East European Countries

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

Local emergency services reported on Thursday that a fire caused by drone debris at the Afipsky refinery, in Russia's Krasnodar Region, had been extinguished. The Russian Defence Ministry reported that air defence systems shot down nine Ukrainian drones overnight over the region. The extent of damage to the Afipsky Refinery was not immediately known. This refinery along with the Krasnodar Refinery processed 7.2 millions metric tons crude oil by 2024. According to market sources, the disruption at Afipsky may result in a lower use of crude oil and could potentially add extra barrels to Russia’s exports for August. Drone attacks...

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

According to LSEG data and market sources, Russia's seaborne gasoil and diesel exports dropped 5% from the previous month to 3.26 million metric tonnes due to lower production during refinery maintenance as well as strong domestic demand. In July, diesel loadings through the Russian Baltic port Primorsk - the country's largest outlet for ultra-low sulphur (ULSD) exports – totaled 1,26 million tonnes, down 11.3% daily from June. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. The export of diesel and gasoil from Russian ports to Turkey decreased by 14%...

Veniamin Kodratyev, the regional governor of the Russian city Sochi, said on Telegram early Sunday that more than 120 firefighters are trying to put out a fire at an oil depot which was caused by a drone attack from Ukraine. The Russian news agency RIA reported that a fuel storage tank in the Krasnodar Region, where Sochi is situated, was on fire. Rosaviatsia (Russia's civil aviation authority) said on Telegram flights at Sochi airport were stopped to ensure safety. The reports could not be independently verified. Ukraine has not yet responded. This attack on the infrastructure in Russia, which Kyiv...

Ukraine's Military said Saturday it had hit oil facilities in Russia. This included a major refinery, a drone airfield and an electronics manufacturing factory. Ukraine's Unmanned Systems Forces released a statement via Telegram stating that they had struck the oil refinery at Ryazan (about 180 km southeast of Moscow) and caused a fire in its premises. The USF also said that the Annanefteprodukt storage facility, which borders the northeastern Ukraine, had been hit. The USF is a specialist in drone warfare and long-range attacks. Russia has not yet commented on the reported attack on its infrastructure. Separately the Ukrainian intelligence...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Industry sources claim that Indian refineries have stopped purchasing Russian oil over the last week, as discounts are shrinking this month. Also, President Donald Trump has warned Americans against buying oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude shipped by sea. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so. IOC, BPCL...

Serbia is seeking an extension of 180 days from the United States for a waiver of sanctions for NIS, a Russian-owned Serbian Oil Company. In a press release, Dubravka Djedovic Handanovic stated that "we have always maintained our position, and we will continue to do so, that sanctions are bad for energy security in Serbia and the surrounding region." She said that continued sanctions against NIS, which is owned by Russia's Gazprom and Gazprom in majority, would also harm Serbia's economic situation. NIS has been granted a fourth reprieve that expires on July 29, but the Office of Foreign Assets...

Rosneft - Russia's largest oil producer - slammed Sunday the European Union's sanctions against India's Nayara Energy Refinery, calling them unjustified, illegal and a direct threat to India's energy independence. The 18th package against Russia for the conflict in Ukraine was approved by the European Union on Friday. It is designed to deal further blows to Russia’s oil and energy industries. Nayara Eenrgy is one of the companies targeted. The Nayara Energy Refinery is an important strategic asset for India's energy industry. It provides a steady supply of petroleum products on the domestic market. "The imposition of sanctions on the...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

According to LSEG data and market sources, the volume of Russian seaborne gasoil and diesel exports dropped by 6% in June on a month-to-month basis. This was due to refinery maintenance. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Exports of diesel and gasoil from Russian ports to Turkey increased in June by 15%, a month-on-month increase, while those to Brazil dropped by 33% from May, to just 0.47 million tonnes, after a previous influx. Shipping data revealed that Russia's diesel and gasoil sales to African countries in June...

Trade sources and LSEG data show that at least two ships loaded with Russian crude oil bound for refiners located in India were diverted due to new U.S. Sanctions. This week, the U.S. Treasury Department imposed sanctions against more than 115 Iran linked individuals, entities and ships. Some of these vessels are involved in transporting Russian crude oil. Donald Trump, the U.S. president, has warned that he will impose 100% tariffs on all oil purchases from Moscow unless Russia signs a peace agreement with Ukraine. Trade sources reported that three ships, the Aframaxes Tagor, Guanyin, and Suezmax Tassos were to...

According to LSEG data and other market sources, the Russian seaborne exports of diesel and gasoline fell by 6% in the first 15 day period of July compared to the same period in 2006. Refinery maintenance and a strong domestic demand affected the supply. According to industry sources, calculations have shown that the offline capacity of Russia's primary oil refineries has increased by 20% to 3.9 millions metric tons in July, which includes maintenance at several large and mid-size refining plants. Refineries use less feedstock when idle capacity increases. In the first 15 days in July, diesel loadings through the...

Data showed that the price of oil in Russia in roubles had fallen to its lowest level in two years, below the 4,000-rouble mark per barrel, and was 40% less than what the federal budget planned. This increased pressure on the Kremlin which is already struggling with a growing budget deficit. Global oil prices are down over 10% for six sessions in a row, and over 20% in the past year since U.S. President Donald Trump’s tariff shocks in April prompted more bets that global economic growth would slow. The oil prices also fell following the Organization of the Petroleum...

News agencies reported that Russia's deputy prime minister Alexander Novak stated on Wednesday that the global oil demand is expected to rise by between 1.0 and 1.5 million barrels of oil per day this year. This compares to the latest expectation from the Organization of Petroleum Exporting Countries of a rise of 1,45 million bpd. Novak was quoted by Interfax as saying, "I am optimistic, because the rate of consumption increases every year. And judging from the fact that global economic growth will continue, demand for energy will increase." Experts and think tanks predict a possible oil surplus this year,...

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

On Monday, oil prices fell for the fourth consecutive day as a result of expectations that a Russia-Ukraine agreement would ease sanctions disrupting supplies and concerns about global tariff wars slowing economic growth and reducing energy demand. Brent crude futures fell 20 cents or 0.2% to $74.59 per barrel at 0112 GMT. Brent crude futures have fallen 3.1% over the last four sessions since U.S. president Donald Trump and officials from his administration announced that they were in talks with Russia about ending the war in Ukraine. U.S. West Texas Intermediate Crude was trading at $70.51 per barrel, down by...

Industry sources say that the Rosneft owned oil refinery in Saratov, a city in southern Russia, has suspended fuel production due to safety concerns following drone attacks by Ukraine on Tuesday. They expect the plant will resume operations within a few days. The Ukrainian military announced earlier Tuesday that they had hit an oil refinery overnight in Russia's Saratov Region, causing fire. Roman Busargin said that the Ukrainian drone attack had damaged an industrial facility but failed to identify it. According to two industry sources, oil processing was suspended at the refinery but that key units had not been damaged....

Abu Dhabi National Oil Company has signed an arrangement to provide German energy company EnBW with 600,000 tons per year of liquefied natural gas from its Ruwais job for 15 years, ADNOC said on Monday. The sales and purchase agreement (MEDICAL SPA), which will see the United Arab Emirates state oil giant ship LNG beginning in 2028, settles a heads of arrangement reached in May. More than 8 million tons per year (mtpa) of Ruwais' overall 9.6 mtpa expected production has been committed through long-lasting arrangements, ADNOC stated. ADNOC sees LNG and gas, together with petrochemicals and renewables, as pillars...

Polish oil and gas company Orlen's flagship petrochemicals job might see even more losses due to issues in the planning and building process, the company said on Tuesday. The initial cost of the job was started under the previous management and estimated at 8.3 billion zlotys ($ 2.11 billion),. however has actually now soared 25 billion zlotys, while its scale and. efficiency estimates have been decreased. Orlen vowed to decide on the future of the project, which. already saw investment writedowns, before completion of this year. Verification of the planning and building procedure of. the Olefins (III) complex suggests a...

Germany will extend its trusteeship over the regional units of Russia's Rosneft for six more months in anticipation of a sale of the possessions to Qatar, two individuals knowledgeable about matter told Reuters on Monday. The future of Rosneft's German assets, that include a. 54.17% stake in the PCK Schwedt refinery, has yet to be fixed. after Berlin efficiently took control of them following Moscow's. invasion of Ukraine. A trusteeship that puts Germany in charge of the department. while leaving ownership with Rosneft has actually currently been extended. 3 times to safeguard Schwedt's supply and to give Rosneft time. to...

Orthodox priests brought an icon to the scene of a substantial fuel depot fire in southern Russia stimulated by a Ukrainian drone attack in the hope it would assist tame its flames, the regional diocese said on Wednesday. The icon of the Unburnt Bush is considered by Christians in Russia as a talisman against fire. The giant fire at the Proletarsk fuel depot in Rostov area has been burning given that Sunday in spite of efforts by firefighters to douse its flames. Around 20 of 74 storage tanks were on fire, the RIA news agency reported on Tuesday, mentioning local...

Russia might decide to restore a gas export ban from August need to there be supply shortages on the domestic fuel market, Deputy Prime Minister Alexander Novak informed reporters on Monday. He said the domestic fuel market had been stable so far, however there had been some difficulties with a popular gas, the Ai-95 grade, which were being handled. If the situation gets tense, we will not extend the waiver for fuel exports, Novak stated. Russia's Federal Antimonopoly Firm said on Friday it wanted to reinstate the fuel export ban from Aug. 1 to assist fulfill fuel need during gathering...