Oil traders try to ship dirty Russian crude to Asia

Trading companies Vitol and Unipec are sending around 700,000 tonnes of contaminated Russian oil to Asia in an attempt to place the barrels rejected by buyers in Europe, according to trading sources and ship tracking data. A key Russian pipeline to Europe, Druzhba, and a major port Ust-Luga have been contaminated with organic chloride, which […]

Antipinsky refinery files for bankruptcy

Russia’s Antipinsky oil refinery said on Monday it had filed for bankruptcy, weeks after a London court ordered its assets be frozen in response to a lawsuit from a trading house. The refinery, which has a capacity of 9 million tonnes per year, had halted operations on several occasions in recent months because of a […]

Antipinsky refinery says filed for bankruptcy on May 18

Russia’s Antipinsky oil refinery said on Monday it had filed for bankruptcy at a court in the Russian city in Tyumen on May 18. Earlier in May, a London court issued a worldwide order to freeze 225 million euros ($251.06 million) in assets belonging to the refinery. ($1 = 0.8962 euros)

Oil flows on Atyrau-Samara pipeline continue, Kazakh official says

Oil loadings on a key export pipeline between Kazakhstan and Russia continue despite disruptions to flows via Russia from contaminated oil, Kazakhstan’s deputy energy minister Magzum Mirzagaliyev said. Russia’s oil export flows have been disrupted since April, when high levels of organic chloride were found in crude pumped via the Druzhba pipeline to the Baltic […]

Oil Prices Rise as Gold Stumbles

Though it could not maintain momentum, the Pound Sterling had earlier inched higher against the US Dollar as FX traders’ expectations of a softer Brexit outcome continue to coalesce. The UK Parliament is poised to begin to vote on a number of options related to the withdrawal from the EU, none of them with the […]

OPEC Cancels April Meeting

OPEC and its oil-producing allies cancelled their planned April meeting on Monday, a move which confirmed that the production cuts that began in January will continue until at least June. According to Khalid al-Falih, the Saudi Arabian energy minister, the decision was made because OPEC expects the oil market to remain oversupplied at least through […]

Oil Prices Higher on Falling U.S. Crude Inventories

Oil prices were higher on Wednesday after trading lower on Tuesday following reports from the American Petroleum Institute (API) that showed U.S. crude inventories dropped by 4.2 million barrels last week. Also pressuring oil prices was the production cut implemented last month by OPEC, which has continued despite pressure from U.S. President Donald Trump to […]

Oil Prices Slip on High U.S. Inventories

Oil prices were lower on Thursday, pressured by record-high production in the U.S., where inventories rose by 1.3 million barrels last week, the Energy Information Administration announced yesterday. As of 3:03 p.m. HK/SIN, U.S. WTI futures were down 0.48 percent to $53.75 per barrel, and Brent crude futures were down 0.51 percent per barrel to […]

Oil Continues its Rally

Oil prices extended their rally on Tuesday after a day of big gains on Monday as traders remained optimistic that OPEC will announce fresh production cuts after its meeting in Vienna later this week. On Monday both U.S WTI future and crude oil futures gained around 4 percent, with the rally prompted largely by the […]

Oil Prices Sink on Oversupply Worries

Oil prices continued their decline on Tuesday morning in Asia as traders struggled with concerns about oversupply despite increasing tensions between the United States and Iran. Brent crude slumped 0.31 percent to $72.83 per barrel as of 9:58 a.m. HK/SIN. U.S. WTI futures were down 0.22 percent, trading at $67.74 per barrel. Oil prices traded […]