Mariveles municipality in Bataan province, about 60 kilometres (35.2 miles) north of the capital Manila. The Southeast Asian country will need to rely on LNG imports to ...

Ukraine’s Agriculture Ministry said on Jan. 26 that grain exports from the country’s Black Sea ports had reached a record low due to sabotage by Russia. The ministry said that “on average” two or three cargo ships have been leaving Black Sea ports every day in January under the Black Sea Grain Initiative. The initiative is a U.N.-backed deal signed in July by Ukraine, Russia, and Turkey to unblock Ukrainian grain exports amid Russia’s invasion of the country. The exports had been blocked by Russia’s armed forces. “(The decrease) is ...

Brunei will supply liquefied natural gas (LNG) to Japan Petroleum Exploration Co Ltd 1662.T (JAPEX) from April as the country aims to expand trading with Japan, its biggest LNG importer, to stabilise its revenue, the Nikkei business daily said on Thursday. Farida Talib, Chief Executive Officer of Brunei LNG, the country’s solo producer of LNG, told the Nikkei about a new contract with JAPEX, the paper said. A spokesperson of JAPEX confirmed that the Japanese energy company has a contract with Brunei LNG, but declined to discuss further details. Brunei ...

U.S. crude oil imports decreased while exports increased during the week ending Jan. 20, the U.S. Energy Information Administration said Wednesday. U.S. crude oil imports averaged 5.905 million barrels per day (b/d) last week, down by 956,000 b/d from the previous week, while crude oil exports averaged 4.707 million b/d, up by 835,000 b/d from the previous week, according to the Weekly Petroleum Status Report. Over the past four weeks, U.S. crude oil imports averaged about 6.207 million b/d, down by 0.4 percent from the same four-week period last year. ...