Latest news with #Urals
Reuters
15-07-2025
- Business
- Reuters
Trump's sanctions threat looms over Russian oil exports to China, India and Turkey
MOSCOW, July 15 (Reuters) - U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey. According to the International Energy Agency, Russia's revenue from sales of crude oil and oil products in June declined by almost 14% from a year earlier to $13.57 billion. Russia's crude output, however, stayed broadly flat at 9.2 million barrels per day (bpd) last month and crude loadings were stable at 4.68 million bpd, the IEA said. Its exports of oil products dropped by 110,000 bpd to 2.55 million bpd. Russia exports Urals, Siberian Light and CPC Blend oil grades from its Western ports, such as Primorsk, Ust-Luga and Novorossiisk. It also loads smaller amounts of Arctic oil, ARCO and Novy port grades from its northern Murmansk port. Russia also exports the ESPO Blend from Kozmino port in the Far East, and the Sokol and Sakhalin Blend from Sakhalin island in the Pacific. Russian oilfields are also linked by pipelines to China and European countries. Currently only Hungary and Slovakia are still buying oil from Russia in Europe as part of an exception to European Union sanctions. Russia also provides its pipeline network for oil transit from Kazakhstan for further shipments to its ports and via the Druzhba oil pipeline to Germany. Russia also exports its oil to neighbour Belarus, which has two major refineries. China remains the largest buyer of Russian oil, mostly due to direct connections to Russian fields by pipeline: oil enters the country via the Skovorodino-Mohe and Kazakhstan's Atasu-Alashankou oil pipelines, and the rest is purchased by Chinese refineries by sea. China purchases about 2 million bpd of oil from Russia -mainly ESPO Blend, Sokol and Sakhalin Blend, as well as some Urals and Arctic oil, according to Chinese customs data. That's worth around $130 million each day, according to Reuters' calculations. The main buyers are energy companies CNPC, Sinopec and CNOOC as well as independent refineries. India is the second-largest oil buyer from Russia and the main buyer of its flagship Urals oil. India also purchases ESPO Blend oil, Sokol and Arctic grades from Russia. Its overall imports of Russian oil are at about 1.8 million bpd, according to ship tracking data from Kpler. Russian oil flows to most of India's refiners, including Reliance Industries, owner of the world's largest refinery. It also flows to private refiner Nayara Energy, in which Russia's Rosneft ( opens new tab holds a stake, as well as Indian Oil and ONGC. The third-largest importer of Russian oil, Turkey, ramped its purchases to an annual record in June of 400,000 bpd, according to LSEG. The increase in purchases of Russian oil by Turkey was due to a price decline of the Russian grade. Since April 1, Urals oil has been trading consistently below the price cap of $60 per barrel. Turkey's STAR refinery, controlled by Azerbaijan's SOCAR, is the main buyer of Russian oil in Turkey, while another major refiner, Tupras, also purchases Urals grade oil. Russia exports some 2.5 million bpd of fuel products, including low-sulphur diesel, gasoline, naphtha, fuel oil and others. Since 2023, Russia has also diverted its oil-product sales from Europe to Asia and Latin America. Moscow is a major diesel supplier to Brazil and Turkey, while it also supplies significant volumes of fuel to African countries including Ghana, Egypt, Morocco, Togo and Tunisia. Russian oil and products also flow to "friendly" states as Moscow calls the countries it continues to do business with. Among the buyers are Syria, which has recently started to buy Russian fuel and Arctic oil, as well as countries such as Pakistan, Cuba and Sri Lanka.
Reuters
11-07-2025
- Business
- Reuters
Russian Urals oil prices hold below price cap on weaker Brent, Reuters calculations show
MOSCOW, July 11 (Reuters) - The price of Russia's Urals crude oil remained $2 per barrel below the $60 per barrel limit imposed by Western nations amid weak Brent prices, Reuters calculations based on traders' data showed on Friday. Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while U.S. tariffs and possible further sanctions on Russia were also in focus. Urals oil cargo loadings from Russia's Baltic and Black Sea ports were priced around $58 per barrel on Thursday on a free-on-board basis, which excludes charter costs and insurance, according to Reuters calculations. Reuters calculates Urals oil prices based on the previous business day's data. Oil prices fell on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth, but prices steadied on Friday. The United States, other Group of Seven countries and Australia imposed the price cap in late 2022, seeking to reduce Russia's revenue from seaborne oil exports as part of wide-ranging sanctions imposed over Moscow's invasion of Ukraine. Under the terms of the cap, suppliers of Russian oil are only able to use Western services such as shipping and insurance when Russian crude trades below $60 per barrel. The European Commission is expected to propose a floating Russian oil price cap as part of a new draft sanctions package, in an attempt to overcome opposition from some member states, four EU diplomats told Reuters this week. The plan to lower the price cap was prompted by a fall in global oil prices, which made the current cap largely irrelevant. The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 a barrel in June in its 18th package of sanctions. Russian Urals oil has been priced below $60 per barrel since April 2, except for a short jump above the price cap level in June on a rally in Brent. The Urals oil price is linked to the Brent price, making it dependent on changes in the benchmark's value.
Time of India
10-07-2025
- Business
- Time of India
‘Oil prices would have hit $120-130': India says its oil imports from Russia helped global markets; Hardeep Puri hits out at critics
Addressing critics of India's Russian oil imports, Puri noted that certain commentators make unwarranted criticisms of Indian policies. (AI image) India's ongoing crude oil imports from Russia have contributed to global energy price stability, according to Petroleum and Natural Gas Minister Hardeep Puri . He has said that discontinuing Russian oil trade would have caused crude prices to surge beyond $120-130 per barrel. Following the Russia-Ukraine conflict, whilst the US and Western countries enforced restrictions on Moscow, India maintained its oil procurement from Russia. In fact, India stepped up imports of crude oil from Russia. Oil Prices At $130 per barrel? According to an ANI report, Puri highlighted Russia's significant role as a major crude oil producer, with an output exceeding 9 million barrels daily. He explained that a sudden removal of 9 million barrels from the global supply of approximately 97 million barrels would have necessitated an unfeasible worldwide consumption reduction of over 10%. Such a disruption would have resulted in oil prices escalating beyond $120-130 per barrel, as consumers worldwide would have competed for limited supplies, he claimed. "Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market," he said in Vienna. He further elaborated, "It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would've spiralled to over $120-130." The international community imposed a price ceiling on Russian oil rather than implementing comprehensive sanctions. "Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could," he said, praising India's role in navigating the energy crisis. Also Read | India laps up discounted crude: RIL, Nayara Energy get big chunk of Russia's flagship oil exports; Reliance world's single biggest buyer of Urals Addressing critics of India's Russian oil imports, Puri noted that certain commentators make unwarranted criticisms of Indian policies without properly understanding energy market operations. Currently, India depends on imports for 80 per cent of its oil requirements and 50 per cent of its natural gas consumption. To fulfil its energy demands, India has diversified its sources by procuring oil and gas from numerous international suppliers. India is actively expanding its conventional fossil fuel energy production, with recent focus on the Andaman region for exploration. As the world's third-largest consumer of energy, India requires approximately 5.4 million barrels of oil daily. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
10-07-2025
- Business
- Time of India
India's US crude imports jump 51% in H1 2025; Brazil inflows rise 80%: S&P Global
New Delhi: India's crude oil imports from the United States surged 51 per cent in the first half of 2025 to 271,000 barrels per day (b/d), compared with 180,000 b/d in the same period last year, data from S&P Global Commodity Insights showed. Crude shipments from Brazil rose even more sharply, growing 80 per cent year-on-year to 73,000 b/d from 41,000 b/d in H1 2024. The growth signals an increasing shift by Indian refiners towards non-OPEC sources of crude as the country looks to diversify its energy basket. 'Crude supplies from the US have been rising but have been limited to a few refiners in India. This allows room for other refiners to grow US imports further during the year,' said Abhishek Ranjan, South Asia oil research lead at S&P Global Commodity Insights. Lower Chinese purchases of US crude due to higher tariffs have created an opening for India to increase its imports and simultaneously reduce its trade deficit with Washington. At the same time, diplomatic outreach to Brazil is showing results. Petroleum minister Hardeep Singh Puri visited Brazil last year to explore energy cooperation, including expanding crude imports and collaborating on deepwater exploration. Prime Minister Narendra Modi is also scheduled to visit Brazil later this month. US flows recover after dip Indian refiners had previously imported large volumes of US crude, but purchases slowed over the past two to three years as Russia emerged as a key supplier. Now, US flows are reviving. Modi's visit to the US in February and his discussions with American leadership on strengthening energy ties are seen as contributing factors. Trade dynamics have also played a role. The US announced reciprocal tariffs on India and other countries on April 2, but paused the increase for 90 days from April 10 to allow time for negotiations. Russia retains top supplier position Russia continued to be India's top crude oil supplier during January–June 2025, with shipments of 1.67 million b/d, marginally higher than 1.66 million b/d in the same period last year, according to Commodities at Sea (CAS) data from S&P Global. 'Volumes are rising again, supported by lower crude prices that enable higher volumes to be procured below the price cap. As the global oversupply is expected to continue putting pressure on prices, we expect Russian flows to remain at current levels, if not increase,' Ranjan said. Spot FOB Primorsk Urals crude exceeded the G7-led $60 per barrel price cap during the Israel-Iran conflict, crossing the threshold on June 13 and remaining above it until June 24. Platts assessed Urals FOB Primorsk at $56.32/b on July 1. Mixed trends from other suppliers Crude imports from Iraq and Saudi Arabia declined by 4 per cent and 2 per cent respectively in the six-month period. Shipments from Angola fell 22 per cent year-on-year, while inflows from Nigeria increased 26 per cent to 158,000 b/d. 'Gradually rising crude throughput in Dangote refinery will mean that those Nigerian crudes will not be able to support crude demand growth from India. There might be a few months of higher crude imports, but they should decline on an annual basis in terms of imports to India,' Ranjan added.
Mint
08-07-2025
- Business
- Mint
Russia's Crude Shipments Slide to the Lowest Since February
Russia's crude shipments fell to the lowest since February as refinery runs are rising faster than production, eating into exports. Seaborne crude cargoes averaged 3.12 million barrels a day in the four weeks to July 6, down by 3% from the period to June 29, tanker-tracking data compiled by Bloomberg show. On this measure, flows have fallen to the lowest since the period ending Feb. 23 and are down by 200,000 barrels a day from March, before eight members of the OPEC producer group, including Russia, began easing output cuts they made in 2023. Over the closest comparable period, production increased by about 60,000 barrels a day, one-third of the headline increase in the country's OPEC output target. Meanwhile, refinery runs rose by 140,000 barrels a day. Output increases permitted to Russia under the OPEC agreement are limited by deeper cuts it pledged to compensate for past over-production. The size of those reductions will continue to grow until September under current plans, likely further limiting the amount of additional crude available for export. The drop in Russia's exports highlights the gap that is opening up between the OPEC group's big headline output increases and the much smaller additional volumes actually finding their way to the international market. In contrast to the four-week average numbers, the more volatile weekly shipments jumped by about 280,000 barrels a day to a four-week high. That increase comes after two weeks of particularly low exports, driven in part by maintenance work at Russia's largest Pacific export terminal. The four-week average smooths out the big swings in weekly numbers, giving a clearer picture of underlying trends in crude flows. Lower traffic last week from the Baltic terminals of Primorsk and Ust-Luga was more than offset by higher shipments from all other regions. A total of 30 tankers loaded 22.96 million barrels of Russian crude in the week to July 6, vessel-tracking data and port-agent reports show. The volume was up from 21 million barrels on 28 ships the previous week. Crude flows in the period to July 6 stood at about 3.12 million barrels a day on a four-week average basis, down by 90,000 barrels a day from the period to June 292. Using more volatile weekly figures, shipments rose by about 280,000 barrels to 3.28 million barrels a day. The increase in weekly flows was driven by a rebound in shipments from the Pacific ports of Kozmino and De Kastri and the Arctic port of Murmansk. Those gains were partly offset by lower flows from the Baltic ports of Primorsk and Ust-Luga. There was one shipment of Kazakhstan's KEBCO crude during the week from Ust-Luga and two from Novorossiysk. The gross value of Moscow's exports rose by about $100 million, or 8%, to $1.36 billion in the week to July 6. The increase in flows was partly offset by lower average prices. Weekly average export prices of Russian crude slid for a second week, falling more sharply than the wider market. Urals crude from the Baltic and Black Sea fell by about $1.30 a barrel to average $57.25 a barrel during the week, while the price of key Pacific grade ESPO fell by $1 to average $62.80 a barrel. Delivered prices in India were down by $1.20 at $67.32 a barrel, all according to numbers from Argus Media. On a four-week average basis, the export price of Russia's crude shipments rose for a sixth week, with Urals from both the Baltic and the Black Sea rising by about $0.80 a barrel and Pacific ESPO up by $1 a barrel. Even so, using this measure, the value of exports fell by 1% in the period to July 6 to average about $1.34 billion a week, with the lower flows more than offsetting the small increase in prices. Observed shipments to Russia's Asian customers, including those showing no final destination, edged down to 2.73 million barrels a day in the 28 days to July 6, from a revised 2.77 million barrels a day in the four weeks to June 29. The figures include about 340,000 barrels a day on ships from Western ports showing their destination as Port Said or the Suez Canal, or those from Pacific ports with no clear delivery point, and a further 30,000 barrels a day on tankers yet to signal a destination. Flows to Turkey in the four weeks to July 6 averaged about 370,000 barrels a day, down about 30,000 barrels a day from the revised figure for the previous week. Shipments to Syria averaged about 25,000 barrels a day. This story forms part of a weekly series tracking shipments of crude from Russian export terminals and the gross value of those flows. The next update will be on Tuesday, . All figures exclude cargoes identified as Kazakhstan's KEBCO grade. Those are shipments made by KazTransoil JSC that transit Russia for export through Novorossiysk and Ust-Luga and are not subject to European Union sanctions or a price cap. The Kazakh barrels are blended with crude of Russian origin to create a uniform export stream. Since Russia's invasion of Ukraine, Kazakhstan has rebranded its cargoes to distinguish them from those shipped by Russian companies. Bloomberg classifies ship-to-ship transfers as clandestine if automated position signals appear to be switched off or falsified — a tactic known as spoofing — to hide the two vessels involved coming together to make the cargo switch. Vessel-tracking data are cross-checked against port-agent reports as well as flows and ship movements reported by other information providers including Kpler and Vortexa Ltd. If you are reading this story on the Bloomberg terminal, click for a link to a PDF file of four-week average flows from Russia to key destinations. With assistance from Sherry Su. This article was generated from an automated news agency feed without modifications to text.
