North Asia

The NOVA.RS TV in Belgrade reported that the operations at Serbia's Russian owned NIS oil refinery had ceased due to a shortage of crude oil. This is the latest indication that U.S. sanction on the project may threaten fuel supplies throughout the Balkan nation. NIS officials and the Serbian government declined comment. In January, the Office of Foreign Assets Control of the U.S. Treasury Department placed sanctions on Russia’s oil sector, including NIS. NIS is owned in majority by Russia’s Gazprom and Gazprom. US repeatedly granted NIS waivers until the sanctions came into force in October. The banks then stopped...

Alexander Novak, Deputy Premier of Russia, told reporters that the country will reach its OPEC+ production quota at the end or beginning of 2026. I think it will happen in the next few weeks, or maybe even by the end of this year or the beginning of next year. Novak replied, "We'll see what the companies do," when asked about when Russia will reach its quota. The Russian quota is around 9.5 million barrels of oil per day for November. Novak stated that Russia increased its oil production steadily in November, and the rate of growth was slightly higher than...

Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is...

The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S....

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has...

A report released by OPEC on Wednesday showed that the world oil supply will match demand in 2020, reflecting the production increase of OPEC+. This is a shift from earlier predictions of a 2026 supply deficit. OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies - has increased its production targets by approximately 2.9 million barrels a day - or about 2.7% of the global supply – since April. The company plans to stop production increases in the first quarter 2026, amid predictions that there will be an oversupply. In a report released...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has only one month's worth of gasoline left, as it prepares for the impending U.S. sanction against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, and the majority of its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter,...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets...

The Kremlin stated on Friday that the international interests of Russian oil giant Lukoil should be respected, after Swiss commodity traders Gunvor announced they had withdrawn their proposal to purchase Lukoil’s foreign assets. Gunvor made its move after the U.S. Treasury labeled it Russia's puppet and indicated that Washington opposes the deal. When asked about the latest development, Kremlin spokesperson Dmitry Peskov stated that it was a commercial matter, and that it related to illegal U.S. Sanctions on Moscow. However, it was vital that Lukoil’s interests be protected. Peskov said: "We are of the opinion that any legitimate interest of...

Finnish petrol station operator Teboil is owned by Russian oil giant Lukoil and said that it was preparing to close its operations when fuel ran out due to U.S. sanction against its parent. Teboil announced that stations would close in stages once the fuel stock is sold out. The United States last week imposed sanctions on Lukoil for its involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers clearance to speak to the Russian company regarding buying their products. Non-Russian assets According to the website of Teboil, there are 430 Teboil stations in Finland. This...

German Foreign Minister Johann Wadephul on Monday urged Serbia to align its foreign policy and security towards Russia with that of the European Union, if it wanted to join the bloc. Serbia's populist President Aleksandar Vucic tries to balance his country's European Union candidacy with its traditional ties to Russia and China. Serbia depends on Russian gas and its only oil refiner NIS (Russian-owned) is subject to U.S. sanctions because of the conflict in Ukraine. Wadephul told his Serbian counterpart Marko Dridic that Ukraine is fighting for freedom not only for itself but also for the whole of Europe. "We...

The foreign assets of Russian oil giant Lukoil, which are located in Egypt and Kazakhstan, are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions can be enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, sanctions. Lukoil has also been affected by the sanctions in Iraq, Finland at pump stations and Bulgaria in a refinery. Governments and partners want to buy its foreign assets...

The Energy Minister Bogdan Bogdan Ivan stated on Tuesday that Romania must control the Romanian subsidiary of Russian Lukoil in order to protect jobs, enforce international sanctions, and ensure a stable national energy system. Lukoil operates 320 petrol stations across Romania, is the third-largest refinery in the country and has offshore exploration rights for a part of the Black Sea. Ivan didn't elaborate on which assets or how the state should take control. The U.S. imposed sanctions on Lukoil and Rosneft in connection with the war that has raged for more than three-and-a-half years in Ukraine. These sanctions will take...

Three trade sources reported on Monday that Indian refiner HPCL Mittal Energy Ltd issued a very rare spot tender for two cargoes each of naphtha to be delivered in November after it was unable to obtain supplies from Russia of this petrochemical feedstock. One source said that the tender was extended to November 12th. Two of the sources said that HMEL wants naphtha to have a minimum paraffin content of 60% and a maximum sulphur level of 500 ppm, for delivery in Mundra port on November 9-12 or November 13-18. Part of the naphtha required for the cracker is met...

The top official of the U.S. Treasury Department said that the United States is looking to seize a "moment in Lebanon" to cut off Iranian funding for Hezbollah, and to press the group into disarming. John Hurley said in a late-Friday interview that Iran managed to send about $1 billion this year to Hezbollah despite the Western sanctions which have ravaged its economy. The U.S. is waging a campaign of "maximum pressuring" on Tehran to reduce its uranium-enrichment program and regional influence. This includes in Lebanon, where the Iran-backed Hezbollah has also been weakened since Israel destroyed its military strength...

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

Angelina Jolie, the Hollywood actress, visited one of Ukraine’s most dangerous frontline towns and an adjacent region. She met with medical staff, volunteers, and civilians who are constantly attacked by Russian troops. The Legacy of War Foundation released a statement on Thursday that praised Jolie's visit to Kherson, a city near Mykolaiv. Jolie stated that "the people of Mykolaiv & Kherson face dangers every day but refuse to surrender." In photos, Jolie was wearing a flak-jacket in the basement and meeting with children in an unlit room. The group claimed that she visited medical and educational institutions that were relocated...

The CEO of Gunvor Group said that Western sanctions against Russia and Iran have led to record oil storage onboard ships, which prevents a global supply glut. The European Union (EU), United Kingdom (UK) and the United States (US) have all imposed sanctions on Russia for its involvement in the war in Ukraine. Last month, the US embargo targeted Russia's top two oil producers, Rosneft & Lukoil. Torbjorn Tornqvist of the Swiss commodities trader Gunvor Group told the ADIPEC conference in Abu Dhabi that the surplus oil supply had cushioned the effect of the trade disruptions due to the sanctions....

According to trade sources, India's Russian crude oil imports between the months of April and September decreased by 8.4% compared to the previous year, due to tighter supply and lower discounts. Refiners are also seeking oil from the Middle East, and even the United States. Washington has also doubled the tariffs on Indian products to pressure South Asia to reduce its Russian oil imports. White House trade advisor Peter Navarro said India's purchases were funding Moscow's conflict in Ukraine. Shipping data from sources in the trade show that a refiner in India imported 1,75 million barrels of Russian oil per...

Taiwan's Economy Minister said on Wednesday, that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them. This comes after a group non-governmental organizations criticized the island's continuing business 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. A group of NGOs, including the Centre for Research on Energy and Clean Air(CREA), criticised Taiwan for its continued imports Russian naphtha last...

Two industry sources reported on Monday that one of Russia's biggest oil refineries in the town of Kirishi (northwest) had halted an important processing unit after a Ukrainian drone attacked over the weekend. Ukraine intensified its attacks on Russia's infrastructure to damage Moscow's war effort, as the talks to end the conflict have stagnated. Russian officials have said Surgutneftegaz's Kirishinefteorgsintez plant, one of Russia's top two refineries, was among the targets attacked by Ukrainian drones last Sunday. Alexander Drozdenko is the Governor of Leningrad Region. He said that three drones had been destroyed in the Kirishi region and that a...