#russian-naphtha

#russian-naphtha

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

The 21.2% surge in gasoline prices in March was the biggest single-month percentage increase in records that date back to the 1960s, driving the overall Consumer Price Index to its highest one-month surge since the peak of the Biden-era inflation in 2022.

Iran is demanding that oil tankers crossing the Strait of Hormuz pay transit tolls in Bitcoin at a rate of $1 for every barrel of oil on board. A fully loaded supertanker carrying 2 million barrels would need to pay roughly $2 million in crypto before it can pass through.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, marking the first time it exceeded the $100 threshold since Tuesday.

We are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran. Russia has been and remains a reliable supplier of both oil and gas including pipeline gas and liquefied natural gas, and it also remains capable of guaranteeing the continuity of all deliveries for which contracts have been concluded.

India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage.

Japan will release starting in early May the equivalent of roughly 20 days' worth of oil from the national reserves to ensure the stable supply of crude oil.

The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.

The fire at Primorsk is a significant blow to Russia's oil export capacity. Even a brief shutdown could create significant ripple effects throughout the global energy markets, introducing increased volatility and uncertainty that could affect consumers and businesses alike.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.

The Kochenivsky refinery, the company's primary asset, has faced ongoing financial and operational challenges. Industry analysts indicate that the refinery has experienced rising maintenance costs, diminishing profitability, and a decline in demand for refined petroleum products.

India has not received a cargo from Tehran since May 2019, following US pressure not to buy Iranian crude. New Delhi has turned to Tehran for energy supplies as the Iran war rattles supply.

South Korea imports about 45 percent of its naphtha, a critical petrochemical feedstock, with roughly 77 percent of those imports historically arriving from the Middle East. That supply line is now, for all practical purposes, severed.

When markets panic, authoritarian exporters cash in. In less than two weeks, Russia has earned an estimated 6bn from fossil fuel exports, money that ultimately feeds the Kremlin's war machine. Easing sanctions now would not stabilise markets. What it would do is allow Russia to sell the same oil for a far better price.

This is completely normal price action, and it does mean that people still think of the U.S. dollar as a safe haven. Investors are selling holdings in overseas stocks and assets in Europe and Asia, and they're cashing out into dollars. That dynamic increased demand for the greenback, pushing up its value against other currencies.

To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil," US Treasury Secretary Scott Bessent told Fox News, indicating the administration's willingness to further relax restrictions on Russian energy sales to address global supply concerns.

After months of pressure over India's purchases of discounted Russian and sanctioned Iranian crude, New Delhi appears to have bowed to US President Donald Trump's demand by agreeing to phase out Russian oil imports and shift toward buying more barrels from the United States and potentially Venezuela. Trump said Monday on his Truth Social platform that Prime Minister Narendra Modi planned to "stop buying Russian oil," which the US president said would help end the war in Ukraine.