At the expense of Russia, Saudi Arabia increases its share of crude oil in Asia

In November, Russia gave up some of its barrels of crude oil, which could be a precursor to a change in market dynamics, while Saudi Arabia regained market share of Asia’s imports. According to data published by LSEG Oil Research, Asia’s imports from Saudi Arabia, the largest crude exporter in the world, increased from 5.28

India depends on Russia for 40% of crude oil imports  

India now depends on Russia for 40% of its crude oil imports, according to new analysis from shipping organisation BIMCO, something that has had a notable impact on the aframax and suezmax trades in particular. The increased import of Russian oil has contributed to a higher average sailing distance for crude oil tankers discharging in

Russia starts fuel production for Kudankulam Units 3 & 4

The Russian Nuclear Power agency Rosatom has commenced the production of Nuclear fuel that will power India’s Kudankulam Nuclear Power Plant (KKNPP) Units 3 and 4, which are under construction in Tamil Nadu, Southern India. Typically, modern-day Nuclear power plants have a lifetime of 40-60years. Kudankulam comprises a total of six VVER-1000 type power units,

EU has failed to agree to a package of sanctions against Russia

The EU has failed to agree to a package of sanctions against Russia, ahead of a peace conference to be held in Switzerland. Member states met during the G7 summit in Italy to discuss a set of sanctions put forward by the European Commission at the beginning of May. The sanctions would have been the

Russia overtook US as gas supplier to Europe in May

Europe’s gas imports from Russia overtook supplies from the US for the first time in almost two years in May, despite the region’s efforts to wean itself off Russian fossil fuels since the full-scale invasion of Ukraine. While one-off factors drove the reversal, it highlights the difficulty of further reducing Europe’s dependence on gas from

New EU oil cap sanction rules announced

The European Union has unveiled its 12th package of sanctions against Russia, with tankers very much included in the set of restrictions. The new sanctions call for notification rules for the sale of tankers to any third country in order to make more transparent their sale and export, in particular in the case of secondhand

Russia opposes plan to phase out fossil fuels

Russia has warned it will oppose a global deal to reduce the use of fossil fuels, as tensions with western powers following Moscow’s invasion of Ukraine threaten to derail this year’s UN climate summit. The US and EU member states are among a large group of countries calling for a timeline to phase out the

Russia oil discount to India decline, but shipping charges remain high

Shipping costs of $11-19 a barrel from Russian ports to India – some of it on 100+ tankers allegedly acquired by Russian actors for shadow fleets – are higher than rates for comparable distances, such as the Persian Gulf Travel from to Rotterdam

SCO countries agree to work on emerging fuels

Nations belonging to the Shanghai Cooperation Organisation (SCO) have agreed to work closely together on emerging fuels, such as hydrogen and ammonia, and biofuels like ethanol, at a meeting of energy ministers of the grouping. The move will see China, Russia and others collaborate with India on emerging fuel technology, energy modelling, and transition goals.

Sanctions are impending for the heavy oils

The European Union, the G-7 and its allies will attempt to impose a cap on Russia’s fuel export prices from February 5, 2023. While similar measures are already in place on its crude shipments, it is the cap and ban on refined fuels — and in particular diesel — that has some oil-market watchers concerned