
LNG Tanker Leaves Sanctioned Russian Plant Bound for Murmansk
A liquefied gas tanker, which docked at Russia's sanctioned Arctic LNG 2 plant last week, appears to have left the facility and is heading toward the northern port of Murmansk, according to ship-tracking data on the Bloomberg terminal.
The Iris, previously known as North Sky and blacklisted by the US as well as the UK and the EU as part of Russia's shadow fleet, moored at Arctic LNG 2 early Friday and remained at the terminal for around two days, the data shows.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
3 hours ago
- Bloomberg
The Fight to Revive Europe's Militaries Is Just Beginning
The pledge by NATO members to spend 3.5% of gross domestic product on military capabilities and 1.5% on defense infrastructure is the alliance's boldest commitment in decades. It concedes a basic truth: Russia's war in Ukraine has exposed critical shortfalls in Europe's defenses at a time when US support has become less certain. The challenge now is to translate that ambitious target into deployable firepower fast enough to meet the threat. The starting point is finding the money to meet the new commitments. France, Italy and the UK already run heavy budget deficits. Spanish Prime Minister Pedro Sanchez is claiming his country has eked out a concession to spend just 2.1% of GDP. Over time, Germany's weak growth and fractious politics could undermine its resolve, despite the loosening of its debt brake. Discipline, and likely continued pressure from the US, will be required to ensure members don't renege on their spending promises.
Yahoo
7 hours ago
- Yahoo
Russia Tries Again to Boost LNG Exports Upended by Sanctions
(Bloomberg) -- Russia is taking another crack at expanding exports of liquefied natural gas after US sanctions stalled efforts last year. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Mapping the Architectural History of New York's Chinatown An LNG vessel has docked and then left the Arctic LNG 2 export facility for the first time since October, according to ship-tracking data compiled by Bloomberg and satellite images. The facility was supposed to be a cornerstone of Moscow's goal to triple LNG exports by 2030, but has been idle for months after struggling to find buyers willing to break Western restrictions. Russia has the pieces in place to meaningfully boost LNG exports as it expands its shadow fleet. Since the 2022 invasion of Ukraine, Russian gas pipeline exports to Europe have dwindled, and shipping more fuel via seaborne LNG tankers provides an attractive revenue stream to fill Moscow's coffers. Shadow Fleet At least 13 ships, including those that can navigate icy waters, have been marshaled to potentially service Arctic LNG 2, with some changing management companies several times to help obfuscate the actual owners. According to ship-tracking data compiled by Bloomberg they include: Four ice-class vessels that can navigate the frozen waters around Arctic LNG 2. Three are currently idled in the Barents Sea, while another is the tanker currently docked at Arctic LNG 2 Three more traditional LNG vessels are in the Barents sea Two vessels are under repair in China, with another that appears to be on the way One vessel near a floating storage in Russia's Far East Two vessels are idled in the the Gulf of Finland. They had served another Russian facility called Portovaya, which was sanctioned by the US in January 'Russia does have more vessels at its disposal compared to the summer/fall of 2024,' Malte Humpert, founder of the Arctic Institute, a Washington-based think-tank, said in an email. 'If it can find buyers, this small fleet should be sufficient to lift cargoes.' Eight shipments were exported from Arctic LNG 2 between August and October 2024, but never docked on foreign shores. Instead, the gas was offloaded into two Russian storage units in the Barents Sea and its Far East region. Large-scale production halted in October after ice built up around the facility and made transport by traditional vessels challenging. Russia's first domestically built ice-class LNG tanker may come online in the second half of this year if it passes remaining sea trials, Interfax reported Wednesday, citing Sovcomflot Chief Executive Officer Igor Tonkovidov. Willing Buyers? Now, the market will be closely monitoring whether Arctic LNG 2 can find willing buyers. Exporting more would be a boon for consumers, as it would put pressure on global gas prices. The Biden administration was diligent in sanctioning ships and companies connected with exporting fuel from Arctic LNG 2 last year. It isn't clear if the Trump administration will be as strict, or if the government will slap restrictions on ports that accept the fuel. The threat of retaliation from the US kept buyers at bay last year. Officials related to the Arctic LNG 2 joint venture have never stopped trying to sell the fuel, traveling to potential buyers in India and China over the last year, according to traders with knowledge of the matter. However, it isn't clear if they have been able to secure any sales. 'The biggest obstacle remains finding a buyer and shipping capacity,' Jan-Eric Fahnrich, a senior analyst at Rystad Energy, said by email. 'They will then circle around looking for buyers in Asia and Novatek will offer a discount.' Majority shareholder Novatek PJSC and the operating venture Arctic LNG 2 did not respond to emails seeking comment. Iris, the tanker that recently left Arctic LNG 2, is now heading toward the northern port of Murmansk, according to ship-tracking data. The vessel could be traveling there to offload fuel into a nearby floating storage unit or another vessel in a ship-to-ship transfer. It's not immediately clear if any LNG was loaded on the vessel. The tanker's draft level — which the crew inputs manually — didn't change after leaving the plant, the data shows, signaling it may not have loaded LNG cargo. The Iris is expected to reach Murmansk on July 1, according to the data. 'The fact that more than one million cubic meters of LNG loaded last year remains unsold, and in floating storage, does not bode well for renewed attempts to market additional volumes this summer,' said the Arctic Institute's Humpert. 'China would appear to be the most likely candidate, but with consistently declining Chinese demand for the past eight months this won't be an easy task.' Iris is also a so-called Arc4 vessel, with a reinforced hull that allows it to navigate icy waters. That would allow the ship to take the shorter Arctic route to Asia when conditions allow in the summer. Loading vessels at Arctic LNG 2 could also be necessary to ease brimming gas tanks. Satellite images taken June 25 indicate that two production trains at the facility are flaring, which indicates they could be operating or cooling down equipment. Without steady exports, the plant's storage will quickly fill up, and lack of space was one of the reasons why Arctic LNG 2 stopped large-scale production in October. Meanwhile, traders will wait to see if US or European officials further tighten restrictions on the facility as exports resume. 'Now is the time for increased pressure' on Russia's energy revenues, said Geoffrey Pyatt, distinguished fellow at the Atlantic Council Global Energy Center and a former US assistant secretary of state who helped craft Arctic LNG 2 sanctions under the Biden administration. 'European leaders have expressed new determination to end all imports of Russian gas, making it even more important that the United States maintains our pressure on Novatek.' --With assistance from Anna Shiryaevskaya. (Updates with latest ship-tracking data in the second, 13th and 14th paragraphs.) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 ©2025 Bloomberg L.P.

Yahoo
9 hours ago
- Yahoo
OPEC+ to Call the Shots Live as Russia Backs In-Meeting Decision
OPEC+ will make its August oil production decision on the fly during the upcoming July 6 meeting, Russia confirmed on Friday, suggesting there would be no pre-negotiating behind closed doors. "We'll review it during the meeting, as is traditional," Russian Deputy Prime Minister Alexander Novak told reporters, adding to market anticipation ahead of the gathering. Eight OPEC+ nations—including Saudi Arabia, Russia, Iraq, and the UAE—have been incrementally unwinding 2.2 million barrels per day of voluntary cuts since April, with monthly increases of 411,000 bpd. While Saudi Arabia is reportedly pushing to maintain this accelerated pace into August, Russia's posture has shifted from cautious to open—signaling it may support another hike if consensus is reached. Oil prices, meanwhile, are attempting to stabilize after a steep 12% weekly plunge, their worst since 2022. Brent briefly topped $77 amid the Iran-Israel conflict but has since fallen to $68 as ceasefire headlines drained the geopolitical premium. Light crude futures are hovering just above the 200-day moving average at $65.15—a key technical pivot. A close below could invite another wave of selling, while a bounce might spur short-covering toward $67.44 or higher. Despite the recent slump, underlying fundamentals are mixed. U.S. inventory draws, tightening middle distillate markets in Europe and Asia, and surging Chinese imports of Iranian crude all support the bulls. Yet oversupply concerns persist, especially if OPEC+ keeps adding barrels in the face of sluggish non-OPEC demand growth. OPEC's own outlook remains bullish. Secretary-General Haitham Al Ghais recently reaffirmed that 'there is no peak in oil demand on the horizon,' projecting growth of 1.3 million bpd in both 2025 and 2026. With Russia signaling flexibility and Saudi Arabia pressing to regain market share, all eyes are now on July 6. Traders will be watching not just what OPEC+ decides—but how unified the group appears in doing so. By Julianne Geiger for More Top Reads From this article on Sign in to access your portfolio