Crude Oil News

Singapore's Aster Chemicals and Energy is investing $125 million to upgrade its single buoy mooring and pipeline infrastructure near the Bukom refinery, aiming to restore direct crude deliveries and extend the facility's operational lifespan.The company said on Tuesday that the upgraded pipeline is projected to provide more than 20 years of reliable service.Other facilities are expected to continue operating normally during the upgrade, which targets completion in 2026, a spokesperson said in reply to a Reuters query.These engineering contracts were awarded to Allseas and DOF…

Terminal operators in a major oil port in east China's Shandong province are set to introduce measures to ban shadow fleet vessels and curb visits by other old tankers, according to an official notice seen by Reuters and a tanker tracker.The measures, to take effect from November 1, would ban vessels using fake IMO numbers and ships of 31 years or older, which traders said would target what is known as the shadow fleet that transports oil under Western sanctions.Four terminal operators at Huangdao Port last week issued the notice…

Freight rates for very large crude carriers (VLCCs) soared to their highest in more than two years, according to industry sources and LSEG data, as tanker supply tightens with a rise in Middle East exports and more arbitrage supplies to Asia.The key VLCC spot rate on the Middle East to China route, known as TD3C DFRT-ME-CN, jumped to W108 on the Worldscale industry measure, the highest level since November 2022, based on data compiled by LSEG. That is equivalent to at least $6.6 million…

Mexico's top prosecutor said on Sunday that authorities have so far detained 14 people suspected to be involved in the illicit trade of fuels, reiterating that more actions would follow as new information comes to light.On March 19, authorities seized a petroleum tanker in the Port of Tampico, together with nearly 63,000 barrels of diesel it was carrying, as well as containers and vehicles for its transport and storage.The tanker, Challenge Procyon, had arrived from the United States…

The Trump administration on Thursday issued more Iran-related sanctions, targeting 13 entities based in Hong Kong, China, the United Arab Emirates and the Marshall Islands, as well as eight vessels, the U.S. Treasury Department said.The measures cover Greek national Antonios Margaritis and his network of companies and vessels that Treasury said was involved in transporting Iranian oil exports in violation of sanctions.Treasury also designated Ares Shipping Limited in Hong Kong…

Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows.Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions in July, a move that prompted shippers to back out, forcing the refiner to cut its crude runs.India, the world's third-largest oil importer and consumer…

During the first seven months of 2025, Nigeria’s seaborne imports of clean petroleum products (CPP) declined by 39% compared to the same period in 2024, reaching 230 thousand barrels per day (kbpd). The decrease follows a 19% reduction during 2024.The reduction in imports is due to the start of operations at the 650 kbpd capacity Dangote refinery early last year. By June 2025, the refinery’s output had reached 550 kbpd, as reported by company officials.“Imports from Northern Europe have reduced the most.

A Chevron-chartered tanker docked at Venezuelan state company PDVSA's Jose terminal on Tuesday, positioning it to be the first to export crude to the United States under a new license Chevron received in July, LSEG tracking data showed.The U.S. Treasury Department late last month authorized Chevron to operate in the sanctioned OPEC nation again, export its oil and do swaps with PDVSA through a restricted license banning any payments to Venezuela's government.Chevron suspended…

Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine.Its main refiners paused buying Russian oil last week as discounts to other suppliers narrowed after Trump threatened hefty tariffs on imports from countries that make any such purchases, Reuters reported last week.

The IEA’s medium-term outlook sees global oil supply increase set to far outpace demand growth in coming years.With intensifying geopolitical strains and heightened uncertainty about global economic prospects, oil markets are undergoing structural changes as the key drivers of supply and demand growth of the past 15 years start to fade, according to the latest edition of the IEA’s medium-term outlook.According to the report, China – which has driven the growth in global oil demand for well over a decade – is set to see its consumption peak in 2027…

The General Directorate of Merchant Marine (DGMM) of the Panama Maritime Authority (PMA) has issued a series of warnings to Panamanian-flagged vessels due to rising tensions in the Middle East, through Maritime Notice MMN-04/2025.The DGMM highlighted the security risks faced by vessels operating near Iran, Israel, the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz, as a result of the ongoing regional conflict, which could directly impact ships and their crews.The PMA…

Iran is maintaining crude oil supply by loading tankers one at a time and moving floating oil storage much closer to China, two vessel tracking firms told Reuters, as the country seeks to keep a key source of revenue while under attack from Israel.The conflict between Iran and Israel which broke out last week poses a fresh hurdle for Iran, which uses a shadow fleet of tankers to conceal their origin and skirt U.S. sanctions reinstated in 2018 over its nuclear program.Crude exports from Iran, OPEC's third-largest producer, mainly head to China.

Hungarian oil and gas group MOL and state-owned energy company MVM will jointly charter tankers to ship up to 160,000 metric tons of crude oil a year from Azerbaijan to further diversify energy supply for Hungary and Slovakia, MOL said on Thursday.The companies will both transport crude oil to the Ceyhan terminal in Turkey via the Baku-Tbilisi-Ceyhan (BTC) pipeline, from where it will be distributed to MOL Group’s markets, with a particular focus on Hungary and Slovakia, the statement said.Through this cooperation, MOL could increase the volume of alternative crude oil processed in its refiner

The trading arm of Mexico's state company Pemex, PMI, is anticipating a reduction in crude oil exports this year as more will be sent to local refineries, especially the new Olmeca refinery, a company director said on Monday.Once the country's newest refinery is fully operational and able to process 340,000 barrels per day (bpd), it will receive about 100,000 bpd of crude oil, Margarita Perez, the head of PMI, said at an event.This would lift local processing to 1.2 million bpd, she added, leaving about 400,000 bpd for export."We have exported (diesel) from the Dos Bocas refinery, as productio

Dutch and German oil refineries have snapped up all four cargoes of Chadian Doba crude in April to profit from soaring demand for cleaner marine fuel in Europe from shipping companies including Maersk, according to shipping data and trade sources.Asia was the main destination of Doba cargoes prior to April, as China and Malaysia received several cargoes, according to Kpler.In May, the International Maritime Organization designated the Mediterranean Sea as an Emission Control Area…

Freight rates for ESPO Blend crude shipped from the Russian port of Kozmino to China eased further in April to the lowest since mid-January on higher availability of tankers, three traders said.Lower rates mean Russian exporters will spend less on freight and earn more for their oil.Freight rates on the route have eased to levels of around $2 million-3 million for April-loading cargoes from $4 million-5 million for February and March volumes as more non-sanctioned tankers have joined the ESPO market, they added.Russia's ESPO Blend oil price fell below the $60 per barrel Western price cap level for the first time ever early in April as the international Brent benchmark plummeted to the lowest levels in years…

Greek shipowners are returning to Russia's Urals oil market as the price slides below the Western price cap of $60 per barrel, allowing them to provide transport and insurance services while complying with sanctions, three trading sources said.The price cap introduced by the Group of Seven countries does not allow Western companies to provide insurance and transport services for Russian oil sold above $60 per barrel at the port of loading.Most Western shipowners have refrained from working with Russian oil since December 2022 as relatively high oil prices kept Urals close to, or above, the price cap. Tankers managed by companies from countries that didn't join the price cap policy have been main shippers of Russian oil since then.In April…

Some tankers Chevron had chartered to move crude from Venezuela to the United States this month are now being marketed for spot contracts elsewhere, sources said, after state company PDVSA canceled loading permits and ordered the firm to return cargoes amid payment uncertainty related to sanctions.The marketing of the vessels indicates that Chevron does not expect to load all the cargoes it typically ships from Venezuela in a month even if it eventually finds a way to resolve the disagreement with PDVSA.Tanker Sea Dragon…

The Panama Canal Board of Directors has authorized the opening of a bidding process for the development of a new pipeline for the transfer of energy products which will complement operations in the interoceanic waterway.The pipeline will be incorporated into the development of the Panama Canal's West Bank route, which includes activities and alternatives to transporting products by sea.It will strengthen Panama’s strategic position and help keep the Canal competitive by increasing its capacity and providing quality service to the world…

Venezuela's exports of crude oil and fuel fell 11.5% in March as Washington's imposition of secondary tariffs and the cancellation of key licenses to operate in the U.S.-sanctioned energy sector led to delays and cargo suspensions, according to ship tracking data and documents.U.S. President Donald Trump's administration last week announced a 25% tariff to buyers of Venezuelan crude and gas, which will begin this week, and notified foreign partners of state-run oil company PDVSA…

Indian port authorities denied entry to an ageing tanker loaded with Russian crude on Thursday due to inadequate documentation, sources familiar with the matter said, an unusual move that indicates tightened scrutiny of vessels carrying Russian oil.India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35% of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer.The Tanzania-flagged Andaman Skies, carrying about 100…

Freight rates for Russian oil supplies from its Baltic ports to India are declining from recent record highs amid an increase in offers from Western shipowners after Urals crude oil prices fell below a price cap of $60 per barrel, two traders said.The Group of Seven countries, in coordination with the EU, imposed the price cap in late 2022 that blocked access to Western shipping services and insurance if Russian oil was purchased at more than $60 a barrel, aiming to reduce Moscow's…

Two tankers hit by U.S. sanctions are due to offload Russian Arctic Oil in Syria for the first time, days after Moscow made its first known delivery of diesel there in more than a decade, according to LSEG data, a government source and local TV.One of the tankers, Aquatica, with some 100,000 tons of Russian oil onboard, is set to offload in Baniyas port soon, according to a government source and pro-government Syria TV.The vessel arrived on Thursday, but has yet to offload, according to the TV report and the government source.The second tanker…