Russia Oil Production

The closure of Strait of Hormuz (SoH), analysts said, is the primary reason for this as oil supplies from this region remain curtailed.

Treasury Secretary Scott Bessent said Friday that the US does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products that are currently at sea. And, he said, a renewal of the one-time waiver for Iranian oil at sea is totally off the table. "Not the Iranians," Bessent told The Associated Press. "We have the blockade, and there's no oil coming out." "And we think in the next two, three days, they're going to have to start shuttering production, which will be very bad for their wells." Bessent's statements come as the world is on edge over the US-Israeli war in Iran, and global energy markets have been ensnarled by the closure of the Strait of Hormuz. The US originally issued a waiver for Russian oil sales and petroleum products in March with the intent of stabilising global energy markets after crude oil prices surged above USD 100 per barrel. The Treasury Department renewed the waiver two days after Bessent said at the White House that he had no plan

Hungarian oil group MOL said on Wednesday that Ukraine had informed it that deliveries of Russian crude had resumed through the pipeline

Russian officials said that a Ukrainian drone attack on Russia's Black Sea port of Tuapse sparked a fire and killed at least one person

US renews Russia oil waiver, offering relief to India amid Hormuz disruptions, as refiners rely on diversified crude sources to maintain supplies

The Iran-US-Israel conflict effectively shuttered the Strait of Hormuz, the artery of India's oil trade

The waiver comes despite earlier US reluctance, as war-linked supply disruptions and Strait of Hormuz curbs push oil prices higher and test Western efforts to restrict Russia's revenues

Indian refiners plan to continue sourcing Russian crude from non-sanctioned suppliers and vessels despite US decision not to renew temporary sanctions waivers

India's state-run refiners sharply increased Russian crude purchases in March amid supply disruptions, aided by a US waiver, even as overall crude imports declined

Imports from Russia averaged 1.98 million barrels a day in March, the highest since June 2023, according to data from intelligence firm Kpler

Russia signals readiness to boost oil and LNG supplies as India faces energy stress amid West Asia conflict and rising import dependence

A Russian tanker docked Tuesday at the Cuban port of Matanzas laden with 730,000 barrels of oil, marking the first time in three months that an oil tanker reached the island. The administration of U.S. President Donald Trump had allowed the Anatoly Kolodkin to proceed despite an ongoing US energy blockade. Cubans including Energy and Mines Minister Vicente de la O Levy cheered the ship's arrival. A shortage of petroleum has exacerbated a deep economic crisis that has left the population mired in long blackouts and facing a severe shortage of food and medicine. "Our gratitude to the Government and People of Russia for all the support we are receiving. A valuable shipment that arrives amid the complex energy situation we are facing," de la O Levy wrote on X. Cuba produces barely 40 per cent of its required fuel and relies on imports to sustain its energy grid. Experts say the anticipated shipment could produce about 180,000 barrels of diesel, enough to feed Cuba's daily demand for ni

Furthermore, Angola has emerged as one of the biggest crude oil suppliers to India amid attempts to source from West Asian alternatives

Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the US and Israel against Iran, which has choked off roughly a fifth of the world's oil supply. Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. Over the weekend, Iran-backed Houthi rebels entered the conflict, further threatening shipping. To shore up global crude oil supplies, the US has temporarily eased sanctions on Russian oil shipments already at sea - first for India, then for the rest of the world. Demand is rising in Asia while Russia is raking in billions of dollars. But experts say there is a limit to how much Moscow can boost its exports of crude oil, which is unrefined petroleum needed to make fuels like gasoline and diesel, and it is already exporting at a level close to its previous peak. In addition, Russia's 4-year-old full-scale invasion of Ukraine and recent drone attacks on its energy .

Latest sanctions by EU banning imports of fuels made from Russian crude oil from January has hurt India's sales, say industry sources

President Donald Trump on Sunday night said he has "no problem" with a Russian oil tanker off the coast of Cuba delivering relief to the island, which has been brought to its knees by a US oil blockade. "We have a tanker out there. We don't mind having somebody get a boatload because they need they have to survive," Trump told reporters as he flew back to Washington. When asked if a New York Times report that the tanker would be allowed to reach Cuba was true, Trump said: "I told them, if a country wants to send some oil into Cuba right now, I have no problem whether it's Russia or not." Tracking data shows the oil tanker carrying approximately 730,000 barrels of oil, was just off the eastern tip of the island on Sunday night and slated to land in the city of Matanzas by Tuesday. Journalists working for Cuban state media also reported the boat was expected to land, though Cuban officials did not immediately respond to a request for comment. Trump, whose government has come at its

The recent attacks have caused severe oil supply disruption for Russia, the world's second-largest oil exporter, and have come just as oil prices exceeded $100 a barrel due to the Iran war

The cargoes were booked at premiums of $5 to $15 a barrel to Brent

Emergency services are working to extinguish the blaze at the fuel storage tank at Primorsk, and personnel have been evacuated

The country still faces a shortfall of 700,000 bpd of crude oil in March compared to Feb