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2 months ago | 
rigzone.com | Grant Smith |Julian Lee |Bill Lehane
OPEC’s oil production edged lower last month following a fire at Iraq’s biggest oil field, according to a Bloomberg survey.
The Organization of Petroleum Exporting Countries pumped an average of just over 27 million barrels a day in January, about 70,000 a day less than the month before, the survey showed. The decline in Iraq offset modest increases in Kuwait and Venezuela.
Iraq quickly extinguished the blaze that erupted at a storage tank at the Rumaila oil field on Jan.
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Jan 17, 2025 | 
gcaptain.com | Julian Lee |Serene Cheong |Alex Longley
By Julian Lee, Serene Cheong and Alex Longley (Bloomberg) — The most aggressive Western sanctions imposed on Russia’s oil sector since Moscow’s 2022 invasion of Ukraine threaten to disrupt global supply as buyers — led by China and India — scour the Middle East for alternative suppliers. Some estimates suggest the measures could halve Russian oil exports and their introduction has driven up Brent futures by as much as $5 a barrel in recent days. On Jan.
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Dec 3, 2024 | 
rigzone.com | Grant Smith |Julian Lee |Bill Lehane
OPEC’s crude production increased for a second month as Libya continued to recover from a political feud that had shuttered its biggest oil field.
The Organization of Petroleum Exporting Countries pumped an average of 27.02 million barrels a day in November, up by 120,000 from the previous month, according to a Bloomberg survey. Libya, restoring output disrupted during a clash between rival governments, accounted for most of the addition.
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Oct 2, 2024 | 
rigzone.com | Grant Smith |Julian Lee |Bill Lehane
OPEC’s crude production declined sharply last month after a political crisis slashed supplies from Libya.
Output from the Organization of Petroleum Exporting Countries slumped by 480,000 barrels a day to 26.61 million a day in September, according to a Bloomberg survey. Libyan production plunged by 38 percent as after one of its rival governments halted exports in a fight for control of the central bank.
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Jul 2, 2024 | 
rigzone.com | Grant Smith |Julian Lee |Bill Lehane
OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits.
The Organization of Petroleum Exporting Countries produced an average of 26.98 million barrels a day in June, or 80,000 a day less than during the previous month, according to a Bloomberg survey. Small reductions in Iraq and Nigeria drove the decline.
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Jun 1, 2024 | 
rigzone.com | Julian Lee
An oil tanker holding Russian crude oil off the coast of Ghana is finally unloading its cargo after a three-month wait.
The Suezmax class-tanker Snow Lotus is discharging about 1 million barrels of Lukoil PJSC’s Varandey crude, exported from the Arctic Sea, at Tema in Ghana, vessel tracking data compiled by Bloomberg show. It’s the fourth observed shipment of oil to the west African nation from Russia since Moscow’s troops invaded Ukraine in February 2022.
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May 20, 2024 | 
rigzone.com | Julian Lee
Dozens of tankers remain stuck doing nothing months after being sanctioned by the Treasury Department — a signal of the US’s scope to disrupt Moscow’s petroleum supply chain if it chooses to.
Since October, 40 ships involved in Russia’s oil trade have been added to the Treasury’s list of designated entities, mostly for breaching a price cap that’s meant to restrict the Kremlin’s access to petrodollars.
Only one of them, the SCF Primorye, collected a cargo since being designated.
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Apr 10, 2024 | 
rigzone.com | Alaric Nightingale |Julian Lee
Russian oil is trading far in excess of a Group of Seven price cap that’s supposed to deprive Moscow of revenue for its war in Ukraine, suggesting significant non-compliance with the measure.
The country’s flagship Urals grade is fetching about $75 a barrel at the point it leaves ports in the Baltic Sea and Black Sea, according to data from Argus Media, whose price assessments are followed by some G-7 nations involved in the cap.
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Mar 23, 2024 | 
business-standard.com | Rakesh Sharma |Grant Smith |Julian Lee
The Russian oil-export machine funding the Kremlin's war in Ukraine is finally getting some grit in its gears. Indian oil refiners - Moscow's second-biggest customers after China since the 2022 invasion - will no longer accept tankers owned by state-run Sovcomflot PJSC because of the risk posed by sanctions. Since the start of October, the US has ratcheted up sanctions on the wider fleet of tankers moving Russian crude oil.
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Feb 13, 2024 | 
insurancejournal.com | Julian Lee |Alex Longley
A chunk of the vast fleet of tankers that Russia uses to deliver its crude oil is grinding to a halt under the weight of US sanctions, a sign that tougher measures by western regulators might be starting to have tangible effects on Moscow. About half of the 50 tankers that the US Treasury began sanctioning on Oct. 10 have failed to load cargoes since they were listed, according to a ship-by-ship tracking of each one by Bloomberg.
