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Energy Markets

Oil & Gas

Oil & Gas

Minister: Serbia wants to extend the waiver of US sanctions for NIS oil firm

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...

Oil & Gas

Kazakhstan's long-term fuel production strategy targets China and India

The energy ministry announced on Tuesday that Kazakhstan, which is one of the fastest-growing oil producing countries in the world plans to increase its fuel exports into China, India, and Central Asia. It hopes to capitalize on the growing demand for fuel in these regions. The government has approved a long-term strategy for the development of the oil refining sector between 2025 and 2040. Currently, the country has export restrictions for gasoline and diesel. After modernisation, the country now has three large oil production plants in Pavlodar, Shymkent, and Atyrau, with a combined annual output of 17 million metric tonnes...

Jet Fuel

New EU Russia curbs could increase Indian oil refiners’ reliance on traders

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

Oil & Gas

Russia-backed Indian refiner condemns EU restrictions, weighs legal options

Nayara Energy, a Russian-backed refiner in India, condemned Monday the European Union sanctions against it and said that it was exploring its legal options to combat the latest "restrictive" measures. The EU approved Friday its 18th package against Russia for its war in Ukraine. This includes sanctions on Nayara Energy - a refinery owned by Rosneft, the Russian oil giant. In a press release, it stated that "Nayara Energy condemns strongly the European Union’s unjustified and unilateral decision to impose restrictions on our company." Rosneft owns 49.13% of Nayara, and a similar amount is held by Kesani Enterprises Co Ltd.,...

Oil & Gas

Russia Rosneft criticizes EU sanctions against India's Nayara Refinery

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...

Oil & Gas Refining

Data shows that India's imports of Russian oil increased slightly between January and June.

Sources say that India's oil purchases from Russia increased marginally during the first half this year. Private refiners Reliance Industries Ltd. and Nayara Energy accounted for almost half the total. The data shows that India, which is the third largest oil consumer and importer in the world, received approximately 1.75 million barrels of Russian oil per day from January to June this year. This represents a 1% increase over the previous year. State companies buy Russian oil from spot markets, but the two private refiners are bound by term contracts. India's purchases at discounted prices of Russian oil increased after...

Oil & Gas

The IEA reports that Russia's fuel revenue fell by 14% in June compared to last year.

The International Energy Agency reported on Friday that the revenue of Russia from crude oil and petroleum products sales in June fell by nearly 14% compared to a year ago, reaching $13.57 billion. The global oil price has fallen in this year due to the economic uncertainty, and the increased production of OPEC+ (the Organization of Petroleum Exporting Countries) and its allies, including Russia. The IEA reported that Russia's crude production remained stable last month at 9.2 millions barrels per daily and that crude loadings remained at 4.68million bpd. The IEA reported that its exports of oil and petroleum products...

Oil & Gas

Sources say that OPEC will complete the voluntary reduction in oil production cut in September.

Five sources claim that OPEC+ producers will approve a big increase in output for September, as they finish unwinding the voluntary output cuts of eight members. They will also allow the United Arab Emirates (UAE) to pump more oil to meet a higher quota. In April, plans to undo cuts of 2,17 million barrels of oil per day (bpd), began with an increase of 138,000 bpd. In May, June, and July, the increase was 411,000 barrels per day (bpd), despite lower oil prices. The group voted on Saturday to approve a 548,000-bpd increase for August. On Monday, five sources familiar...

Oil Refineries

Russian seaborne diesel exports fall in June, data shows

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...

Oil & Gas

Sources say that the Russian cartel office has proposed a complete ban on gasoline exports.

Three industry sources said that the Russian Federal Anti-Monopoly Service has proposed an export ban on gasoline to combat high fuel prices. At the moment, only a small percentage of gasoline exported by re-sellers is restricted, whereas oil companies have a license to sell fuel abroad. The restrictions will last until August 31. FAS refused to comment. The government decides on any possible export ban, but the regulator can make its own proposals. The proposal to tighten restrictions was made as the domestic wholesale gasoline price in Russia on a commodity market jumped up to a 2-year high this month,...

Oil & Gas

Ukrainian forces attack an oil depot in Russia’s Rostov Region

The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the...

Power Markets

Rosneft's head says OPEC+ can increase oil production by a year

Igor Sechin said that the OPEC+ group, which includes major oil producers around the world, could accelerate its production increases by a year compared to their initial plan. He said the decision of OPEC+ to increase output now looks far-sighted and justifiable in light of the conflict between Israel and Iran. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices by more than originally planned. "The...

Fossil Fuels

LNG

Medvedev accuses the EU-US of being 'anti-Russian" over possible fallouts for Russian oil

Dmitry Medvedev, the former Russian president, said that the framework agreement between the European Union (EU) and the United States is "anti-Russian", comparing it to a ban de facto on the purchase of Russian oil and natural gas. On Sunday, the U.S. and the EU reached a deal that imposes a 15% tariff on the majority of EU goods. Ursula von der Leyen said, in a subsequent statement, that the agreement will help the EU phase out Russian fossils fuels and replace them with American alternatives. The purchase of U.S. Energy Products will help to diversify Europe's supply sources and...

Fossil Fuels

Sources say that Russia is set to tighten up its gasoline export restrictions in the near future.

Three industry sources who are familiar with the plans said on Thursday that Russia will introduce a stricter gasoline export prohibition, including for fuel manufacturers, in the next few days to combat rising prices. At the moment, only a small percentage of gasoline exported by resellers is restricted, but oil companies can still sell fuel overseas. "The ban has been decided." "For now, the ban is only for August and September," said one source. According to another source, the ban may be announced as early as Monday. Sources said that the restrictions would not apply to supplies to the Moscow...

Oil & Gas Exploration

Italy and Algeria reach agreement on terrorism and migration during summit

Documents show that during an intergovernmental gathering in Rome, Italy and Algeria signed agreements on energy, telecommunications, and fighting terrorism. After a visit to Algiers in March by Antonio Tajani, the Italian Foreign Minister Giorgia Melons met with Algerian President Abdelmadjid Tebboune. Italy reported that Algeria was Rome's top trading partner in Africa with trade valued at almost 14 billion euro ($16,4 billion), while Rome's investment there amounts to 8.5 billion. A document that was seen by us states that a memorandum on combating terrorism and financing will be signed between Italy, Algeria and Tunisia. The document didn't specify which...

Crude Oil

Refined Products

Refined Products

Panel of OPEC+ stresses the need to comply with all output limits

A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release...

Refined Products

New EU Russia curbs could increase Indian oil refiners’ reliance on traders

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

Refined Products

Russian seaborne diesel imports from July 1-15 fell 6% on a monthly basis, according to data

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...

Refined Products

UAE ready to boost oil production if market demand arises

United Arab Emirates' energy minister stated on Thursday that the country could increase its oil production after 2027, if the market demands it. This move could push the country into the top five oil producing countries in the world. OPEC granted the UAE a larger production quota for this year. The country argued that it was restricting too much its output after investing heavily to increase capacity from 3 million barrels to 4,85 million. Suhail Mohamed al-Mazrouei, Energy Minister of the country, told reporters that capacity could increase further after 2027. He said that if the market demanded it, they...

Refined Products

Russell: China's rebound in crude oil imports has more of a bearish tone than a bullish one.

China's crude oil imports have been positive for the first few months of this year. However, rather than being a sign that fuel demand is improving, the improvement has more to do with rising inventories. Customs data released Friday show that the world's largest crude importer, Saudi Arabia, recorded an average of 11,69 million barrels a day in April. This is down from the 12.1 million bpd it had in March, but up 7.5% from the 10,88 million bpd for the same period last year. The imports in March were the highest since August 2023, and April's relatively strong performance...

Oil & Gas Refining

Data shows that the price of oil in Russia is at a two-year low and 40% below the budgeted amount.

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...

Refined Products

Saudi Arabia is able to live with lower oil price, according to sources

Five sources familiar with the discussions said that Saudi Arabian officials were briefing industry experts and allies to explain the kingdom's unwillingness to support the oil market through further cuts in supply and its ability to handle a long period of low oil prices. Saudi Arabia's possible policy shift could indicate a move to produce more and expand its market share. This would be a major change, after spending five years balancing the oil market by producing a large amount of oil as a member of the OPEC+. These cuts helped to support prices and, as a result, the revenue...

Refined Products

OPEC+ will consider a second increase in oil production for June

Three sources with knowledge of the situation have confirmed that several OPEC+ member countries will propose a second consecutive month of accelerating oil production increases in June. The oil price fell to a 4-year low in April. This was attributed to a U.S. - China trade war, and an unexpected decision made by OPEC+ (which brings together OPEC, Russia and other major oil producers) to increase production by 411,000 barrels of crude per day in May. This was three times the amount originally planned by the group. On May 5, eight OPEC+ member countries will gather to discuss the output...

Refined Products

Data shows that the share of OPEC oil in India's imports has dropped to a record low.

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Refined Products

EU abandons idea of sanctions against Russian LNG imports

EU officials say that European officials have given up on pushing for an import ban of Russian liquefied gas in the bloc as part of upcoming packages due to resistance from certain governments and the uncertainty over alternative sources. The Commission instead wants to create a road map that will end the EU's dependence on Russian energy in 2027. The plan will be announced early in May, but there are few details. Officials say that the work on the measures has been slow. The Commission will likely propose a 17th set of sanctions against Russia in June. In January, when...

Refined Products

Sources say that OPEC+ Ministers are seen to be sticking to their plans for further increases in oil production.

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Refined Products

CNPC's think tank predicts that China's oil demand will increase by 1.1% by 2025.

China's oil demand will increase by 1.1% to 765 millions metric tons in 2025, a think-tank affiliated with the state energy company China National Petroleum Corp. (CNPC) announced on Tuesday. This is due to a better than expected growth of the economy and an increasing demand for petrochemicals. According to Wu Mouyuan of the CNPC Economics and Technology Research Institute, China's plastic consumption per capita is still around 60% less than that of developed nations. Wu said that China's booming electric vehicles (EV) sector will also drive the consumption of plastics. Plastics are used more in EVs than gasoline vehicles....