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Middle East Crude-Benchmarks rise on Russian oil shipping sanctions

Saturday, 14 October 2023 | 00:00

Middle East crude benchmarks Oman, Dubai and Murban advanced on Friday as the U.S. sanctioned shipping firms over violations of Russian crude oil, which could impede flows of Russian cargoes and boost demand for non-sanctioned oil.

The U.S. on Thursday imposed the first sanctions on owners of tankers carrying Russian oil priced above the G7’s price cap of $60 a barrel, one in Turkey and one in the United Arab Emirates, in an effort to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.

The G7-led coalition behind the price cap on Russian seaborne oil is renewing efforts to ensure its effective enforcement, it said on Thursday in a statement published by the British government.

Russian crude oil producers are enjoying the cheapest costs to ship to refiners in China and India in almost a year thanks to a growing number of vessels plying the routes, according to trading and shipping sources.

Meanwhile, the market still awaited Qatar Energy and Rongsheng’s monthly tender issuance, which typically comes out around the middle of the month.

CHINA

China’s crude oil imports in September grew nearly 14% from a year earlier, as refiners stepped up purchases ahead of the Golden Week travel period and manufacturing indicators improved.

Last month, shipments to the world’s biggest oil importer were 45.74 million metric tons, or 11.13 million barrels per day (bpd), data from the General Administration of Customs showed.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps edged up by 4 cents to $2.54 a barrel.

NEWS

U.S. crude oil production climbed to a record 13.2 million barrels per day last week, government data showed on Thursday, topping the previous peak set in 2020 before the coronavirus pandemic decimated global oil demand.

China’s Sinopec Corp has applied to the government to swap some of its marine fuel export quotas for allowances to export light products such as diesel, jet fuel or gasoline, four China-based industry sources said this week.

As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global diesel, heating oil and jet fuel supplies.
Source: Reuters (Reporting by Muyu Xu; Editing by Tasim Zahid)

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