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US imposes fresh sanctions over shipment of Russian oil above price cap

The United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The U.S. Treasury Department accused those targeted on Friday of using Western maritime services such as transportation, insurance, and financing while carrying Russian crude oil above the $60-per-barrel price cap. The Group of Seven rich countries, the European Union and Australia imposed the $60-per-barrel cap last December on seaborne ...

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India’s reemergence for Venezuelan crude opens new battleground for China

Indian refiners have started to snap up crude shipments from Venezuela barely weeks after the easing of sanctions, opening up a new battleground for Chinese independent refiners who have been the most active buyers of the feedstock from the South American supplier in recent years. “Some Venezuelan crude is now getting loaded and is on its way to India. With Venezuelan crude entering the market, it provides an opportunity for Indian refiners to seize the moment and enhance their sour crude refining margins, thereby boosting overall gross refining margins,” said ...

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India’s oil imports from Russia rebound in November – data

India’s Russian oil imports rebounded in November after several plants came back online from planned maintenance and as fuel consumption rose during the Diwali festive season, preliminary data from ship-tracking firms Kpler and Vortexa showed. The world’s third-biggest importer and consumer of oil has boosted purchases of Russian oil sold at a discount after imports from Russia were shunned by some Western countries following its invasion of Ukraine last year. Data from Kpler and Vortexa showed a 9% and 5% rise in India’s monthly intake of Russian oil in November ...

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Russian oil product exports via Tuapse seen at 1.469 mln T in Dec -traders

Russian oil product exports from the Black Sea port of Tuapse in December are set to rise by 28.9% month on month to 1.469 million metric tons from 1.103 million scheduled for November, two traders said on Friday. Meanwhile, actual oil product loadings via the port of Tuapse fell in November by 43% from the planned level to 630,000 metric tons due to stormy weather. Source: Reuters (Reporting by Reuters; editing by Susan Fenton)

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Oil loadings from Russia’s Black Sea port of Novorossiisk suspended again as storm resumes—sources

Oil loadings from Russia’s Black Sea port of Novorossiisk were suspended again as a storm resumed, two sources familiar with the matter told Reuters on Friday. Russia’s Black Sea Novorossiisk port and CPC terminal resumed oil loadings after a severe storm on Thursday. The Caspian Pipeline Consortium (CPC) continued oil loadings at its Black Sea terminal despite bad weather as of Friday afternoon, the sources added. Severe storms in the Black Sea region since last Friday have disrupted up to 2 million barrels per day (bpd) of oil exports from ...

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Russia’s ultra low-sulphur diesel exports from Primorsk to rise to record in Dec – traders

Russia’s December exports of ultra low-sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are set to rise by 21% month-on-month to a record 2.0 million metric tons, from 1.6 million tons scheduled for November, three traders said. Diesel exports are increasing after lifting a temporary ban on exports of summer diesel, the traders added on Friday. Source: Reuters (Reporting by Reuters; Editing by Sharon Singleton)

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Russia’s oil loadings from western ports to decline 6% in December – sources, Reuters

Russia’s planned oil loadings from its western ports are set to decline 6% in December from November to 1.9 million barrels per day (bpd), market sources said and Reuters calculations showed. Russia’s oil shipments from its western ports of Primorsk, Ust-Luga and Novorossiisk are set to be lower in December amid record refinery runs planned for next month and a recent lifting of the state’s fuel export ban, traders said. Actual oil loadings from Russia’s western ports are likely to be above the plan in December as significant volumes meant ...

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Russia’s Arctic oil exports surge but risks still hamper new trade route

Russian crude exports to China via its Arctic shipping route shortcut surged to a record high in 2023 as Moscow continued to pivot east to find buyers for oil shunned by Western refiners, according to tanker tracking data. But the so-called Northern Sea Route’s ice-prone, unpredictable voyage times remain a key hurdle to further expansion of the precarious trade route that Russia is so keen to promote. Flows from Russia’s Arctic and Baltic ports to China totaled 10.4 million barrels in the 2023 summer season, data from S&P Global Commodities ...

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India’s April-Oct. steel imports from China at four-year high

India’s finished steel imports from China touched a four-year high in the first seven months of the fiscal year that began in April, according to provisional government data reviewed by Reuters on Wednesday. China was the top exporter of finished steel to India during April-October, shipping in 1.1 million metric tons of the alloy, up 47.3% on the year. China, the world’s top steel producer, exported mostly cold-rolled coil or sheets to India, followed by hot-rolled coil products, plates, and pipes, among others. The Indian steel industry has sought government ...

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Egypt plans to export 1B cubic feet of LNG daily in January

Egypt is planning to export 1 billion cubic feet of liquefied natural gas (LNG) a day as of January 2024, Al Arabiya Business reported, citing an official from the Ministry of Petroleum and Mineral Resources. The country’s current production of LNG ranges between 5.9 and 6.1 billion cubic feet a day, with consumption reaching 7 billion cubic feet daily in summer, the official highlighted. However, the country imports the remaining needs of LNG from Israel, which amount to 850 to 900 million cubic feet per day, to fill in the ...

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Taiwan buys estimated 109,325 T wheat of U.S.-origin

The Taiwan Flour Millers’ Association purchased an estimated 109,325 metric tons of milling wheat to be sourced from the United States in a tender on Thursday, European traders said. The purchase involved various wheat types for shipment from the U.S. Pacific Northwest coast in 2024. One consignment of an estimated 54,775 tons was bought for shipment between Jan. 15-Jan. 29. Another consignment of an estimated 54,550 tons was bought for shipment between Feb. 2-Feb. 16. Reports reflect assessments from traders and further estimates of prices and volumes are still possible ...

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Russian oil product exports via Tuapse hit by stormy weather

Russian oil product exports from the Black Sea port of Tuapse in November were down 43% from initial plans at 0.63 million metric tons owing to storms in the area, traders said and LSEG data showed. At least 10 cargoes are awaiting oil products loading near the port of Tuapse, one ship broker said. “November volumes would be loaded in December, but the weather is still stormy,” a trader said. Russia’s ministry of transport on Thursday said that restrictions on navigation at key Black Sea ports remain in place because ...

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Morocco to prolong wheat import campaign in January-April

Morocco will offer subsidies to import up to 2.5 million metric tons of soft wheat between Jan. 1 and April 30, 2024, state grains agency ONICL said, as the North African country pursues an import programme to offset drought-affected local production. The January to April import scheme was approved by Morocco’s finance and agriculture ministries, with subsidy details to be published separately, ONICL said in a note on its website. After drought reduced its domestic wheat crop for a second year, Morocco launched an import programme for the 2023/24 season ...

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Russian agriculture ministry sees grain exports over 65 mln tons this season – Interfax

Russian Agriculture Minister Dmitry Patrushev on Tuesday forecast grain exports of over 65 million metric tons in the 2023-24 season, the Russian news agency Interfax reported. Patrushev said the harvest had been collected from almost 98% of the areas under grain and leguminous crops, and that over 151 million tons of grain in bunker weight had been threshed, including almost 99 million tons of wheat. He said this meant the 2023 harvest would be Russia’s second largest, allowing it to send record volumes of grain to foreign partners. Source: Reuters ...

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China’s newest refiner Yulong receives crude import quotas – consultancies

China’s newest mega refiner, Yulong PetrochemicalC}, has received 300,000 metric tons of crude oil import quotas for 2023, according to two domestic energy consultancies, which will enable the refinery to secure feedstocks for its trial run. Located in China’s eastern province of Shandong, the 400,000 barrels per day refinery is expected to start up its crude distillation units in the first quarter of 2024. The refinery is also building a 1.5 million tons per year ethylene complex, which is aimed to be commissioned by end 2024. Yulong was notified about ...

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