Iran's Tankers Target India, EU
Iran wants to up exports to India by 200,000 bpd within 6 months. With Iran ready to resume business as usual with the world under a historic nuclear deal, Tehran will target India, Asia's fastest-growing major oil market, and old partners in Europe with hundreds of thousands of barrels of its crude. Iran expects the United Nations nuclear watchdog to confirm on Friday it has curtailed its nuclear programme, paving the way for the unfreezing of billions of dollars of assets and an end to bans that have crippled its oil exports.
Glencore Sells Russian Blend to Chevron for U.S. Delivery
Swiss-based trader and miner Glencore has sold 100,000 tonnes of Urals for loadings from Primorsk on Jan. 16-17 to Chevron for delivery to the US Gulf Coast, traders said, making a return to the United States after a four-year hiatus. Glencore originally bought the cargo from Russia's Rosneft under a five-year pre-finance agreement, according to the traders. Rosneft declined to comment. Glencore does not typically comment on its trading deals. The cargo had been loaded from the Baltic Sea port of Primorsk on the vessel called Sparto, port agents' data shows. Sparto was heading to Skagen in Denmark, where it would be re-loaded onto another tanker for shipment to the United States, traders said.
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
Russia's Q3 Oil Exports via Baltic Ports Seen Falling
Russian exports and transit of Urals oil through Baltic Sea ports are seen at 19.15 million tonnes in the third quarter, down from 19.8 million tonnes in the second quarter, industry sources said.Exports of Russian Urals and Siberian light oil from the Black Sea port of Novorossiisk are expected to rise to 8.5 million tonnes in the third quarter from 8.1 million tonnes in the second quarter, the sources said.(Reporting by Olga Yagova; writing by Maria Tsvetkova; editing by Jason Neely)
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…
Lawsuit Drags BP's Oil Trading Division into the Red
BP's oil trading business, one of the biggest in the sector, reported a rare loss in the fourth quarter after it lost a $70 million lawsuit over an oil cargo delivered to a Moroccan refinery. BP's Chief Financial Officer Brian Gilvary said due to flat trading positions ahead of a crucial OPEC meeting at the end of November, and the lawsuit, the company's oil trading division made a "small loss" in the fourth quarter. "There was a natural inclination to flatten up all of the books and there was also an adverse court ruling against us which is a $70 million hit," he told analysts on Tuesday.
Asia Tankers-VLCC Weighed by Excess Tonnage
MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in the market, brokers said. Cuts in the output from Iraq and West Africa this month as part of an agreement between oil producers to curb crude production to bolster oil prices are also expected to weigh on the tanker market as the number of voyages are curtailed, brokers said.
Russia to Increase Q2 Baltic Urals Shipments
Russia is set to increase Urals exports and transit from its Baltic Sea ports by 0.7 million tonnes to 19.9 million tonnes in the second quarter, an export schedule showed on Thursday. According to the schedule, Urals shipments from the Black Sea port of Novorossiisk are set to fall to 7.55 million tonnes, down from 7.9 million tonnes in the previous quarter. Reporting by Gleb Gorodyankin and Olga Yagova
Russia Tops up Urals Oil Exports from Baltic Sea
Russia will ship an extra 100,000 tonnes of Urals crude oil from the Baltic Sea port of Primorsk in April, bringing total shipments from that port to 4.6 million tonnes, according to a schedule seen by Reuters on Friday. The extra cargo will be shipped by Rosneft on April 20-21. This will increase total Urals oil supplies from the Baltic Sea to 7.1 million tonnes next month - the highest monthly figure since October 2013. (Reporting by Olga Yagova; writing by Vladimir Soldatkin; Editing by Alexander Winning)
FinMin Says to Stick to Oil Duty Cuts Plans in 2017
Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday. Russia had scrapped plans to cut the duty for this year due to lower prices of oil, the country's main exporting commodity. Oil producers had expressed concern that the government would increase the tax burden as it tries to make up the shortfall in state coffers. The changes will reduce oil export duties while increasing a mineral extraction tax, allowing Russian refineries to reduce crude processing and increase sales abroad. As a part of the change Russia's government should reduce a coefficient of the formula to 30 percent from the current 42 percent…
China's Shandong Tanks Are Full, Tankers Await Discharge
Most crude tankers float for less than a week; half of fuel oil tankers are carrying bitumen mixture. More than 20 tankers carrying crude and fuel oil are anchored off the ports of China's eastern Shandong province, as onshore storage tanks are full, according to trade sources and shipping data on Thomson Reuters Eikon. Frenzied buying by independent refiners, most of whom are located in Shandong, and trading companies seeking to re-sell crude to these refineries have filled up tanks, they said. "Oil inventories at storage tanks are very high," a China-based trader said.
Urals Oil Exports From Baltic Ports to Fall in June
Russia's June Urals crude exports from the Baltic Sea ports are expected to fall by 15 percent compared with May on a daily basis to 5.51 million tonnes, a preliminary loading plan seen by Reuters showed on Thursday. Crude loadings from the port of Primorsk were set to fall by 30 percent to 2.71 million tonnes due to planned works on Baltic pipeline system. Supplies from the neighbouring Ust-Luga port are set at 2.8 million tonnes, up 100,000 tonnes from the May loading plan.
Russia's Urals Export Higher from Baltic, Down from Novo
Russia is seen increasing its exports of Urals crude oil from its Baltic ports in August, while shipments from Novorossiisk on the Black Sea are expected to decline, a preliminary loading schedule showed on Friday. On the Baltic, Urals exports from Primorsk are expected to rise to 3.3 million tonnes from 2.9 million tonnes this month, while the neighbouring port of Ust-Luga is seen handling 2 million tonnes of Urals next month, up from 1.9 million tonnes in July. Exports from the Black Sea port of Novorossiisk are seen at 2.09 million tonnes in August, down from 2.18 million in July. (Reporting by Natalia Chumakova)
Urals Weakens in Med, Baltic as Sept Cargoes Emerge
Russian Urals crude weakened further on Monday in the Mediterranean and the Baltic under pressure from abundant supplies and as oil firms began to tender fresh September supplies. In the Platts window, Tenergy sold a cross-month Urals cargo in the Mediterranean to Eni at dated Brent minus $1 per barrel, some 20 cents weaker than previous price estimates, traders said. In the Baltic, Glencore offered a cross-month cargo at dated Brent minus $1.60, some 10 cents weaker than previous price estimates, but found no buyers, traders said. Azeri was also under pressure as a cargo was heard having changed hands at levels weaker than dated Brent plus $2 per barrel. "Supplies are plentiful.
Med Crude-Russian Urals Edges Lower in Med, Baltic
Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said. In the Platts window, Vitol sold an 80,000-tonne cargo of Urals from Novorossiisk on Sept. 13-17 to Exxon at dated Brent minus $0.85 a barrel on a DES basis, traders said. That was 15 cents below the latest price estimates for the grade. Before the window Vitol offered a very prompt Aframax of Urals crude for loading Sept. 3-4 down to dated Brent minus $1 a barrel, but found no buyer and withdrew its offer. There were no bids or offers for Urals from Primorsk and Ust-Luga.
Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender
Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday. They said Gunvor would lift from 200,000 tonnes to 500,000 tonnes of Russian Urals crude per month from the Baltic Sea port of Primorsk in October-March. Rosneft declined to comment. The traders said that the company has not officially sent the tender results to the winners. Traders also said that Chinese Unipec would lift 140,000 tonnes of Urals from the Black Sea port of Novorossiisk. The results of tender for 80,000-cargos were not immediately available. (Reporting by Gleb Gorodyankin; writing by Vladimir Soldatkin)
Urals Weakens Further in Baltic
Russian Urals crude differentials continued to slide in the Baltic on Thursday amid a flurry of activity with softer refining margins, pushed down by higher oil prices, still keeping buyers at bay. In the Platts window, Statoil bought a 100,000-tonne cargo from Glencore for loadings on Oct. 18-22 in the Baltic at dated Brent minus $2 a barrel, some 20 cents weaker than on Wednesday, traders said. Litasco, Total and Vitol have found no buyers with offers of minus $1.80, $1.75 and $1.85 to dated Brent correspondingly. In the south, Litasco increased its bids for 80,000 and 140,000 cargoes to minus 95 cents and minus $1.20 to dated Brent respectively, without success. The were no deals with both Azeri and CPC Blend in the Platts window.
Russia's Baltic Urals Exports Seen Rising in March
Russia's Urals crude exports from the ports of Ust-Luga and Primorsk are seen at 5.6 million tonnes in March compared to 5.0 million tonnes in the February plan, a preliminary loading schedule released on Wednesday showed Exports of Urals and Siberian light crude oil from the Black Sea port of Novorossiisk port are set at 2.3 million tonnes in March compared to 2.1 million tonnes in the February plan. Reporting by Ludmila Zaramenskikh; Writing by Maxim Rodionov
Med Crude-Urals Stronger in Med, Still Weak in Baltic
Russian Urals crude price differentials strengthened slightly on Tuesday in the Mediterranean while hovering near their weakest in 17 months in the Baltic due to abundant supplies. In the Platts window, Glencore offered a Nov 13-17 Urals cargo in the Baltic at dated Brent minus $3.05 a barrel and Vitol a Nov 15-19 cargo at minus $2.80, but found no bidders as the asking prices were seen as too ambitious, traders said. In the Mediterranean, Trafigura bid for a 23-27 Nov Aframax cargo at dated Brent minus $1.95 a barrel, some 30 cents stronger than previous price estimates. But its bid generated no interest as Vitol was seeking prices as strong as dated Brent minus $1.70 for a Nov 17-21 Aframax and dated Brent minus $1.85 for a larger Nov 18-22 Suezmax.
Russia to Reduce Urals Oil Exports from Baltic Ports
Russia will export 2.9 million tonnes of Urals crude oil from the Baltic ports of Primorsk and Ust-Luga on November 1-16, down 0.8 million tonnes from the same period of October, according to a preliminary schedule, seen by Reuters. Russia will increase Urals and Siberian light oil exports from the Black Sea port of Novorossiisk by 0.36 million tonnes to 1.6 million for November 1-18, the schedule showed. (Reporting by Gleb Gorodyankin; writing by Denis Pinchuk; editing by Polina Devitt and Jason Neely)
Lukoil Predicts Similar 2016 Russian Output
Oil producer Lukoil aims to maintain output in Russia at this year's level of 86-87 million tonnes and to increase it by 1.5-2 million tonnes in 2017, its chief executive, Vagit Alekperov, said on Tuesday. Russia intends to provide further discounts on its Urals crude blend in order to defend its market share in Europe as other grades have been increasingly flowing into the region, a government source said on Nov. 21. "Price discounts depend on our relations with partners. We proceed from the premise of receiving a maximum price for our product," Alekperov told reporters, commenting on the source-based report. Reporting by Natalia Chumakova
Trump's Revenge: US Oil Floods Europe, Hurting OPEC, Russia
U.S. supplies to Europe set for all-time high in April; on course to overtake Russia, Saudi. As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs.
Urals Prices Weaken in Med, Baltic
Russian Urals crude price differentials weakened in the Mediterranean and the Baltic due to ample supplies, traders said on Thursday. In the Platts window, Litasco sold to Shell a 80,000 tonne cargo in the Mediterranean loading on Jan. 18-22 at a discount of $1.45 a barrel to dated Brent, some 30-35 cents a barrel weaker than previous levels, traders said. Vitol unsuccessfully offered its Jan. 19-23 cargo at a discount of $1.45 a barrel, market participants said. Ample supplies of Urals in January were putting levels under pressure and some traders said they expected some cargoes to remain unsold after the New Year holidays. In the Platts window, Vitol offered in the Baltic a 100,000 tonne cargo for loading on Jan.