North Asia








Energy Markets

Oil & Gas

Oil & Gas

The Russian rouble gains against the dollar before tax payment day

On Monday, the Russian rouble gained against the U.S. Dollar and the Chinese yuan ahead of corporate tax payments on the day before exporters convert their forex earnings into Russian roubles. By 1315 GMT the rouble had risen 0.6% to 79.24 dollars in the over-the counter market, and 0.5% to 11.09 yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded. The rouble also received support after the central bank decided to increase its key interest rate last week by a symbolic amount of 50 basis points, to 16.5%. This was high enough to keep...

Oil & Gas

Reports: Kremlin wrong to speak about cancelling Putin-Trump Summit

State television Vesti, on its Telegram channel, reported that the Kremlin stated on Sunday that it was incorrect to speak about canceling a meeting between Russian president Vladimir Putin and U.S. president Donald Trump. However, it added that preparations were needed. They are clear about this: "Presidents can't just meet to waste time. They cannot meet just for the sake meeting. They have instructed the (U.S. secretary of state Marco) Rubio and the (Russian foreign minister Sergei) Lavrov to prepare for this meeting. "The process is complex," Kremlin spokesperson Dmitry Peskov said to state TV Kremlin reporter Pavel Zarubin. Peskov...

Oil & Gas

The FOREX-Yen falls as traders look at new US sanctions and CPI data

The dollar was higher against the Japanese yen as traders awaited the delayed release on Friday of U.S. consumer price inflation data and considered the new U.S. sanctions imposed on Russian oil companies that boosted oil prices. The U.S. Dollar Index, which measures the greenback in relation to a basket, was almost flat last week at 98.925. The main focus of the week is on the release of inflation data despite the U.S. government shutdown. This will help the U.S. Social Security Administration calculate its annual cost-of living adjustment for 2026. The Federal Reserve will closely monitor the numbers, even...

Oil & Gas

Stocks and US yields increase after sanctions against Russia

The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out...

Oil & Gas

Oil prices jump after Russian sanctions; stocks and US yields inch up

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

Oil & Gas

New York Times Business News - October 23,

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Meta has announced that it will be cutting approximately 600 jobs from its artificial intelligence division in order to keep up with the competition in this fierce battle over technology. After a failed meeting between the two Russian leaders in Budapest, U.S. president Donald Trump announced he would impose significant new sanctions against Russia. This is the first time he has done so in his second term. It also highlights a...

Oil & Gas

Oil prices rise 2.5% following US sanctions against Rosneft and Lukoil

The oil prices rose by around 2.5% Thursday, continuing gains from the previous day, as concerns about supply resurfaced following the United States' sanctions against major Russian oil companies Rosneft, and Lukoil, over the Ukraine conflict. Brent crude futures rose by $1.56 or 2.49% to $64.15 per barrel by 0303 GMT. U.S. West Texas Intermediate Crude futures gained $1.53 or 2.62% to $60.03. The U.S. declared it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire of its war in Ukraine. Donald Trump, who is now in his second term as president, has...

Oil & Gas

As US sanctions Russia's Rosneft and Lukoil, oil prices continue to rise

The oil prices increased by over $1 per barrel in the last session after the United States placed sanctions on Russian oil firms Rosneft, and Lukoil for the Ukraine conflict. Brent crude futures rose by $1.76 or 2.81% to $64.35 at 0041 GMT. U.S. West Texas intermediate crude futures also increased by $1.68 or 2.87% to $60.18. The U.S. has said that it is prepared to take additional action, as it calls on Moscow to immediately agree to a ceasefire of its war in Ukraine. U.S. president Donald Trump did not impose sanctions against Russia for the war before, instead...

Oil & Gas

US sanctions Russian oil firms as Moscow conducts nuclear drills

On Wednesday, the United States imposed sanctions on Russia's largest oil companies and accused Russia of not being committed to ending the conflict in Ukraine. This was as Moscow carried out a large-scale nuclear weapons training exercise. New sanctions were announced one day after the collapse of plans for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump told reporters that he cancelled the summit because "it just didn't feel right." The U.S. Treasury Department stated that Russia's largest oil companies Rosneft, and Lukoil were targeted to hinder Moscow's ability fund its war machine. This was...

Fuel Oil

Kazakh Minister says fuel prices will remain frozen until at least the spring and blames Ukraine War Fallout

The Kazakhstani economy minister announced on Wednesday that a price freeze would be in effect until "at least next spring". He said that this was due to the rising fuel prices in Russia - Kazakhstan's main trading partner and neighbour. Serik Jumangarin said to reporters in Astana: "What is important now for us is to wait. At least until next Spring." We must wait until the neighbouring countries stabilise." He said: "The situation has to do with the events that are unfolding because of the conflict between Russia, Ukraine and other countries. The petroleum prices in this country have been...

Oil & Gas

Sources say Indian refiners are preparing to reduce their Russian oil imports

Three sources with knowledge of the situation said that some Indian refiners were preparing to reduce their Russian oil imports. The U.S. was pressuring New Delhi, to stop purchasing Russian crude in order to end the conflict in Ukraine. Donald Trump, the U.S. president, said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia - its main source of oil imports. India's main goal, it said on Thursday, was to secure energy supply and maintain stable prices. In a volatile energy market, it has always been our priority to protect the Indian...

Oil & Gas

Bessent: US expects Japan not to buy Russian energy

U.S. Treasury secretary Scott Bessent told Japanese Finance Minister Katsunobu Kato on Wednesday that the Trump administration expected Japan to stop importing Russian oil. Bessent, who spoke on X after the meeting on Wednesday, said: "Minister Kato & I discussed important issues pertaining the U.S. - Japan economic relationship as well as the Administration's expectations that Japan cease importing Russian Energy." Bessent met with Kato on the sidelines this week of the G7, G20 and annual meeting of the International Monetary Fund. When asked if Japan had been urged to stop buying Russian energy from Bessent, Kato replied that Japan...

Fossil Fuels

Fossil Fuels

Stocks rise on hopes of trade; Argentina is in focus following Milei's win

Investors also looked at Argentina, where President Javier Milei’s party won the midterm elections with a decisive win. These moves will help emerging markets start the week strong, in anticipation of a possible trade agreement between two of the largest economies on the planet that could remove a major cloud on global growth prospects. The MSCI index that tracks emerging market stocks rose by 1.3%. The currencies index, on the other hand, remained flat and rangebound. Later on, the focus will shift to Latin America where the party of Argentina's President Milei won the midterm legislative elections that were held...

Fossil Fuels

Fico, Prime Minister of Slovakia, says that Slovakia will not participate in EU scheme to meet Ukraine's military requirements

Robert Fico, the Prime Minister of Slovakia, said that Slovakia would not participate in any European Union program aimed at funding military assistance for Ukraine to fight Russia's invasion. Slovakia has allowed commercial sales but stopped all state aid to Ukraine in 2023 when Fico came to power. Fico disagrees with European Union countries on the war and says that a solution cannot be found on the battlefield. The EU leaders decided on Thursday that they would meet Ukraine's urgent financial needs for the next two-years, but did not endorse a plan to fund a loan of 140 billion euros...

Fossil Fuels

Dmitriev, Putin's envoy to Ukraine and the US, says that all three countries are close to finding a 'diplomatic' solution on war

Kirill Dmitriev is the special envoy of Russian President Vladimir Putin for investment and economic co-operation. He said that he believed his country, United States, and Ukraine were close to finding a diplomatic solution in order to end Russia's conflict in Ukraine. Dmitriev told CNN that, despite what the U.S. President said, a meeting between Donald Trump, the Russian president, and Putin has not been cancelled. The two leaders are likely to meet at a future date. The summit was postponed on Tuesday after Russia rejected an immediate ceasefire, casting a shadow over any negotiations. Trump cancelled his planned meeting...

Crude Oil

Refined Products

Refined Products

Sources say that the rise in fuel prices in Tajikistan is due to Ukrainian strikes on Russian refineries.

Three sources from the government of Tajikistan said that the rise in fuel costs in Tajikistan is partly due to Ukrainian drone attacks on Russian oil refineries, they told reporters on Friday. A source from the anti-monopoly service of the Tajik Government said that there is a shortage of gasoline on the market. This has resulted in higher prices. Sources said that the source was unable to deliver fuel that had been contracted from Russian producers, citing strikes at Russian refineries which supplied much of Tajikistan’s fuel requirements. Two other sources also agreed. Monitoring on Friday revealed that fuel prices...

Refined Products

Bulgarian fuel supply secure after Lukoil sanction, says PM

Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in...

Refined Products

Fuel prices are set to rise in Kyrgyzstan after Ukrainian strikes on Russian refineries

Fuel prices could increase by 15% in Kyrgyzstan in the next few weeks due to a shortage of supplies from Russia. The state anti-monopoly agency said this on Thursday. Kyrgyzstan is feeling the impact of Ukrainian drone strikes on Russian oil refineries. Due to domestic shortages caused in part by the Ukrainian attacks that have affected up to a quarter of Russian refinery capacity, Russia has extended its export restrictions until 2025. Officials in Kyrgyzstan said that current reserves will last for about a month. However, they expect the situation to improve when autumn agricultural work, which increases demand, concludes...

Refined Products

Kazakhstan freezes fuel and utility prices amid inflation

Kazakhstan's Government announced on Thursday that it would freeze the price of some diesel and petrol as well as suspend utility tariff increases until 2026. This is due to the double-digit inflation rate continuing to increase. In a Telegram statement, the government announced that price freezes for diesel and AI92 gasoline will remain in effect until inflation stabilizes. It also said it would increase funding for the domestic agriculture to help prevent any price increases on what it called "socially important" food products. The government also claimed that it would reduce the tax revenue collected by small businesses, and make...

Refined Products

India's MRPL hopes to continue buying Russian oil despite US pressure

Mangalore Refineries and Petrochemicals in India is looking for alternative oil sources that are sold at a discounted price, while still hoping to buy Russian oil. This was the statement made by its managing director Mundkur S. Kamath on Wednesday. Donald Trump said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia. Russia is India's largest source of oil imports. Washington hopes to end the war in Ukraine by reducing revenue going to Moscow. Indian refiners are taking advantage of the reduced prices Russia is forced to accept after sanctions were imposed...

Refined Products

The Russian Central Bank says it will consider the rise in gasoline prices when determining rate changes

Elvira Nabibullina, the governor of Russia's central banking institution, said that she will consider the impact of a rise in gasoline prices on inflation expectations and make decisions about possible interest rate reductions. Since the beginning of the year, gasoline prices, which are closely monitored by the authorities, have risen 10.2% above the general inflation rate. This spike is partly attributed to the intensification of Ukrainian attacks against Russian refineries. Calculations in August revealed that Ukrainian attacks and maintenance work reduced Russian oil refinery by nearly a fifth at certain times. Russia extended its ban on gasoline exports to control...

Refined Products

Taiwan will continue to cooperate in further restrictions on Russian Energy Imports

Taiwan's government announced on Thursday it would cooperate if "international allies", imposed further restrictions on Russian imports of energy, following criticism from a group non-governmental organizations about the island's business relationship with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. Taiwan's Foreign Ministry responded to criticism on Tuesday from a group NGOs, including the Centre for Research on Energy and Clean Air, about Taiwan's continued use...

Refined Products

Novak, Russia: Situation with domestic fuel supplies is under control

On Wednesday, Russian Deputy Premier Alexander Novak stated that while the overall situation of the supply of fuel is controlled on the domestic market, some regions still face fuel shortages. In several regions of Russia, there were shortages of popular gasoline types, such as in the far east of the country, Crimea (which Russia annexed in 2014 from Ukraine), and Nizhny Novgorod to east of Moscow. Ukraine has knocked down chunks of Russia’s refining capability via drone attacks . Russia is the third largest oil producer in the world after Saudi Arabia is a country that has a long history....

Refined Products

Poland: EU's proposed 19th Package of Russia Sanctions closes LPG Loophole

The 19th package against Russia for its full-scale invasion in Ukraine will close the loophole that allowed Russia to bypass an EU import ban on liquefied petrol gas (LPG), said Polish energy minister, Thursday. The 12th package of sanctions, which was to be implemented in 2024, excluded certain types of LPG such as butane or isobutane. These are primarily used as feedstocks for the production of other petrochemicals. Other types of LPG mainly are used for heating and cars. Prior to the imposition of sanctions, Poland was the biggest importer Russian LPG. The Polish Liquefied Gas Organization's (POGP) data showed...

Oil & Gas Refining

Analyst: Ukraine will curb Indian diesel imports due to Russian oil relations

Enkorr, a Ukrainian energy consultancy, announced on Monday that Ukraine would restrict the importation of diesel fuel from India, a country which buys a large portion of its crude oils from Russia. A-95 said in a report earlier this month, that traders were forced to import diesel fuel from India due to the loss of an important Ukrainian oil refinery during this summer. Even the Ukrainian Defence Ministry has purchased some Indian fuel because it meets post-Soviet standard. Drones and missiles have been used by Russia to attack Ukrainian refineries of oil and fuel and their storage facilities. Enkorr reports...

Oil Storage

OPEC's oil production increased in August, according to a survey

A survey released on Thursday found that OPEC oil production increased in August following an OPEC+ production agreement. This was primarily due to the United Arab Emirates' and Saudi Arabia's higher production. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,84 million barrels of oil per day in July, an increase of 360,000 barrels per days over the revised total for the month of July. The United Arab Emirates, and Saudi Arabia, were the countries that saw the biggest increases. OPEC+ - which includes OPEC, its allies, including Russia - is accelerating the plan to...

Oil Refineries

China still stores crude oil despite refinery run-up: Russell

China's refiners increased their processing rates in the month of July. However, strong crude oil imports from abroad and domestic production meant that there was still an excess of over half a million barrels a day (bpd). Calculations based on data from the official sources show that crude oil surplus in July dropped to 530,000 barrels per day (bpd) from 1.42million bpd. The key is that despite the drop in oil surplus, refiners will likely continue to add to their stockpiles. This will allow them the ability to reduce imports if prices increase to levels they feel are not justified....