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Rosneft Oil Cargo Wanders for Weeks as Sanctions Mount

A cargo of crude oil from sanctioned Russian giant Rosneft has made an 11-week-long meandering trip around Europe and Asia in search of buyers and although it has anchored off a sanctioned Chinese import port, it’s not certain it has reached its final destination yet.

The Fortis tanker with about 700,000 barrels of now sanctioned Russian oil dropped anchor near the Chinese port of Rizhao on the east coast on Tuesday, tanker-tracking data compiled by Bloomberg showed.

The Fortis did not make the entire trip from Russia’s western port on the Baltic Sea. The crude cargo from Rosneft began the journey on the Ailana tanker from the Russian export terminal of Ust-Luga at the end of September.

Following a trip around Europe into the Mediterranean, and through the Suez Canal, the Ailana arrived near India at the end of October.

But by then the U.S. had already slapped sanctions on top Russian oil producer Rosneft and the second-largest, Lukoil, to force Russia to genuine talks about ending the war in Ukraine.

India stopped importing any crude known to have originated from or handled by affiliates of Rosneft and Lukoil to avoid angering the Trump Administration further.

So the Ailana idled off Mumbai for two weeks, according to Bloomberg’s ship-tracking. Then most of the cargo was transferred onto the Fortis tanker which had shown destinations in India and South Korea before anchoring off the Rizhao port, which the U.S. Treasury also sanctioned in October as part of the pressure campaign on China over its purchases of Iranian crude.

Despite being very close to the Rizhao port, it’s not certain the Fortis would offload the cargo there, according to Bloomberg.

The three-month long trip and the ship-to-ship (STS) transfer suggest that buyers, especially in India, are steering clear of the sanctioned Russian companies and their cargoes.

The U.S. sanctions on Rosneft and Lukoil upended all previous plans by Indian refiners, who hastened to withdraw from the spot market for Russian crude in December.

India’s Bharat Petroleum and India Oil Corporation have bought Russian crude from non-sanctioned companies for January delivery, at a discount of $6-$7 to Brent crude, reports emerged last week.

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U.S. Solar Installations Soar as Developers Rush to

The news below are all the 9th

Error on their date the 2nd

EU Plans Major Power Grid Overhaul. The European Union is reportedly preparing a major push to improve cross-border grid connections, warning of billions lost from bottlenecks and failures to meet power demand with supply as Brussels intends to double down on its 2050 net zero target.

Libya Prepares for Key Gas Wildcat. Italy’s ENI (BIT:ENI) and UK oil major BP (NYSE:BP) plan to drill Libya’s most-anticipated deepwater exploration well in Q1 2026, expecting that the Sirte Basin’s gas reserves extend offshore as Tripoli aims to boost gas output to 4 Bcf/d by end-decade.

EIA Vows to Cut Down on Unnecessary Reports. Tristan Abbey, the administrator of the US Energy Information Administration (lost 100 of its 350 full-time staff), pledged to work ‘aggressively’ to revise EIA reports with redundant information, saying the agency now publishes ‘too many reports’.

India’s Coal Romance Is Far from Over. India is considering a major expansion in coal power capacity with plans to build new plants until at least 2047, a policy change compared to previous projections peaking by 2035, with Delhi potentially adding 420 GW of new capacity, a 87% increase from now.

Baghdad Shutters Key Oil Asset. Iraq shut down production for a day at the West Qurna-2 oil field operated by Russian firm Lukoil (MCX:LKOH) due to a reported leak in the pipeline connecting it to the port of Basrah, temporarily halting some 460,000 b/d of output or 0.5% of global oil supply.

Struggling to Survive, UK Drillers Unite. Less than a month after Shell and Equinor merged their UK North Sea assets, the French and Spanish oil majors TotalEnergies (NYSE:TTE) and Repsol (BME:REP) announced they would merge their assets under NEO NEXT+, producing some 250,000 boe/d.

Indonesia Boosts Gas Reserves with New Find. Italian oil major ENI (BIT:ENI) has reported a huge natural gas discovery offshore Indonesia, some 30 miles off the coast of East Kalimantan, with its Konta-1 exploration well confirming commercial reserves of more than 600 BCf.

US Court Rejects Trump Wind Energy Ban. A US District Judge ruled that the Trump administration’s move to halt federal approvals for new wind energy projects was ‘unlawful and arbitrary’, failing to provide adequate reasoning for why the 1946 Administrative Procedure Act couldn’t be followed.

Tuesday, December 2, 2025

Oil prices continue to search for direction as a supply scare from Iraq turned out to be short-lived, with most market speculation centred around Ukraine peace talks and US Federal Reserve policy. With ICE Brent still hovering around $63 per barrel, the Fed’s last gathering in 2025 could provide some temporary upside to prices, however, it is unlikely to fundamentally break the current stalemate.

Image

EU Buckles Under US and Qatari Pressure. The European Union agreed to scale back its corporate sustainability laws after both the United States and Qatar threatened to halt energy exports in case its CSDDD rules aren’t eased, however, US firms complained that changes didn’t go far enough’.

G7 to Finally Bury Failed Price Cap Action. G7 countries and the European Union are reportedly in talks to replace their December 2022 price cap on Russian oil exports, having failed to restrict flows to India and China even after it was lowered to $47.60 per barrel, with a full maritime services ban.

Chinese Oil Imports Continue to Soar. China’s crude oil imports soared to their highest since August 2023 last month, according to the country’s Administration of Customs, with Chinese refiners taking in 12.38 million b/d, up 5% month-over-month on higher flows of Iranian and Russian crude.

Congo Tightens Cobalt Export Rules. The government of Congo has set new conditions for cobalt exporters, tightening its 96,000 tonne per year quota system with requirements to pre-pay 10% of royalty fees within 48 hours of filling their export declarations and receiving a compliance certificate.

Indians Splash the Cash on Russian Oil. Indian state-owned refiners have ramped up their purchases of Russian crude, with Indian Oil Corp and Bharat Petroleum buying up to 10 January-arrival cargoes last week, benefitting from lower delivered prices as Urals now trades $6 per barrel below Brent.

Brazil Zooms in on Exploration. Brazil’s national oil firm Petrobras (NYSE:PBR) has cut its 5-year spending plan by $2 billion to $109 billion but raised its exploration budget by $1 billion to a total of $78 billion, aiming to reach 2.7 million b/d in oil output by 2028, up 10% from now.

- Behind the façade of calm oil markets, a gradual build-up in speculative positions could be undermining future prices of Brent or WTI as both benchmarks remain on their longest runs below their 100-day moving average in more than a year.

- Open interest held in ICE Brent is now the highest in history – 5.5 million contracts as of this week – however investors hold more Dec 2026 contracts than any other month except for the prompt two, February and March, suggesting that the market wants to hedge itself against oversupply next year.

- The risk is that a brief geopolitical event – such as a potential Ukraine peace deal – could suddenly prompt market participants to fully embrace their inner bear.

- Hedge funds have been raising their short positions on crude for the past two months, with ICE Brent now posting the highest outright number of shorts on record (174,703 contracts in the week ending December 2).

- CFTC is still taking its time publishing WTI positioning data that was delayed due to the US government shutdown, however recently published October data show that throughout the month hedge funds held a net negative

Big boys in the stock market" refers to large, influential players like institutional investors (hedge funds, pension funds, mutual funds) and wealthy individuals who move markets with huge trades, often using sophisticated tools, while the term also relates to "Big Boy Letters," legal agreements in private deals where sophisticated parties acknowledge risks of non-disclosure, notes. These entities possess significant capital and information, influencing prices and trends, and retail investors often try to follow their moves to profit, realizing they're up against powerful forces with advanced tech.

For the Big Boys to buy

and for the expected rise on the sale.of Castrol

We are always the last to know

Follow them and buy on any dips

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Denby

My iPad is acting up

Oops Denny 269

😀

Denny

Yes I know

Just showing the exchange rate

Thankyou

BP to pay 6.2394 pence per share dividend on December 19

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