Page 27 - Dated Brent News Today

Azerbaijan is benefiting from the EU’s pivot away from Russian energy, boosting oil transit shipments and enjoying higher prices for its own crude, according to market sources and data from S&P Global Commodity Insights. But the country’s own production has stagnated well below its OPEC+ quota and has little prospects for growth, limiting its gains. ...

The OPEC+ agreement for higher quotas in July and August and continued release of oil from the US government’s Strategic Petroleum Reserve may compensate for the loss of Russian crude, the head of Vitol Asia said, as the European Union undertakes a phased ban on seaborne oil imports from Moscow. “Crude output of Russia is ...

Desperate times call for desperate measures, and for Asian governments it’s time to act rather than wait for oil prices to cool. After shelling out more than $100/b for months, Asia’s leading oil importing nations are running out of patience and are either slashing taxes or providing subsidies on fuels to ensure consumption does not ...

The price of the key Russian export grade, Urals, averaged $73.24 per barrel between the middle of April and the middle of May

EU leaders agreed a compromise deal to ban Russian oil imports by sea late May 30 in a move set to phase out almost 90% of Russian oil imports into the trade bloc by year-end and trigger a major upheaval in global oil trade. Following weeks of negotiations over the EU’s latest Russian sanctions plans, ...

The EU decision to ban most Russian crude has huge ramifications for global oil flows, redirecting more Russian crude to Asia, and more African crude to Europe

Price spreads between comparable West African crudes have reached record highs, restoring interest in a previously beleaguered Angolan segment after values soared in adjacent markets. Spiking European middle distillate cracks in the lead-up to June trading combined with tightening crude supply in the North Sea and Mediterranean has left refiners scrambling for West African crudes ...

Russia and Iran are looking to increase energy cooperation at a time when their sanctions-hit crudes are competing for customers seeking discounts. Russian and Iranian officials discussed oil and gas supply swaps, as well as increasing joint energy investments May 25, as an increasingly isolated Moscow seeks more trade partners due to unprecedented sanctions pressure. ...

Thailand’s PTT Exploration and Production, or PTTEP, will provide almost all of its equity crude production from its Oman upstream projects to domestic refineries rather than trading the barrels in the international market, strengthening the Southeast Asian nation’s energy security amid tight global supply, feedstock managers at state-run PTT’s refining business units said May 26. ...

From cutting taxes on retail oil products to scouting around for attractive term crude deals, India is stepping up efforts to ensure that surging world prices do not stand in the way of the fragile economic recovery as well as a revival in domestic oil product consumption. Government officials in India said they believe that ...