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    Russian Oil and Gas Industry: News #4

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    Post  lancelot Fri Feb 25, 2022 7:10 am

    Partly thanks to the Poles suing Gazprom because they wanted to pay the market price. Thanks Poles!
    The gas was at $40 USD, then it was $1000 USD, right now it is $1500 USD. Will Medvedev be proven right?

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    Post  JohninMK Mon Feb 28, 2022 5:57 pm

    Craig Murray -
    @CraigMurrayOrg
    ·
    16h
    A strange truth.

    Russia continues to send gas to W. Europe, mostly to NATO countries, and increased supply since the invasion started.
    Much of it still transits Ukraine. Russian and Ukrainian managers and technicians still cooperate 24 hrs. Russia is still paying transit fees.

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    Post  Hole Mon Feb 28, 2022 7:53 pm

    According to Pepe Escobar Russian experts are already in Mongolia for the new pipeline to China.

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    Post  JohninMK Mon Feb 28, 2022 10:38 pm

    Hole wrote:According to Pepe Escobar Russian experts are already in Mongolia for the new pipeline to China.

    Also today, with excellent timing, Gazprom signed the 50 Bcm p.a. gas supply contract that will allow construction to begin. Lots of good business in that, pipeline steel, concrete etc.


    EDIT

    Pepe Escobar
    @RealPepeEscobar
    ·
    4h
    WIN WIN

    The Soyuz Vostok gas pipeline, now being designed by Gazprom in partnership with Mongolia, will connect with Power of Siberia 2 - whose capacity is 50 billion cubic meters a year.

    Exactly the amount of gas Russia supplies to Germany via Nord Stream 1.

    Bloomberg News
    28 February 2022, 15:00 GMT

    Gazprom PJSC took a new step toward potentially its biggest-ever natural gas supply deal with China as nations around the world sever economic and political ties with Russia over the country’s invasion of Ukraine.

    The Russian gas giant signed a contract to design the Soyuz Vostok pipeline across Mongolia toward China, Gazprom said in a statement. If Russia reaches a new supply agreement with China, Soyuz Vostok will carry as much as 50 billion cubic meters of natural gas per year to the Asian nation.

    A new supply deal with China would also enable Gazprom to build an interconnector between its west- and eastbound pipeline systems, effectively allowing Russia to redirect gas toward China from fields that now only feed Europe. That could ease Gazprom’s reliance on the European continent, currently the single-largest buyer of Russian gas.

    The pipeline-design contract comes as the European Union and the U.S., joined by countries such as the U.K., Canada and Japan, put unprecedented pressure on Russia after President Vladimir Putin ordered the invasion of neighboring Ukraine. Sweeping sanctions are limiting Russia’s ability to import key technology, tap foreign debt markets and even to access much of the $640 billion the country built up as a buffer to protect the economy.

    While Russian energy exports remain unaffected at this stage of the war, Europe has been exploring options to wean itself off Gazprom’s deliveries.

    Gazprom has been in talks to deliver gas to China via Mongolia for several years.

    “Today, the design contract has been signed, this means that the project has moved to the stage of practical implementation,” Gazprom Chief Executive Officer Alexey Miller said of the Soyuz Vostok link. The statement didn’t give any details of progress on supply talks with China.

    In 2014, Gazprom signed a 30-year, $400-billion deal to directly supply as much as 38 billion cubic meters of gas per year to China via the Power of Siberia gas link, where deliveries started in late 2019. In recent months, when Gazprom’s flows to Europe have been limited, shipments to China were regularly above daily contract volumes.

    At the start of February, Russia reached a smaller gas deal with China for 25-year direct supplies of as much as 10 billion cubic meters per year from fields in the Far East.


    https://www.bloomberg.com/news/articles/2022-02-28/gazprom-paves-way-to-new-china-gas-deal-as-sanctions-hit-russia


    Last edited by JohninMK on Mon Feb 28, 2022 11:56 pm; edited 3 times in total

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    Post  Kiko Mon Mar 07, 2022 4:55 pm

    European officials can be congratulated on the gas price of 3.5 thousand euros, said Deputy Chairman of the Russian Security Council Dmitry Medvedev.

    “I can only congratulate the far-sighted European colleagues who reliably defended themselves from the insidious Russians and the Nord Stream 2 project,” RIA Novosti quotes Medvedev. .

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    Post  JohninMK Mon Mar 14, 2022 4:38 pm

    Can you imagine the reverse flow of cash Shocked Shocked Shocked

    Javier Blas
    @JavierBlas
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    3h
    We're seeing the **strongest** flows of Russian gas into the European Union since the invasion of Ukraine started, with Mallnow registering 3 consecutive days of non-stop flows, plus steady high inflows at Velke and NS1. At current prices, that's quite a bounty for the Kremlin

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    Post  owais.usmani Mon Mar 14, 2022 8:05 pm

    JohninMK wrote:Can you imagine the reverse flow of cash  Shocked  Shocked  Shocked

    Javier Blas
    @JavierBlas
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    3h
    We're seeing the **strongest** flows of Russian gas into the European Union since the invasion of Ukraine started, with Mallnow registering 3 consecutive days of non-stop flows, plus steady high inflows at Velke and NS1. At current prices, that's quite a bounty for the Kremlin

    Mr. JohninMK, I always enjoy your posts, but I always wonder why you don't use the (embed) tags for posting twitter posts? It makes much easier to view them.
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    Post  JohninMK Mon Mar 14, 2022 8:09 pm

    owais.usmani wrote:
    Mr. JohninMK, I always enjoy your posts, but I always wonder why you don't use the (embed) tags for posting twitter posts? It makes much easier to view them.

    I'm pleased. Partly habit and partly I'm on a PC where copy/paste takes up less screen.

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    Post  Kiko Wed Mar 16, 2022 10:17 am

    Saudi Arabia contemplates accepting yuan on oil sales to China, 15.03.2022.

    The move could damage the dollar's dominance in the global oil market and represent a turnaround in the stance of the world's leading oil exporter. By Dow Jones-Dubai and Riyadh.

    Saudi Arabia is in active negotiations with Beijing to price some of its oil sales to China in yuan, according to people familiar with the matter.

    The move could damage the dollar's dominance in the global oil market and represent a turnaround in the stance of the world's leading oil exporter.

    Negotiations with China on the sale of yuan oil have been going on for six years, but have been accelerated this year as the Saudis ' dissatisfaction with the White House increases.

    The Saudis are angered by the lack of support from the United States for intervention in Yemen's civil war and the attempt by Joe Biden's government to revive the nuclear deal with Iran.
    In addition, Saudi officials said they were shocked by the abrupt US exit from Afghanistan in 2021.

    China buys more than 25% of the oil that Saudi Arabia exports. If traded in yuan, these sales would raise the position of the Chinese currency.

    For Saudi Arabia, the decision to trade some of its roughly 6.2 million barrels exported daily in something other than dollars would also represent a profound change.

    The bulk of global oil sales-about 80% - is made in dollars. The Saudis have traded oil exclusively in the U.S. currency since 1974, following an agreement with the Government of Richard Nixon that included security guarantees for the country.

    China introduced yuan oil contracts in 2018 as part of its efforts to make the local currency tradable around the world, but the move did not affect the dollar's dominance in the oil market.

    For Beijing, the use of dollars has become a risk, something that has been exacerbated by US sanctions on Iran for its nuclear program and Russia in response to the Ukrainian invasion.

    The Chinese have been approaching Saudi Arabia in recent years. Beijing helped the country build its own ballistic missiles, held consultations on a nuclear program and began investing in pet projects of Crown Prince Mohammed bin Salman.

    Meanwhile, Saudi relations with the US have deteriorated since the inauguration of Biden, who said on the campaign trail that the country should become an "international pariah" for the murder of journalist Jamal Khashoggi.


    In addition, economic ties between the US and Saudi Arabia are weakening. Americans are now among the largest oils in the world. In the early 1990s, the country imported 2 million barrels per day from the Saudis, but this figure fell to 500 thousand by December 2021, according to the US Energy Information Administration.

    On the other hand, China's oil imports have increased over the past three decades, in line with its economic expansion. Saudi Arabia was the country's top supplier in 2021, selling 1.76 million barrels per day, according to data from China's General Administration of Customs.


    "The dynamics have changed dramatically. The U.S. relationship with the Saudis has changed, China is the world's largest oil importer and they are offering a lot of incentives to the kingdom," a Saudi official said. "China has offered everything you can imagine."

    An American official called the idea of the Saudis selling oil to China in yuan " highly volatile and aggressive," as well as "unlikely." This official said that Riyadh had already disclosed the proposal in the past, when there was tension between the two countries.

    "The oil market, and by extension the entire global commodity market, is the insurance policy of the dollar's status as a reserve currency," said economist Gal Luft, co-director of the Institute for the Analysis of Global Security. "If this brick is removed from the wall, it will begin to crumble.

    Yandex Translate from Portuguese

    Source: Brazilian business news outlet Valor Econômico

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    Post  Kiko Fri Mar 18, 2022 11:43 am

    India defies US sanctions and will buy oil from Russia by paying in rupees or Russian Ruble, 17.03.2022.

    The hegemony of the dollar as a world currency continues to be challenged on the planet. After Saudi Arabia's announcement that it can sell oil to China in yuan, India will also be able to leave the dollar as a currency transactions with Russia.

    According to the British newspaper Financial Times, India is defying US sanctions against Russia and has opened a channel for exchanges between the Indian rupee and the Russian Ruble. By 2022, India can import from Russia approximately 15 million barrels of crude oil. 

    According to the Minister of oil and Natural Gas of India, Hardeep Singh Puri, New Delhi negotiates with Moscow the price and logistics of oil transportation at a discount and payment in rupees or rubles, after the sanctions established by the United States and the European Union. 

    With nearly 1.4 billion inhabitants, India, the world's third-largest oil importer, currently buys only about 3 percent of its supplies from Russia, according to government data.

    Yandex Translate from Portuguese

    https://www.brasil247.com/mundo/india-desafia-sancoes-dos-eua-e-comprara-petroleo-da-russia-pagando-em-rupias-ou-rublo-russo

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    Post  owais.usmani Fri Mar 18, 2022 12:10 pm

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    Post  JohninMK Fri Mar 18, 2022 1:32 pm

    JohninMK wrote:
    owais.usmani wrote:
    Mr. JohninMK, I always enjoy your posts, but I always wonder why you don't use the (embed) tags for posting twitter posts? It makes much easier to view them.

    I'm pleased. Partly habit and partly I'm on a PC where copy/paste takes up less screen.

    Plus the other reason. It makes it difficult, if not impossible for Garry to comment on those posts.

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    Post  Kiko Fri Mar 18, 2022 3:39 pm

    India buys more Russian oil despite US threats, 18.03.2022.

    Country adopts ‘pragmatic approach’ to ensure energy security.

    India’s state-run refiner, Hindustan Petroleum Corporation (HPCL), has bought two million barrels of Russian oil for loading in May, as the country’s refiners step up efforts to secure crude from Moscow at a discount, regional media reported on Thursday.

    The crude was sold by European trader Vitol and is the second such deal, as Indian Oil Corporation (IOC) purchased three million barrels of the Russian Urals crude earlier this week at a discount of $20-$25 a barrel for delivery in May.

    Another Indian company, Mangalore Refinery and Petrochemicals Ltd (MRPL), has also reportedly floated a tender for one million barrels of the same benchmark.

    Some countries have reportedly been avoiding buying Russian oil in fear of retaliatory sanctions from the US. As a result, the country’s oil has been available at discounted prices. The Indian oil major says it did not consider the purchase of Russian crude a problem as neither oil itself, nor Vitol have been sanctioned, reports say.

    Washington, DC has been pressuring New Delhi to avoid purchasing Russian oil due to the Ukraine conflict. India rejected America's requests on Friday, arguing that its dependence on energy imports should not be “politicized” as countries that are oil-independent or still importing Russian products “cannot credibly advocate restrictive trading,” local media reported.

    India is the world’s third-biggest energy consumer, importing roughly 80% of crude oil it needs. Only about 3% of the country's total crude imports come from Russia.

    OPEC predicted this week that the country’s demand for oil is likely to jump by more than 8% in 2022 amid steady economic growth. In its latest monthly oil market report, OPEC said that rising energy prices, fueled by the recent geopolitical tensions, could put more pressure on India’s current account balance.

    New Delhi stated that it would “be happy” to take Russian oil and other commodities at a heavy discount, using the national currencies of India and Russia to carry out the transactions to evade the US dollar and related sanctions, an Indian government official told Reuters.

    An official at the Ministry of External Affairs was quoted as saying that India was “exploring all possibilities” to ensure its energy security. According to local media, comments from the senior official indicate that the Indian government has adopted a pragmatic approach and is likely to forge ahead by sourcing Russian crude.

    https://www.rt.com/business/552224-india-buys-more-russian-oil/

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    Post  GarryB Sat Mar 19, 2022 3:05 am

    Mr. JohninMK, I always enjoy your posts, but I always wonder why you don't use the (embed) tags for posting twitter posts? It makes much easier to view them.

    As John mentions above you can't just select text in an embedded tweet, you click on it and it opens a twitter tab so you then have to copy and close the tab.

    But I would honestly add that I think the way John does it is also easier to read and certainly takes up less space on this forum.

    The Embed function is there if you want to use it though, I am not going to make demands, though broken html links from misquoted embeds have ruined the thread pages until edited by the poster.


    OPEC predicted this week that the country’s demand for oil is likely to jump by more than 8% in 2022 amid steady economic growth.

    And the difference between discounted Russian oil or oil from other sources whose prices are creeping up and no discounts are likely will effect that growth too... with discounted Russian oil helping promote growth and alternative sources more expensive sources lowering growth expectations.

    Knowing they can't buy Russian oil from US pressure would mean any alternative source of oil could actually charge more than market prices because they know Indias options would be limited if they caved in to US bullying.

    The bit about wanting discounts for Russian energy might sound unfriendly or even greedy taking advantage of Russia, but in actual fact Russia it already making enormous profits at the market rate, and these companies are taking on risk that the US might economically sabotage their business, so giving them a discount should at least allow them to protect themselves better from any unforeseen US backlash over not being a US slave colony.

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    Post  andalusia Fri Mar 25, 2022 8:25 am

    This is good:

    https://citizenfreepress.com/breaking/russia-to-accept-bitcoin-for-natural-gas/



    I don't know if Russia has nationalized oil or not but it would be good if they can copy the Norway Oil Fund that was created by Iraqi Farouk-al-Kasim.  


    https://psmag.com/environment/iraqi-vikings-farouk-al-kasim-norway-oil-72715?fbclid=IwAR0eofWbLFvmy-g6UtVuIlmSzZ_VFcvQLplkeuJyUwAGRRWR79bIrJnPYIM


    https://www.cbc.ca/news/canada/iraqi-farouk-al-kasim-behind-norway-oil-fund-that-is-envy-of-world-1.2604105?fbclid=IwAR1TzoR0hpLgmyh9xgqwDgL9d4oR7TOTRrBYvk9tw3AsblXB-8EVXXH0A4U
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    Post  lancelot Fri Mar 25, 2022 10:22 am

    Bitcoin is an invention of the West. It is a waste of energy and semiconductors.
    In a world where energy will be expensive poor countries won't be able to use that kind of crap.
    The West will sanction high-end semiconductors to any countries they don't like which means they will always be ahead with it.
    China already outlawed its use so you can't transact with what is the largest global economy in practice with it.

    At best it will be used to make marginal transactions and they will bundle transactions together to reduce energy wasted. So Bitcoin will be used at best for marginal cases. Perhaps small transactions with Western connected nations. And that is assuming the West don't start banning the exchanges all over the place. They already tried to push the exchanges to ban Russian transactions. The exchanges pushed back. But I doubt they will be able to push back forever. And you know they can always inspect the Internet traffic to go after the real people behind the communication nodes regardless of what you may think. The US has already arrested people like this. In these regards Bitcoin is worse than regular cash in terms of anonymity or energy use. It might be more "convenient" but like I said is highly dependent on Western tainted semiconductor supply chain.

    In the long term I think we might see one of these cryptocurrencies take off. But only after China becomes self-sufficient in terms of semiconductors from the West. And it won't be an energy hog like Bitcoin.

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    Post  Kiko Thu Mar 31, 2022 12:43 am

    US ramps up imports of ‘banned’ Russian oil, 30.03.2022.

    Purchases have risen to 100,000 barrels a day, data shows.
    The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

    Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

    The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

    In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

    https://www.rt.com/business/553002-us-russia-oil-imports/

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    Post  owais.usmani Thu Mar 31, 2022 11:53 am

    Kiko wrote:US ramps up imports of ‘banned’ Russian oil, 30.03.2022.

    Purchases have risen to 100,000 barrels a day, data shows.
    The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

    Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

    The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

    In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

    https://www.rt.com/business/553002-us-russia-oil-imports/

    When will Russia force the US to pay in Rubbles as well?

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    Post  George1 Thu Mar 31, 2022 3:11 pm

    Japan has no plans to leave Sakhalin-2 project, says PM

    https://tass.com/economy/1430175

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    Post  owais.usmani Fri Apr 01, 2022 3:10 pm

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    Post  JohninMK Sun Apr 03, 2022 4:31 pm

    We don't see an oil pipeline and comments often, so here we go, it looks quite old but there hasn't been much change in oil as opposed to gas.

    Russian Oil and Gas Industry: News #4 29748

    https://www.zerohedge.com/energy/long-term-oil-prices-beginning-top-reflect-coming-oil-shortage-part-1

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    Post  nero Mon Apr 04, 2022 10:50 pm

    https://oilprice.com/Energy/Crude-Oil/Vitol-Oil-Is-Underpriced-For-Current-Supply-Risks.html

    Vitol: Oil Is Underpriced For Current Supply Risks

    The recent slump in oil prices does not reflect the actual risk of Russian supply disruption, a senior executive of Vitol has warned.

    Brent crude dropped from close to $140 per barrel right after the start of the war in Ukraine to $104 per barrel last week as the United States and the International Energy Agency announced massive reserve releases. However, this would not be able to offset lost Russian barrels over the next few months, Bloomberg quoted Mike Muller, head of Vitol’s Asian operations, as saying.

    “Oil feels cheaper than most would’ve predicted,” Muller said on a podcast produced by Gulf Intelligence. “Oil prices could be higher given the risk of disruption of supplies from Russia. But people are still lost figuring out those numbers.”

    In the third quarter, Muller said, Russian oil and oil product exports could be down by between 1 and 3 million barrels daily, from 7.5 million barrels daily under normal circumstances.

    Muller also noted that demand was going to continue to strengthen despite China’s recent dip because of the resurgence of the coronavirus.

    “China will throw the kitchen sink at making sure the economy delivers,” Muller said. “We are going to see China put a massive effort into infrastructure spending and propping up the economy. You’re going to see a big outlay.”

    At the same time, any additional supply from Iran will be slow in coming. This weekend, Iran’s foreign minister Hossein Amir-Abdollahian said the parties at the nuclear deal negotiating table were close to an agreement, adding, “We have passed on our proposals on the remaining issues to the American side through the EU senior negotiator, and now the ball is in US court.”

    Oil started the week with a decline after the Houthi rebel group in Yemen and the Saudi-led coalition agreed to a truce that alleviated some Saudi oil supply concerns sparked last month by a string of Houthi attacks on Saudi oil targets.

    Uh oh

    https://www.iea.org/news/iea-member-countries-agree-to-new-emergency-oil-stock-release-in-response-to-market-turmoil

    IEA Member Countries agree to new emergency oil stock release in response to market turmoil

    [...]

    The agreement was reached at an Extraordinary Meeting of the IEA Governing Board, which was held at the Ministerial level and chaired by US Secretary of Energy Jennifer Granholm.

    The details of the new emergency stock release will be made public early next week. The agreement follows the previous action taken by IEA Member Countries, announced last month, to which they pledged a total of 62.7 million barrels.

    [...]

    IEA Members hold emergency stockpiles of 1.5 billion barrels. Today’s agreement will be the fifth time that the IEA releases emergency stocks. Previous collective actions were taken in 1991, 2005, 2011 and on 1 March, 2022.


    That's a lot of barrels being released from strategic reserves. Fyi, Russia exports approx. 5 million bpd. That's 1.825 billion barrels per year.

    It'd be pretty hilarious if Iran, after sanctions are dropped, starts to supply the Chinese with oil instead.

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    Post  Hole Tue Apr 05, 2022 1:18 pm

    And some day that "emergency" stock has to brought back to his pre-crisis level. Which means a lot of oil has been bought extra, then prices will go up again. This is a typical short sighted mesaure taken by western politicians to score points with the electorate.

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    owais.usmani


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    Russian Oil and Gas Industry: News #4 Empty Re: Russian Oil and Gas Industry: News #4

    Post  owais.usmani Wed Apr 13, 2022 2:07 pm



    Yep, agree with her. thumbsup

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    Kiko
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    Russian Oil and Gas Industry: News #4 Empty Re: Russian Oil and Gas Industry: News #4

    Post  Kiko Wed Apr 13, 2022 6:01 pm

    owais.usmani wrote:

    Yep, agree with her. thumbsup

    She's now distributing cookies worldwide to **** Russia, not the EU; that was in 2014.

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    Russian Oil and Gas Industry: News #4 Empty Re: Russian Oil and Gas Industry: News #4

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