A tanker loaded with crude oil from the U.S. strategic petroleum reserve has set off from the Gulf of Mexico to the Philippines in what is the first U.S. oil shipment to Asia since late 2022, Reuters reported, citing shipping data.
Coal is back with a bang in Asia’s power generation, as countries scramble to contain the LNG supply shortage due to the war in the Middle East.
Energy-starved Asian nations are taking advantage of US sanction waivers to buy Russian oil to fill gaps caused by the Iran war.
The International Energy Agency said oil from an unprecedented stockpile release will be made available immediately in Asia, where buyers are clamoring to replace barrels lost to war-related disruptions in the Middle East.
Asia is struggling to obtain spot LNG cargoes for emergency supply this month as the halt to Qatar’s exports tightened the market and reignited competition with Europe for promptly available supply.
Oil prices recovered slightly in early Asian trading on Wednesday after falling to one-month lows in Tuesday’s session. Sentiment in markets remains bearish, with traders focused on a potential peace deal between Ukraine and Russia.
Supertanker rates on the route between the Middle East and China hit their highest in five years as traders sought alternatives to Russian crude, Bloomberg has reported, citing a daily rate of $137,000 for last Friday. Friday was when the latest U.S. sanctions against Russia’s two top exporters, Rosneft and Lukoil, came into effect, spurring action […]
The publication cited LSEG data showing that Very Large Crude Carrier rates jumped to 12.5 million last week, which was the highest since March 2023. The rate increase resulted from increased demand for U.S. crude from Asian buyers that emerged during the summer. Since then, rates have eased somewhat to $12 million but remain elevated enough to sap appetite.
Asia’s oil demand is growing in the autumn, too, whereas major importers like China keep stockpiling crude, so OPEC+ was right to continue boosting supply, Alexander Dyukov, chief executive at Russian oil producer Gazprom Neft, said on Thursday.
Earlier this week, China’s Sinopec reported a plunge in its first-half profit, citing subdued fuel demand as a reason. According to Kpler, sluggish fuel demand is a global trend, and it is set to extend into next year as well.