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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
882.10
-32.11
805.00
+7.00
Nov 28
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	882.10	-32.11	805.00	+7.00	Nov 28

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
528.89	+3.81	667.76	+4.15	925.38	+7.09	Nov 29

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	478	518	-40	574	616	-42	805	905	-100	Nov 29
Singapore	467	530	-63	655	613	+42	793	914	-121	Nov 29
Fujairah	439	545	-106	633	609	+24	910	962	-52	Nov 29
Houston	477	486	-9	567	606	-39	808	905	-97	Nov 29

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Latest News
- 2023-11-29
  Oil little changed as OPEC+ decision awaits, Black Sea storm disrupts supply
  Oil moved in a narrow range on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the next months, while a supply disruption in the Black Sea provided a floor for prices. Brent crude futures dipped 3 cents... Read more Oil moved in a narrow range on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the next months, while a supply disruption in the Black Sea provided a floor for prices.
  Brent crude futures dipped 3 cents to $81.65 a barrel at 0338 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 12 cents, or 0.2%, at $76.53 a barrel.
  Both benchmarks gained about 2% on Tuesday on the possibility the Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+), will extend or deepen supply cuts, as well as concerns over Kazakh oil output and a weaker U.S. dollar.
  "Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan (OTC:NSANY) Securities.
  "All eyes are on OPEC+ policy and demand outlook toward the end of this year, but WTI is expected to hover around $76, with a range of $5 each above and below, for a while unless OPEC+ significantly expands production cuts," he said.
  OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26.
  The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said.
  "If they (OPEC+) fail to come to a preliminary deal, we cannot rule out the risk that the meeting is further delayed, which would likely put some downward pressure on oil prices," said Warren Patterson and Ewa Manthey, analysts from ING bank, in a note to clients.
  "The outlook for the oil market in 2024 will largely depend on OPEC+ policy."
  The premium on front-month loading Brent contracts over ones loading in six months climbed to a two-week high, suggesting a build up of concerns about supply deficits in the long-term.
  A severe storm in the Black Sea region has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhstan and Russia, according to state's officials and port agent data, fuelling concerns of short-term supply tightness.
  Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said.
  Oil also found support from the dollar's weakness and a drop in U.S. crude inventories.
  The dollar languished near a three-month trough against its major peers on Wednesday as expectations mount the Federal Reserve could begin lowering rates by early next year.
  A weaker dollar typically supports oil prices as it makes oil cheaper for those holding other currencies.
  Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.
  Eight analysts polled by Reuters estimated on average that crude inventories fell by about 900,000 barrels in the week to Nov. 24. Weekly U.S. government data on stockpiles is due on Wednesday. Source: Reuters/Investing.com
- 2023-11-29
  The Future of Fossil Fuels in the Spotlight at COP28 Climate Summit
  The debate about the future of fossil fuels is expected to take center stage at the COP28 climate summit starting in Dubai on Thursday. While the UN and environmental organizations are pushing for language in the final statement to include a timeline... Read more The debate about the future of fossil fuels is expected to take center stage at the COP28 climate summit starting in Dubai on Thursday.
  
  While the UN and environmental organizations are pushing for language in the final statement to include a timeline on the phase-out of fossil fuels, some of the biggest carbon emitters, including China and India, which continue to rely on coal and boost its production and use, are unlikely to endorse a phase-out of fossil fuels.
  
  World Divided
  
  The world continues to be divided over the role of fossil fuels and how fast they should be phased down or phased out.
  
  Several developed countries and small developing island nations that have felt the worst impacts of climate change are calling for accelerating "the transition away from fossil fuels," which, they say, "are at the root of this crisis." Those countries include France, Austria, the Netherlands, Ireland, Spain, Kenya, Ethiopia, Tuvalu, and Vanuatu.
  
  Environmentalists call for urgent action and adoption of texts for a complete phase-out of fossil fuels, while the COP28 President, Sultan Al Jaber – group CEO of the Abu Dhabi National Oil Company (ADNOC) – calls on the world to unite on climate action and on the oil and gas industry to show that it could be part of the solution, not the problem, in the energy transition.
  
  "This industry can and must help drive the solutions. For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress," Al Jaber said at the ADIPEC energy conference last month.
  
  Al Jaber's presidency of COP28 has stirred controversy, too. He is the first CEO designated to be president of any climate summit so far. But he is chief executive of the national oil company of OPEC's third-largest producer, the United Arab Emirates (UAE).
  Related: Rolls-Royce Skeptical on the Future of Hydrogen Planes
  
  Meanwhile, as many as 131 companies representing nearly $1 trillion in global annual revenue are urging governments to set targets and timelines for the phase-out of unabated fossil fuels.
  
  Ahead of COP28, companies representing $987 billion in global annual revenue, including AstraZeneca, Ikea, Bayer, Iberdrola, Heineken, Danone, Ørsted, Volvo Cars, SAP, and Unilever, wrote a letter to the Heads of State, calling on "all Parties attending COP28 in Dubai to seek outcomes that will lay the groundwork to transform the global energy system towards a full phase-out of unabated fossil fuels and halve emissions this decade."
  
  Environmental and human rights campaigners are even more vocal.
  
  "Leaders at COP28 must defy the fossil fuel lobbyists and steer us away from a deepening climate and human rights catastrophe," Amnesty International Secretary General Agnès Callamard said ahead of the participation at the conference."The only sure way to avert this calamity is for states at COP28 to agree on rapidly ending the production and use of fossil fuels, helping those worst affected by climate change to recover from loss and damage, and accelerating a just transition to renewable energy."
  
  Greenpeace said on the eve of the summit, "The question is no longer how but when. Those serious about a livable planet have the tools needed to deliver the climate action needed: COP28 must agree to end the fossil fuel era."
  
  According to Greenpeace, "Solutions are now here, bigger and cheaper than ever before, ready to replace fossil fuels and bring us greater security."
  
  "But it won't happen fast enough unless governments regulate oil, coal and gas out of the way."
  
  Many governments and the fossil fuel industry beg to differ.
  
  IEA vs OPEC
  
  Days after the International Energy Agency (IEA) said that the oil and gas industry faces "a moment of truth" in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency for vilifying the industry and for playing down energy security and affordability.
  
  Last week, the IEA published a report saying that a "moment of truth" is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only 1% of total clean energy investment globally.
  
  "The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least," OPEC Secretary General Haitham Al Ghais said.
  
  "The truth that needs to be spoken is simple and clear to those who wish to see it. It is that the energy challenges before us are enormous and complex and cannot be limited to one binary question," Al Ghais added.
  
  The debate between the "leave it in the ground" camp vs the energy security and affordability camp will continue on various fronts with various participants at COP28.
  
  "On the fossil fuel front, we expect more guidance on the topic of unabated versus abated fossil fuels. This could have important consequences for the design of transition pathways for sectors and individual companies," ING economists and researchers wrote in a note on Monday.
  
  James Henderson, a Distinguished Research Fellow at the Oxford Institute for Energy Studies, wrote in Energy Intelligence on the expectations about the climate summit,
  
  "This debate is likely to rage throughout the COP negotiations, but the overall sense is that the final statement from the conference will include a commitment to the phase-out of all unabated fuels."
  
  However, "achievement of the four main goals set out by COP President Sultan Ahmed Al Jaber; to fast track the transition away from fossil fuels; to transform climate finance; to focus on the role of people and nature in the transition; and to ensure inclusivity for all participants, may be a struggle," Henderson wrote in an OIES energy comment this month. Source: Oilprice.com
- 2023-11-29
  MABUX: Global bunker indices to surge on Nov.29.
  MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) changed insignificant and irregular on Nov. 28: 380 HSFO - USD/MT - 525.08 (+0.27) VLSFO - USD/MT – 663.61 (-0.57) MGO - USD/MT – 918.29 (-0.67) As of... Read more MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) changed insignificant and irregular on Nov. 28:
  
  380 HSFO - USD/MT - 525.08 (+0.27)
  VLSFO - USD/MT – 663.61 (-0.57)
  MGO - USD/MT – 918.29 (-0.67)
  
  As of Nov. 28, the MABUX MBP/DBP Index (MDI), which monitors the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), has identified the following trends in four selected ports: Rotterdam, Singapore, Fujairah, and Houston.
  
  - HSFO segment: All four selected ports were undercharged. The underprice margins have narrowed by $5 in Singapore, $3 in Fujairah and $6 in Houston. The MDI Index in Rotterdam remained unchanged, while Houston approaches a 100 percent correlation between market price and the digital benchmark.
  
  - VLSFO segment: Rotterdam and Houston remained in the undercharge zone, with a $3 decrease in underprice premiums in Rotterdam and $6 decrease in Houston. Singapore and Fujairah remained overcharged, with overprice margins increasing by $1 in Singapore and $3 in Fujairah.
  
  - MGO LS segment: All four ports continued to be undercharged, with the underprice ratio contracting by $14 in Rotterdam, $15 in Singapore and $5 in Fujairah, but expanding by $1 in Houston. MDI index in Rotterdam fell below the $100 mark while in Singapore, it remained above $100.
  
  We expect Global bunker indices to surge on Nov. 29: 380 HSFO – plus 3-7 USD/MT, VLSFO – plus 3-8 USD/MT, MGO LS – plus 5-12 USD/MT.
  Source: MABUX
- 2023-11-29
  Hydrogen Fuel Cell Aircraft Startup Secures Funding
  Aircraft developer Zeroavia has secured the backing of the UK infrastructure bank in its latest fundraising round, as it looks to build hydrogen-electric engines for low-carbon flying. The firm, which has bases in London, Kemble and California, said... Read more Aircraft developer Zeroavia has secured the backing of the UK infrastructure bank in its latest fundraising round, as it looks to build hydrogen-electric engines for low-carbon flying.
  
  The firm, which has bases in London, Kemble and California, said it had raised a total of $116m (£91.9m) in Series C funding from a number of investors, including £32m from the UK’s state-owned infrastructure investment bank.
  
  Zeroavia also secured backing from Airbus, Barclays Sustainable Impact Capital and the Saudi-backed NEOM Investment Fund.
  
  The financing will help the company produce hydrogen fuel cell engines, as aviation puts its backing behind the nascent technology in the race to deliver zero-emission flights. It has set a goal of developing a 19-seat aircraft, flying distances of up to 300 miles, for commercial flying in 2025.
  
  Zeroavia has raised more than $250m (£198.3m) in equity investments since it was founded in 2017, by chief executive Valery Miftakhov.
  
  Miftakhov said: “This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential. We are looking forward to working with UKIB over the next few years.”
  
  Ian Brown, head of banking and investments at the UK Infrastructure Bank, said: “Aviation and hydrogen are sectors that need significant private investment to get to net zero.”
  
  “By providing confidence to investors, our equity has helped to crowd in the private investment needed for the continued development of this cutting-edge technology and should help stimulate the development and deployment of hydrogen technology across other hard-to-decarbonise sectors.”
  
  The government has set a target of decarbonising aviation by 2050, with clean propulsion technologies expected to start flying between UK airports by the end of this decade.
  
  Hydrogen is among a host of technologies suggested to bring the sector’s emissions to near-zero emissions. Virgin Atlantic is set to make history this week with the first transatlantic flight using 100 per cent sustainable aviation fuel, a biofuel made from food waste such as cooking oil and plants.
  
  Bill Gates’s investment firms Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund also participated in the funding round. Source: Oilprice.com
- 2023-11-29
  Brent Breaks Back Above $80 as OPEC+ Meeting Looms
  Brent climbed back above $80 on Tuesday as storms disrupted oil and product exports from Russia’s Novorossiysk port, but it is U.S. inventories and the upcoming OPEC+ meeting that will drive oil price movements this week. - This year’s Thanksgiving... Read more Brent climbed back above $80 on Tuesday as storms disrupted oil and product exports from Russia’s Novorossiysk port, but it is U.S. inventories and the upcoming OPEC+ meeting that will drive oil price movements this week.
  
  - This year’s Thanksgiving has recorded the busiest air traffic day ever according to the US Transportation Security Administration, with more than 2.9 million people traveling through the country’s airports.
  
  - Returning jet fuel demand has been a hallmark of this year’s crude oil demand, with India recently reporting the highest kerosene consumption figures since March 2020 at 177,000 b/d.
  
  - Jet fuel has been the most sizable product category to grow this year, adding more than 900,000 b/d year-on-year to hit the highest post-pandemic annual reading of 6.2 million b/d, largely boosted by higher Asian aviation activity.
  
  - Consequently, jet fuel prices in Asia rose to their highest since early 2019 against peer product diesel, with swaps trading at a premium of 85 cents per barrel, despite arbitrage being narrowly open to both Europe and the US.
  
  Market Movers
  
  - Brazil’s national oil firm Petrobras (NYSE:PBR) has presented its 2024-2028 strategic plan, pledging to invest $102 billion over that period and expand into the renewable and fertilizer markets.
  
  - UK energy major BP (NYSE:BP) has received government approval to enter Japan’s electricity market with its BPEJ subsidiary, eyeing renewable energy and power market investments.
  
  - Canada’s leading oil producer Suncor Energy (TSE:SU) has restarted production at its Atlantic coast Terra Nova oil field after completing a life extension project until at least 2031.
  
  Tuesday, November 28, 2023
  
  The postponement of last week's OPEC+ meeting put downward pressure on oil prices, but storms blocking Russian export terminals have added some pricing upside as Kazakhstan’s oil producers are considering production cuts to avoid storage tanks overfilling. With ICE Brent now back above $80 per barrel, US inventory data and the OPEC+ meeting will shape price developments in the second half of this week.
  
  OPEC Clashes with the IEA. OPEC Secretary General Haitham al Ghais accused the International Energy Agency of vilifying the oil and gas industry, adding that the IEA plays down issues such as energy security and affordability, calling for a “dangerous” phase-down in energy investment.
  
  Tanker Distress Now Moves to the Gulf of Aden. The US military prevented a commercial vessel in the Gulf of Aden from being seized by armed individuals, with the Central Park chemical tanker being most probably targeted due to it being managed by a company owned by Israel’s Ofer family.
  
  China Set for Peak Power Demand. According to China’s National Energy Administration, the Asian country will see both electricity and gas consumption peak in the winter of 2023/2024, with the former soaring 12% year-on-year to 140 million KW yet shortages should be largely avoided.
  
  Alberta to Defy Federal Government’s Policy. The premier of Alberta province in Canada Danielle Smith pledging to shield provincial power companies from Ottawa’s federal clean electricity regulations that aim to reach a net-zero emissions power grid by 2035, defending gas-burning plants.
  
  Chinese Major Expands into India’s Underbelly. The government of Sri Lanka is expected to approve a bid from China’s oil major Sinopec (SHA:600028) to build a $4.5 billion refinery, outbidding commodity trader Vitol for the deal, expanding its Belt and Road Initiative to a long-time India ally.
  
  Eyeing Higher Output, Libya Seeks More Investment. Libya’s state oil company NOC stated it needs an annual budget of $17 billion to increase national output from the current 1.2 million b/d to 2 million b/d over the next three years, saying replacing old pipelines would require the most funding.
  
  Storms Disrupt Russia’s Crude Exports. Oil and product exports from Russia’s Novorossiysk port located on the country’s Black Sea coast have been halted for days due to severe storms, most probably forcing exporters to move sizable parts of this month’s loading schedule to December.
  
  Hefty Fine Adds Salt to Uniper’s Wounds. One of Europe’s most battered companies, Germany’s utility giant Uniper said it’s compelled to pay €550 million ($600 million) to Italy’s ENI (BIT:ENI) after an arbitration court ruling that found the firm’s retroactive pricing to be unjustified.
  
  Chinese Solar Giant Warns of Consolidation. Gao Jifan, the head of China’s Trina Solar, has warned that extremely low solar panel prices have left the entire supply chain bereft of profit and that further capacity expansion from solar majors will start a wave of consolidation as early as 2024.
  
  Intervention Fears Push Iron Ore Prices Lower. China’s state economic planner NDRC announced its intent to “deepen its understanding of how iron ore prices are compiled”, sending iron ore prices down to $133 per metric tonne and cutting short the longest streak of weekly gains since January.
  
  India Steps Up Purchases of Russian Coal. India is ramping up imports of Russian coking coal as deliveries from Australia have been hindered by maintenance outages and high prices, surging as high as $350 per metric tonne, making use of new payment mechanisms between the two nations.
  
  France Starts Selling Green Nuclear Bond. France’s utility giant EDF started selling its first green €500 million bond maturing in 2027 that could be used to finance nuclear energy projects, with the French company specifically targeting nuclear reactor upgrades within its own fleet.
  
  Markets Start to Lose Faith in Oil. Net positions in the WTI futures contract have shrunk for the seventh consecutive week, bringing the total of net long positions to the lowest reading since June at 104 million barrels’ equivalent and reflecting a general decline in bullish sentiment Source: Oilprice.com
- 2023-11-29
  Russian Crude Oil Flows Rebound Ahead of Key OPEC+ Meeting
  Despite storms in the Black Sea disrupting loadings, weekly crude oil shipments out of Russia rebounded in the week to November 26, rising by around 370,000 barrels per day (bpd) from the previous week, just before a crucial OPEC+ meeting this week, tanker-tracking... Read more Despite storms in the Black Sea disrupting loadings, weekly crude oil shipments out of Russia rebounded in the week to November 26, rising by around 370,000 barrels per day (bpd) from the previous week, just before a crucial OPEC+ meeting this week, tanker-tracking data monitored by Bloomberg showed on Tuesday.
  
  In the week to November 26, observed shipments of crude oil from Russian ports averaged 3.24 million bpd, up by 370,000 bpd compared to the flows in the week to November 19, according to the data reported by Bloomberg’s Julian Lee.
  
  Still, the four-week average crude shipments from Russia were down for a third consecutive week. In the week to November 26, the four-week average crude oil exports from Russian ports was 3.16 million bpd, a decline of around 100,000 bpd compared to the four-week average flows to November 19, per Bloomberg’s calculations.
  
  The rebound in Russia’s weekly crude oil shipments comes days before OPEC+ is set to hold its meeting on Thursday, after delaying it by a few days over disagreements about quotas.
  
  At the end of last week, reports emerged that the OPEC+ group had made progress in talks with its African producers over their oil output quotas next year. OPEC’s African members Angola and Nigeria have reportedly asked to have a higher production ceiling next year, after taking a cut in their quotas at the June 2023 meeting of OPEC+ as they had consistently failed to pump to their quotas.
  
  “Expectations are that Saudi Arabia will at least roll over its additional voluntary cut of 1MMbbls/d into next year. Clearly, if we do not see this, it would put further downward pressure on the market, given the surplus over 1Q24,” ING strategists Warren Patterson and Ewa Manthey wrote in a note this weekend.
  
  “We believe that the Saudis will roll over this cut and there is a growing possibility that we see a deeper cut from the broader group. In doing this, the group would provide good support to the market going into 2024.”
  
  Source: Oilprice.com
- 2023-11-29
  U.S. Crude Oil, Gasoline, Cushing See Inventory Dips
  Crude oil inventories in the United States fell this week by 817,000 barrels for week ending November 24, according to The American Petroleum Institute (API), after a 9.05-million-barrel rise in crude inventories in the week prior, API data showed. Analysts... Read more Crude oil inventories in the United States fell this week by 817,000 barrels for week ending November 24, according to The American Petroleum Institute (API), after a 9.05-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 2 million barrel draw.
  
  API data shows a net build in crude oil inventories in the United States of more than 20 million barrels so far this year.
  
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) broke a seven week streak of status quo, rising by 300,000 barrels. Inventories are still near the 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at about 4 million barrels since the Biden Administration began its buyback program.
  
  Oil prices were trading up substantially ahead of API data release despite OPEC+ chatter that dampened the markets hopes that the group would cut production deeper at its next meeting, which is currently scheduled to take place this Thursday. At 3:40 pm ET, Brent crude was trading up 2.13% at $81.68—still $.30 per barrel short of where it was this same time last week. The U.S. benchmark WTI was trading up on the day by 2.06% at that time, at $76.40--$1 per barrel below this time last week.
  
  Gasoline inventories also fell this week, by 898,000 barrels, on top of the 1.79 million barrel decrease in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year.
  
  Distillate inventories saw the only rise this week, with a gain of 2.806 million barrels. Last week, distillates fell by 3.51 million barrels in the week prior. Distillates are roughly 13% below the five-year average.
  
  Cushing inventories fell by 465,000 barrels, after rising by 640,000 barrels in the previous week.
  
  Source: Oilprice.com
- 2023-11-29
  OPEC+ Rollover Agreement Likely Scenario, Meeting Could Be Delayed Again
  Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday. The next meeting to discuss the plan for 2024 oil... Read more Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday.
  
  The next meeting to discuss the plan for 2024 oil production among the group was previously pushed back to this coming Thursday as production levels for the group’s African producers proved to be a bone of contention. And now, it appears that a further delay is possible—although the group appears to be closer to a compromise over the levels that will be required next year for the group’s African members.
  
  Angola and Nigeria have been balking at their quotas for next year.
  
  Potential delays aside, additional production cuts—something that was said to be on the table before—is not actively being discussed, the sources said on Tuesday.
  
  For now, OPEC+ has agreed to cut 5 million barrels per day, or about 5% of global demand according to Reuters—with the lion’s share being cut by heavyweight Saudi Arabia, who voluntarily cut another 1 million barrels per day of oil production on top of what it was already cutting. This voluntary cut is due to expire at the end of this year.
  
  Despite the discord among the group, and indications that the group is likely to stick with the current agreement instead of cutting more, oil prices rallied on Tuesday, with WTI crude increasing 2.79% to $76.95, and Brent increasing by 2.66% to $82.11 per barrel.
  
  The OPEC+ sources categorized the talks on oil policy as difficult with one of the sources saying that “everyone is sticking to their positions.”
  
  Source: Oilprice.com
- 2023-11-29
  Sanctioned Tankers Could Undermine India’s Push to Buy Cheap Russian Oil
  India is still considering whether to allow a now-sanctioned tanker carrying Russian oil to approach and dock at one of its ports—a sign that the U.S. clampdown on Russian crude trade could limit India’s ability to buy and import cheaper oil. The... Read more India is still considering whether to allow a now-sanctioned tanker carrying Russian oil to approach and dock at one of its ports—a sign that the U.S. clampdown on Russian crude trade could limit India’s ability to buy and import cheaper oil.
  
  The NS Century tanker is owned by Russia’s state-owned fleet owner Sovcomflot and is flying the flag of Liberia. The Aframax vessel has been floating for 10 days about 1,600 miles off the Indian port of Vadinar, where it was planned to deliver its cargo of Russia’s Sokol grade, Bloomberg reports, citing tanker-tracking data.
  
  NS Century has been floating off Sri Lanka since November 17, a day after the U.S. sanctioned several maritime companies and three vessels for transporting Russian oil above the G7-set price cap.
  
  The U.S. said on November 16 that the vessels Kazan, Ligovsky Prospect, and NS Century engaged in the export of Russian crude oil priced above $60 per barrel after the crude oil price cap took effect. The Kazan, Ligovsky Prospect, and NS Century used U.S.-person services while transporting the Russian-origin crude oil.
  
  The Directorate General of Shipping in India told Bloomberg last week that it was still waiting for government guidance on whether the NS Century would be allowed to unload its cargo at the Indian port.
  
  The West is considering toughening up the sanction enforcement on evaders of the price cap on Russian oil, almost none of which now trades below the ceiling of $60 per barrel.
  
  Last month, the United States took a tougher stance on the sanctions against Russia and sanctioned two vessels for violating the price cap.
  
  Last week, Reuters reported that three major Greek shipping firms had halted the transport of Russian crude due to the heightened risk of facing U.S. sanctions.
  
  Greek shippers Minerva Marine, TMS Tankers, and Thenamaris have stopped carrying Russian oil to customers in the Middle East, Asia, Turkey, Africa, and South America, Reuters reported, citing trade sources and shipping data.
  
  Source: Oilprice.com
- 2023-11-29
  Oil Kneejerks On Fresh OPEC+ Discord Headlines
  What would an OPEC+ meeting week be without the parade of strawman, market-testing headlines dropped to gauge traders' stress levels. OPEC is set to hold an online meeting on Thursday, ahead of OPEC+ meeting later in the day to decide future oil production... Read more What would an OPEC+ meeting week be without the parade of strawman, market-testing headlines dropped to gauge traders' stress levels.
  
  OPEC is set to hold an online meeting on Thursday, ahead of OPEC+ meeting later in the day to decide future oil production policy, a source said according to Reuters.
  
  The meeting, which was postponed two days ago, is rescheduled at 4:00 PM KSA on Thursday according to a draft agenda seen by the news agency.
  
  This morning, Reuters reports that, according to four sources:
  
  "talks are difficult" (well, no news there)
  
  "a further delay is possible" (possible... not probable)
  
  "policy rollover is a possibility" (that's the kicker, we suspect, as bulls are clearly hoping for more cuts)
  
  Bloomberg also confirms that, according to delegates, OPEC+ is no closer to resolving the deadlock over oil-output quotas for some African members that has already forced the group to delay a critical meeting amid faltering prices.
  
  The Saudi-led alliance hasn’t been able to reach an agreement with Angola and Nigeria, which are pushing back against lower quota limits for 2024, which reflect their diminished production capabilities.
  
  The first reaction from the algos to sell was swift, but prices veered back within the hour.
  
  We await the denials - or confirmations. Source: Oilprice.com