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High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6. “The world does not have enough spare ...
Abu Dhabi National Oil Co. hiked the April official selling price for its flagship Murban crude oil by more than 10% from March, with Middle East crudes seeing greater demand as traders seek alternatives to Russian barrels. The April OSP for Murban was set at $93.99/b, up $8.88/b from the March OSP, the company said ...
Russia’s invasion of Ukraine has seen some of the harshest sanctions ever imposed on a nation and disrupted trade flows of energy and other commodities, even though such goods have not been directly sanctioned. Russia was China’s second largest crude oil supplier in 2021, accounting for around 15.5% of China’s total imports. Chinese buyers of ...
The spot market for trading carbon-accounted crude — including carbon credits and measuring the carbon intensity of the oil — is on the rise with S&P Global Platts launching a Market on Close assessment process for these transactions, similar to the window used to assess the Platts Dated Brent price benchmark. The new assessment process ...
The December-loading program for Malaysia’s Kimanis crude emerged Oct. 12, shedding light on the supply-side fundamentals of Malaysian sweet crudes, while a mixed outlook developed for the December trading cycle, according to market sources. The December-loading program for Kimanis crude reflected a total of eight cargoes, three more than the previous month, with Petronas holding ...