India has officially declined Russia’s offer to sell liquefied natural gas (LNG) from projects currently under U.S. sanctions, following April reports of an LPG-laden tanker en route to western India, according to Indian media reports on Monday.
India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis-ridden Middle East, analysts said
Treasury Secretary Scott Bessent reaffirmed that the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.
Italian Premier Giorgia Meloni said it was too early to consider tapping Russian gas despite the Iran war driving up energy prices and squeezing supply.
Energy-starved Asian nations are taking advantage of US sanction waivers to buy Russian oil to fill gaps caused by the Iran war.
Bangladesh has formally requested a temporary sanctions waiver from the United States to import roughly 600,000 metric tonnes of Russian diesel to cover two months of demand as its energy crisis intensifies, Reuters reported on Monday, with officials pointing to Washington’s recent 30-day waiver granted to India as precedent.
The European Union’s plan to ban LNG imports from Russia will prompt a surge in demand for LNG carriers to the tune of 30 new vessels, a senior Vortexa analyst said ahead of the LNG Qatar gathering that starts today.
The International Energy Agency has lowered its outlook for Russia’s oil production this year by only a narrow margin even with sweeping western energy sanctions, as the Paris-based organization expects the nation to come up with workarounds.
West Texas Intermediate rose 1.4% to settle above $73 a barrel, building on Monday’s 1.9% advance, which was the biggest in almost four weeks. Several million barrels from Russian platforms in the Pacific are stranded after the shuttle tankers that hauled them to China were blacklisted.
Transdniestria, a breakaway pro-Russian region of Ukraine’s neighbour Moldova, has agreed on a deal with a Hungarian company to buy natural gas under a loan provided by Russia.