Oil Market News, OPEC+, sanctions and price shocks

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October Russian Urals oil prices trade $5/bbl above price cap as Brent rallies, calculations show​

MOSCOW/NEW DELHI, Oct 4 (Reuters) - Prices of October Urals crude oil have risen back above $65 a barrel at Russian Baltic and Black Sea ports, or $5 higher than the price cap set by Western nations, Reuters calculations showed on Friday, as the conflict in the Middle East pushed up oil prices.

Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows. Brent crude futures were up again on Friday, by 55 cents, or 0.7%, at $78.17 a barrel, as of 0831 GMT.

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splash247.com

37 businesses probed by UK over Russian oil ties - Splash247

British marine service providers are coming under greater scrutiny for their dealings with Russian oil, with major reports carried this week by both the Financial Times and the BBC. The BBC, the UK’s state-run broadcaster, is reporting today that the government is investigating 37 UK-linked...
splash247.com splash247.com
 

US expands sanctions against Iran's 'ghost fleet' of oil tankers​

WASHINGTON, Oct 11 (Reuters) - The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.

The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs.

"The new designations today also include measures against the 'Ghost Fleet' that carries Iran’s illicit oil to buyers around the world," Jake Sullivan, the national security adviser, said in a statement. "These measures will help further deny Iran financial resources used to support its missile programs and provide support for terrorist groups that threaten the United States, its allies, and partners."

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gcaptain.com

Fed Up: The World's Largest Ship Registry is Giving Sanctioned Vessels the Boot

The Panama Maritime Authority (PMA) is taking a decisive move to safeguard the integrity of the world’s largest ship registry, introducing strict legal measures aimed at vessels appearing on international...
gcaptain.com gcaptain.com

gcaptain.com

UK Cracking Down on 'Dubious' Oil Tankers in the English Channel

The UK government has announced stringent measures targeting the so-called “shadow fleet” of oil tankers operating with questionable insurance. The move comes as part of broader efforts to enforce sanctions...
gcaptain.com gcaptain.com
 
splash247.com

Brokers given warning by the Price Cap Coalition - Splash247

The Price Cap Coalition maintained by the G7, the European Union, Australia, and New Zealand has issued an update to its policies regarding Russian oil, with a specific warning for brokers. The document, published yesterday, states: “A ‘shadow’ trade has become more pronounced, often involving...
splash247.com splash247.com
 

How Pakistan’s oil discovery could change global markets​

Oct 27, 2024 #oil #gas #Pakistan

Massive #oil and #gas reserves have been discovered in #Pakistan's waters. The untapped wealth gives the country hope, even if that hope is at the bottom of the #ocean.


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At the same time, the kingdom is taking clear steps to scale back spending, as oil prices fall well below its fiscal breakeven figure and it continues with crude production cuts agreed upon by OPEC+.

That fiscal breakeven oil price — what the kingdom needs a barrel of crude to cost in order to balance its government budget — has risen sharply as Saudi Arabia pours trillions of dollars into giga-project NEOM.

The IMF’s latest forecast in April, put that breakeven figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 28% higher than the current price of a barrel of Brent crude, which was trading at around $72.75 as of Monday morning.
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KSA wants to drive the price of oil up. Russia likely would like that too. The USA wants to keep the price down - through the election at least... Will the price of oil start rising again after the election? Hmmm....
 
This is interesting. Seems sanctions may not be working as thought.

How a Russian dark fleet is used to evade international sanctions | 60 Minutes​

Oct 28, 2024

Thousands of sanctions have targeted Russia's economy, but this year it is expected to grow more than the U.S. and Europe.


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