The Turkish oil refinery company “Tupras” announced on Thursday that it had lost contact with the “St. Nicholas” ship, which transports 140,000 tons of Iraqi crude oil, stressing that the incident would not affect the company’s refining operations.

The company (privately) said in a statement that the ship carrying the Marshall Islands flag was transporting points from the ports of the Iraqi city of Basra before communication with it was cut off off the coast of Oman.

The company also confirmed that there were no Turkish citizens among the crew of the ship owned by the Greek company Empire Navigation.

It stressed that all oil refining operations are continuing in its refineries as planned, and the accident has no impact on the company’s operations.

The statement did not direct the accusation against any party, but it coincides with reports of gunmen, likely Iranian soldiers, seizing an oil tanker in the Sea of Oman.

The post The Turkish company “Tupras” losses the contact with an oil ship appeared first on Move 2 Turkey.

Oil prices fell at the beginning of weekly trading on Monday by 2.6 percent compared to the close of the Friday session amid weak global demand for crude.

On Sunday, Saudi Aramco reduced the official selling price of its key Arab Light crude to a premium of $1.50 per barrel above the regional index for February.

This compares to a premium of $3.5 for the current month, which is the lowest level since November 2021.

Aramco’s decision comes after weak spot price differences for Middle Eastern crudes due to China’s weak appetite and increased global supplies, according to an analysis published by Bloomberg earlier today.

By 11:46 GMT, futures prices for Brent crude for March delivery fell by 2.6 percent, or $2.15, to $76.56 per barrel.

The significant reduction in official oil prices by Saudi Arabia reinforced signs of weakness in the global oil demand market in major markets, led by China.

Saudi Arabia is the largest exporter of crude oil in the world, with a daily average of 6.6 million barrels compared to 7.5 million barrels per day in normal circumstances, but the Kingdom participates in the OPEC+ alliance agreement to reduce production.

Last year, oil recorded its first annual loss since 2020 as production expanded from outside OPEC+, and traders looked forward to a slowdown in demand growth, including from the main importer, China.

The post Oil prices decline 2.6 percent amid weak global demand appeared first on Move 2 Turkey.

Crude oil prices rose at the beginning of weekly trading on Monday, driven by Russia’s announcement banning the export of fuel derivatives to most of its markets.

Last week, the Kremlin said that it would ban the export of fuel derivatives, especially (gasoline and diesel), in an attempt to reduce the prices of derivatives sold in the local market.

Despite being subjected to sanctions related to the crude and derivatives industry from the West due to the war in Ukraine, Russia is still a major global exporter of oil and gas.

In early trading today, futures prices for Brent crude for November delivery rose by 0.5 percent, or 46 cents, to $92.42 per barrel.

In the same direction, futures prices for US West Texas Intermediate crude for November delivery rose by 0.56 percent, or 50 cents, to $90.53 per barrel.

The rise in prices also comes at a time when global demand for crude oil has increased for several reasons, the most recent of which is the possibility of the Federal Reserve raising interest rates at a meeting to be held early next November, which means an increase in the strength of the dollar and an increase in its cost to importers.

This month, oil prices recorded unprecedented levels since November 2022, amid the extension of production cuts by members of the OPEC+ alliance and increased demand in Europe and Asia for diesel.

The post Oil prices open higher after a Russian decision appeared first on Move 2 Turkey.

Russia announced the extension of the decision to voluntarily reduce crude oil production by 300,000 barrels per day until it ends next December.

The previous decision was to end the voluntary reduction in crude oil production on September 30, which began at the beginning of this month.

Russian Deputy Prime Minister Alexander Novak said in a statement on Tuesday evening that his country decided to extend the reduction until the end of this year instead of the end of September to achieve greater stability in the global energy market.

He added that Russia will review the size of the voluntary reduction in oil production by increase or decrease on a monthly basis during the coming period, depending on the situation in the global market.

This reduction is in addition to the voluntary reduction in its oil production by 500,000 barrels per day, which began at the beginning of last March and ends in December 2024.

These two voluntary cuts do not include Russia’s share of the OPEC+ production cut, which was implemented at the beginning of last November and will continue until the end of 2024 by 500,000 barrels per day.

Yesterday, Tuesday, the Saudi Ministry of Energy announced the extension of the Kingdom’s voluntary reduction of one million barrels per day for another three months to include the period from October until the end of December 2023.

The previous agreement stipulated that the voluntary reduction would end at the end of this September.

The post Russia extends a voluntary reduction in oil production appeared first on Move 2 Turkey.

Crude oil prices rose in early trading, Monday, on the impact of China’s announcement of a stimulus package to stimulate the sluggish economy and with the continuation of the “OPEC +” coalition cuts.

On Sunday, the Chinese Ministry of Finance announced that the stamp duty on stock transactions will be cut in half, starting from Monday, to stimulate the capital market and enhance investor confidence.

By 08:00 GMT, Brent crude futures prices for November delivery rose 0.4 percent, or 34 cents, to $84.28 a barrel.

In the same direction, the prices of US West Texas Intermediate crude futures for October delivery increased by 0.6 percent, or 47 cents, to $80.30 a barrel.

China is the second largest consumer of crude oil in the world after the United States with a daily average of 14 million barrels and the largest importer of it by 10 million barrels per day.

These increases also come in conjunction with the continuation of mandatory oil production cuts by the “OPEC +” coalition, in addition to a voluntary cut from Saudi Arabia by one million barrels per day, which extends until the end of next September.

And last June, Saudi Arabia announced the implementation of a voluntary reduction in oil production by one million barrels per day, which began to be implemented in early July until the end of next month.

The post Oil prices go up with Chinese stimulus for the local economy appeared first on Move 2 Turkey.

The US investment bank “Goldman Sachs” announced, on Monday, that it raised its estimates for Brent oil prices during the current year 2023, in the wake of members of the “OPEC +” coalition voluntarily cutting production, starting next May.

And the bank stated in a research note today that, according to the new estimates, “the price of a barrel of Brent by next December will reach $95, an increase of $5 from last March’s estimates.”

As for the price of a barrel of Brent in 2024, according to the bank, it will reach approximately $ 100, an increase of $ 3 over the estimates of last March.

Goldman Sachs said: “The production cut was surprising on the part of members of the coalition … it is consistent with the new OPEC + approach to act proactively.”

On Sunday evening, members of the “OPEC +” alliance announced a voluntary reduction in their crude oil production, starting from next May until the end of 2023, with a total of 1.66 million barrels per day.

This came in separate official statements issued by the countries of Saudi Arabia, Algeria, Iraq, the Sultanate of Oman, the Emirates, Kuwait, Russia, Gabon and Kazakhstan.

As a result, crude oil prices jumped at the beginning of weekly trading on Monday by more than 6 percent to an average of $85 per barrel of Brent.

The post “Goldman Sachs” raises its estimate of Brent oil prices appeared first on Move 2 Turkey.

The Azerbaijani oil company “SOCAR” announced on Friday the start of shipping Kazakh crude through Azerbaijan and the Turkish Baku-Tbilisi-Ceyhan pipeline.

A statement issued by “SOCAR” (governmental) stated that the first batch of oil extracted from the “Tengiz” field in Kazakhstan was transported to the Azerbaijani “Sangachal” station from the port of Aktau on March 23.

It pointed out that the shipment took place within the framework of the agreement signed between “SOCAR” and the Kazakh company “Kazmonay Gas”, which provides for the passage of 1.5 million tons of oil annually.

It is noteworthy that it is planned to carry out between 12 and 14 sea transport trips per month across the Caspian Sea until the end of 2023.

The Kazakh government had announced earlier that it had focused on new routes for oil exports due to the Russian-Ukrainian war and that it would start shipping via the Turkish Baku-Tbilisi-Ceyhan line from the Caspian Sea by 2023.

The President of Kazakhstan, Kassim Jomart Tokayev, announced that his country also plans to increase the volume of oil transportation to 20 million tons annually through international transportation through the Caspian (middle corridor), where the Baku-Tbilisi-Ceyhan pipelines are located.

The post Start of shipping Kazakhstan’s oil via the Turkish Baku line appeared first on Move 2 Turkey.

The figures of the joint initiative for oil data, “Judy”, showed, on Monday, that Saudi Arabia’s exports of crude oil increased by 2.2 percent on a monthly basis last December.

According to the data released today, the Kingdom’s exports amounted to 7.44 million barrels per day last December, compared to 7.28 million barrels per day in the previous November.

Saudi Arabia is the largest exporter of crude oil in the world, although it is the second largest producer after the United States.

Saudi production fell 0.3 percent in December to 10.44 million bpd, from 10.47 million bpd in November.

And “Judy” is an international organization established by a decision of oil producers around the world in the early nineties of the last century, with the aim of collecting numbers and statistics related to oil production around the world and presenting them in the form of studies of interest to oil producers and consumers alike.

Last October, the “OPEC” alliance agreed to reduce production by two million barrels per day, starting in November 2022, which obliges Saudi Arabia to reduce its production to 10.48 million barrels per day.

The post Saudi oil exports rise 2.2 percent in December 2022 appeared first on Move 2 Turkey.

Crude oil prices rose in early trading on Wednesday, supported by expectations of a recovery in demand on the part of China, after the cancellation of the “zero Covid” policy at the beginning of this year.

The demand for oil in China was affected during the last quarter of 2022, due to restrictions and closures of major cities and neighborhoods, which resulted in a decline in production and consumption, and the demand for derivatives was affected.

In early trading on Wednesday, Brent crude futures for March delivery rose 0.5 percent, or 42 cents, to $86.58 a barrel.

In the same direction, the prices of US West Texas Intermediate crude futures for March delivery rose 0.33 percent, or 27 cents, to $80.42 a barrel.

China, under normal conditions, is the largest importer of crude oil in the world, with a daily average of more than 10.5 million barrels per day, and it is the second largest consumer with a daily average of 13.5 million barrels per day.

Global energy markets are awaiting the consequences of a European decision that will take effect on February 5 to ban imports of Russian fuel derivatives transported by sea to most countries of the bloc due to the war in Ukraine.

The post Oil prices are rising, supported by expectations of higher demand in China appeared first on Move 2 Turkey.

The ban imposed by the European Union on imports of Russian crude oil transported by sea last June entered into force as of today, Monday.

The ban comes within the framework of sanctions against Russia in order to limit its financial revenues and thus reduce the means of financing its war in Ukraine, which it started last February.

Europe also wants to reduce dependence on Russian energy supplies after the Ukrainian crisis proved that it is at the mercy of Moscow regarding its energy security.

According to US Energy Information Administration figures, Europe imported 49% of the total Russian crude oil and condensate exports, amounting to 4.7 million barrels per day last year.

The embargo includes Russian crude oil and petroleum products that the European Union receives by sea, and oil flowing through pipelines is excluded from the embargo.

About 65% of Russia’s oil exports reach Europe via sea tankers, while the rest flows through the Druzhba pipeline.

The European Union granted a temporary exemption from the embargo to countries that depend heavily on Russian oil and are unable to provide alternatives in the short term. The exception includes Hungary, the Czech Republic and Slovakia, as the three countries continue to receive Russian oil through the Druzhba pipeline.

At the same time, the decision of the Group of Seven industrialized countries, the European Union and Australia to set a ceiling for the price of Russian oil at $60 a barrel or less came into effect today.

The agreement allows Russian oil to be shipped to third-party countries using G7 tankers, the European Union, insurance companies and credit institutions only if the shipment is purchased at or less than $60 a barrel.

On February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of “tough” economic and financial sanctions on Moscow.

To end the process, Russia requires Ukraine to abandon any plans to join military entities, including NATO, and to adhere to complete neutrality, which Kyiv considers an “interference in its sovereignty.”

The post Europe.. The ban on importing Russian crude by sea comes into effect appeared first on Move 2 Turkey.