Crude Oil Supplies News

Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.Crude oil from Eastern Siberia will be transported to a Russian Far East port by pipeline and will reach China via Russia’s Pacific port of Kozmino.The deal allows for increasing crude oil supplies to China’s market, which is a strategic one for Rosneft, the Russian company said in press release."Conclusion of the contract will lead to an increase in direct supplies of oil to the strategic Chinese market and ensure a guaranteed cost-effective export channel for the Company's crude sales," said the release.ChemChina is one of the largest petrochemical companies in the world.

China on Friday denied reports it has been illicitly selling oil products to North Korea after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been "caught" allowing oil into North Korea and that would prevent "a friendly solution" to the crisis over North Korea's nuclear and missile programmes that it conducts in defiance of heavy U.N. Security Council sanctions. "I have been soft on China because the only thing more important to me than trade is war…

U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.

(Reuters) -- The U.N. Security Council on Friday unanimously imposed new sanctions on North Korea following its latest intercontinental ballistic missile test, a move that analysts said could have a significant impact on the isolated country's struggling economy. The resolution seeks to ban nearly 90 percent of refined petroleum product exports to North Korea by capping them at 500,000 barrels a year and demands the repatriation of North Koreans working abroad within 12 months. The U.S.-drafted resolution would also cap crude oil supplies to North Korea at 4 million barrels a year.

Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday. The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400,000 barrels of crude at the terminal in the next two days to take to the 120,000 barrels-per-day Zawia refinery, according to shipping brokers. After it loads, the Kriti will be the second tanker to depart from the port after Glencore's Seachance which waited for three weeks to load its 660,000 barrel cargo amid a standoff between eastern and western factions. The Seachance has already left Hariga, according to NOC, and Reuters tracking data shows the tanker making its way to Malta.

Europe diesel stocks reach fresh record high; huge imports from Asia, Middle East weigh on supplies. Oil traders are preparing to store diesel in giant tankers off the coasts of northern Europe and New York as land storage tanks are nearly full, traders said on Friday. Tank capacity levels are above 70 percent in some cases, levels considered near maximum, according to traders. While the recent glut in global crude oil supplies appears to ease, boosting oil prices, diesel supplies around the world are set to rise sharply in the coming months, according to analysts. Benchmark diesel barge values in northwest Europe dropped over the past week as huge volumes of the driving fuel reach the region from around the world.

Rosneft’s President and Chairman of the Management Board, Igor Sechin, and Eni’s CEO, Paolo Scaroni, in the presence of the Russian President, Vladimir Putin, and Italy’s Prime Minister, Enrico Letta, has signed a term sheet on mutual crude oil supplies and a heads of agreement on joint participation and investments in logistic and commercial activities within the hydrocarbons sector. Rosneft will supply crude oil to PCK Schwedt refinery in Germany and Česká Rafinerska refinery in the Czech Republic which are both participated by Eni.

U.S. crude oil supplies rose mildly last week, according to data from the American Petroleum Institute. The Energy Information Administration reported U.S. crude stocks rose 3.4 million barrels last week. The American Petroleum Institute on Tuesday showed stocks rose by 7.4 million barrels but it revised downward its previous week's data by 3.6 million barrels, meaning stocks rose by a net 3.8 million barrels. The stock reports were closely watched after the API showed crude oil stocks fell to a 24-year low in last week's numbers and that crude stocks fell by more than nine million barrels in the previous week's report.

U.S. By early afternoon, crude oil for February delivery on the New York Mercantile Exchange was trading at $28.30 a barrel, a 35-cent rise, taking total gains in the last six trading sessions to $2.50 a barrel, or ten percent. A statement by OPEC Secretary-General Ali Rodriguez on Sunday spurred the day's advance. Rodriguez, the former energy minister of Venezuela said on Sunday that the 11-member producers' cartel had a consensus to cut crude oil supplies but had not decided by how much. "For the time being there is a consensus to cut but how much we don't know," Rodriguez said. Rodriguez's remarks came after the former Venezuelan energy minister met with departing U.S. Energy Secretary Richardson in Vienna.

In 2005, 369 million tonnes of cargo passed through the port of Rotterdam, almost 5% more than in 2004 and a new record. The volume of cargo leaving the port grew faster than that of cargo coming in, with 9% and 3% respectively, with general cargo enjoying 7% growth – almost twice the growth of bulk cargo. Ores and scrap metals (-5%), crude oil (-1%) roll on /roll off (-9%) and other general cargo (-3%) arrived and left in smaller volumes. However, handling of agri-bulk (+1%), coal (+7%), other dry bulk (+4%), other wet bulk (+4%), mineral oil products (+27%) and containers (+10%) showed very positive figures. In numbers, container movements increased by more than 12% to 9.3 million TEU (container units of 20 feet).