Prices for Urals crude will be set by markets where “oil volumes actually go,” according to Igor Sechin
The EU will no longer set prices for Russia’s flagship Urals oil blend, now that Asia is the largest consumer of western-sanctioned Russian crude, the head of the country’s oil major Rosneft, Igor Sechin, said on Monday.
An EU embargo on seaborne exports of crude accompanied by price caps on oil and petroleum products originating from Russia has triggered a reshuffle in global oil supply. In a matter of months, Moscow rerouted most of its oil flows that used to go to Europe, to Asian markets. The country has ramped up its seaborne oil shipments to China, India and Türkiye at the expense of Western nations.
Oil exports to India alone jumped 33 times in December, with Russia now the country’s largest supplier, replacing Iraq. About 70% of Urals cargoes loaded last month went to New Delhi, according to Reuters calculations.
“If Russian oil does not enter the European market, then there is no reference price. Reference prices will be formed where oil volumes actually go,” Sechin pointed out, speaking at the India Energy Week forum.
The Russian government is now discussing how to calculate Russia's taxable oil price following the import ban and price caps set by the EU and G7 countries.
Currently, for tax purposes, the average price for Urals on the world market is used, in particular in the ports of Augusta (Italy) and Rotterdam (Netherlands). But due to sanctions, Russian oil is practically not supplied there.
Sechin also suggested that “futures contracts, futures settlements” should be abandoned at the first stage in order to regulate market indicators.
To stress his point, the head of Russia’s oil giant even quoted from the Bible. “As it is written in Ecclesiastes, "What is crooked cannot be made straight. And what is lacking cannot be counted.”
Meanwhile, Asian buyers have ramped up imports of a wide variety of Russian crude oil, including lesser-known Arctic grades. Two other popular blends, ESPO and Sokol, have been trading above the Western price ceiling of $60 a barrel, at $66 and $71 per barrel respectively, as of Tuesday.
https://www.rt.com/business/571098-russia-eu-asia-oil-price/
US President Donald Trump confirmed on Wednesday the upcoming start of ground strikes against drug cartel targets in Latin America.
He made the remarks during Christmas greetings to the military.
Trump said the United States was "now going after the land" in its fight against drug cartel targets, noting that drug trafficking by sea was down 96 percent.
The U.S. president also extended special congratulations to the crew of the aircraft carrier USS Gerald R. Ford, currently deployed in the Caribbean.
BEIJING (Sputnik) - China has begun operating the world's first intelligent ultra-large oil tanker powered by methanol, the China Central Television (CCTV) reported on Monday.
The tanker, designed to transport crude oil, was successfully put into operation in the city of Dalian in China's northeastern coastal province of Liaoning, the report said. State-owned company Dalian Shipbuilding Industry Co Ltd independently designed and built the vessel, it added.
The tanker is approximately 333 meters (1,092 feet) long and can carry around 2.1 million barrels of crude oil, the CCTV reported. Designed to produce low emissions and having intelligent control capabilities, the tanker will serve the route to the Middle East, among others, according to the report.
The vessel is powered by a dual-fuel methanol engine, which reduces carbon dioxide emissions by 92% compared to conventional fuel, the CCTV reported. It is equipped with an intelligent ship platform, an intelligent liquid cargo ...
A car bomb has killed a senior General Staff member, officials have confirmed
Source: The Investigative Committee
A Russian general has been killed in a car bomb blast in Moscow, the Investigative Committee has reported.
Officials identified the victim as Lt. Gen. Fanil Sarvarov, head of operational training at the General Staff. According to the statement, an explosive device had been planted beneath the vehicle he was traveling in, and detonated on Monday morning in the southern part of the Russian capital.
The blast also damaged several other vehicles and seriously injured Sarvarov’s driver, media reports stated.
Russian officials said one line of investigation is an assassination carried out by Ukrainian intelligence services, noting that Kiev has previously used explosive devices in targeted killings of officials and public figures.
Last December, a bomb hidden in an e-scooter killed Lt. Gen. Igor Kirillov, commander of Russia’s Nuclear, Chemical, and Biological Defense ...
