Widespread breaches of the Group of Seven oil price cap likely took place in Asia in the first quarter, according to a team of researchers who analyzed official data on Russia’s foreign trade alongside shipping information.
Oil fluctuated as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a Group of Seven price cap.
Russia is earning less from its oil exports, even as seaborne crude shipments surge to a six-week high. That’s because of the big discounts that Moscow is having to offer Asian buyers to snap up barrels shunned by Europe, which translate into a drop in export duties.
Algeria’s energy exports are plunging, threatening more financial suffering for the OPEC member and a potential repeat of the mass demonstrations that toppled the president two years ago.
Libya’s oil industry continued to revive this week following a truce between the main factions in the OPEC member’s devastating civil war.
Venezuela’s dwindling oil exports were dealt another blow as one of India’s top refiners secured millions of barrels of Canadian crude on concern that the U.S. is poised to step up sanctions against Caracas.
After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.
Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.
Mexico’s oil exports went up by 56% in the first quarter of 2017, according to Dallas’s Federal Reserve Bank.
Russian Energy Minister Alexander Novak said today that Saudi Arabia's entry into East European oil markets, traditionally dominated by Russia, was the "toughest competition".
Russia became the second largest supplier of oil to China after Saudi Arabia in the first six months of 2015. The country's oil exports increased by 27% as compared with the same period of the previous year to almost 786,000 barrels per day.
I have been working in Syria on a gas project but had to leave because of the political situation there, plus the imposition of sanctions by the European Union (EU) on that country's oil and gas industry.
BRENT crude fell yesterday as investors anticipated a resumption of oil exports from Opec member Libya.