Russia’s reckless and bloody invasion of Ukraine in February set in motion a cascade of events for which it was ill-prepared. Europe began the process of divorcing itself from Russian fossil fuels, the U.S. coordinated sweeping export controls on key inputs such as semiconductors with Asian partners, and the Russian …
Read More »Asia’s Thirst for Cheap Russian Oil Hits OPEC’s No 2 Producer Iraq
Iraq may end up as one of the biggest losers from cheap Russian barrels flowing to Asia with lukewarm demand for its key grades. There have been no spot purchases of Iraq’s Basrah Medium or Basrah Heavy crude so far in the current Asia trading cycle, while a tender to …
Read More »Russia Switches Oil Export Focus from Europe to Asia
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by …
Read More »Asia’s Energy Crunch Turns from Bad to Worse on US Export Fire
Asian liquefied natural gas buyers are ratcheting up competition with Europe to secure spare supply as a series of outages threatens a shortage this winter. A new timeline presented on Tuesday to restart a key US liquefied natural gas export plant was much longer than traders had anticipated, while lower …
Read More »Asia Shares Edge up with US Futures, Oil Gains
Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. Oil prices firmed after Saudi Arabia raised prices sharply for its crude …
Read More »Saudi Arabia Set to Raise its Oil Prices to Asia
The tentative reopening in China and strong Asian refining margins could prompt Saudi Arabia to raise the official selling prices of all the crude grades it will be selling in July in its key market, Asia, six refining sources told Reuters in a survey on Monday. Saudi Aramco, the oil …
Read More »Europe, Asia Gas Buyers Switching to Long-Term Supplies to Beat Volatile Prices
Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, industry executives said, in moves that will reverse the last decade’s trend of increasing spot purchases. Fears of disruptions in Russian gas to Europe and low inventories …
Read More »China Warns NATO not to Interfere in Asia
China increasingly sees the war in Ukraine — and the roles of the United States and its NATO allies in backing Kyiv against Moscow — as a reflection of future tensions to come between the military bloc and Beijing in the Indo-Pacific. Ever since Russian tanks first crossed into Ukraine …
Read More »Russia Eyeing up Asia as EU Considers Oil Ban
The European Union’s proposed phased embargo of Russian oil, as part of a new round of sanctions against Moscow for its invasion of Ukraine, means Russia will inevitably look to Asia, one analyst said on Wednesday. The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased …
Read More »Asia’s $350 Billion Gas Build-Out Stirs Energy Debate
Asia is pumping billions of dollars into new gas infrastructure, making the region pivotal in a debate over the role of the fossil fuel as the world aims to curb emissions. The region has more than $350 billion of projects underway to expand liquefied natural gas terminals, gas-burning power plants …
Read More »