Oil Market News, OPEC+, sanctions and price shocks

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This one is a bit different. Life on board an oil rig.

The Gathering Storm - Force 1​

Jul 6, 2025
In between the storms, we seize the opportunity to tackle essential tasks like painting, maintenance, and exercises. However, it's not just our crew that benefits from the tranquil seas – oil platforms also take advantage of the weather to carry out crucial operations.
During these periods, our Mother Ship & Daughter Craft play a vital role in providing safety cover for workers on the platforms, ranging from scaffolders and abseilers to structural surveyors. It's a time when teamwork and vigilance are paramount, ensuring that everyone stays safe while making the most of the calm before the next storm.
Time stamp below the vid on youtube.


45:42
 

Russian crude exports hit four-month low amid weaker Chinese demand​

HIGHLIGHTS
Total seaborne crude exports close to year-to-date average
Chinese buyers cut purchases on maintenance, pricing
Gasoil flows to Brazil curbed by EU, UK sanctions

Russia's seaborne crude exports fell to their lowest in four months in June, according to cargo-tracking data, as Chinese buyers cut back their purchases amid refinery maintenance, less favorable pricing and a forecast rise in pipeline imports.

Russia-origin crude liftings from Russian ports reached 3.43 million b/d, down from a seven-month high of 3.67 million b/d in May but close to the year-to-date average, data from S&P Global Commodities at Sea shows.

The OPEC+ member in May exported 977,000 b/d to China, the second-largest buyer of Russian crude, down from a five-month high of 1.15 million b/d in May.

More:

 

North Sea giants ordered to seal abandoned oil wells​

Britain’s North Sea operators have been ordered to tackle hundreds of abandoned wells drilled around UK coasts amid fears they could pour polluting oil and gas into the sea.

The North Sea Transition Authority (NSTA), which regulates the industry, has threatened to fine them millions of pounds if they continue to shirk the job.

It found there are up to 1,000 wells which have the potential to leak oil and methane into UK waters – a risk that will persist forever unless they are permanently plugged. Some are drilled thousands of metres into bedrock, making plugging them even harder.

More:

https://www.msn.com/en-us/news/worl...ndoned-oil-wells/ar-AA1IkHoU?ocid=socialshare
 
gcaptain.com

Russia’s Crude Shipments Rebound Ahead of Trump Sanctions Threat

Russia’s crude exports hit a one-month high, driven by a surge in weekly flows that coincided with a sharp drop in refinery runs. The increase came before President Donald Trump’s threat of secondary tariffs on buyers of Russian oil if Moscow fails to make a swift peace with Ukraine.
gcaptain.com gcaptain.com

gcaptain.com

EU Fails to Approve New Russia Sanctions

The European Union did not approve the 18th Russia sanctions package on Tuesday, the EU's foreign chief Kaja Kallas said after a meeting with EU foreign ministers in Brussels.
gcaptain.com gcaptain.com
 

Oil prices hold steady on expected minimal sanctions impact​

By Anna Hirtenstein

LONDON (Reuters) -Oil prices were little changed on Monday, held in check by expectations that the latest European sanctions will have minimal impact on Russian oil supplies.

Brent crude futures dropped 12 cents, or 0.2%, to $69.16 a barrel by 0800 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude was flat at $67.34 after a 0.3% decline in the previous session.

More:

https://www.msn.com/en-us/money/oth...sanctions-impact/ar-AA1IYFdM?ocid=socialshare
 
gcaptain.com

U.K. Sanctions 135 Tankers in Sweeping Crackdown on Russia’s Shadow Fleet

The United Kingdom has imposed sanctions on 137 targets linked to Russia’s energy sector, including 135 oil tankers operating as part of Putin’s shadow fleet, in one of its most...
gcaptain.com gcaptain.com

gcaptain.com

Europe’s Sanctions on Russian Diesel Won’t Hit Until January

The European Union said a new set of measures aimed at restricting the flow of fuel made from Russian crude won’t take effect until January, easing some concerns that they would tighten a diesel market in the region that’s already soaring.
gcaptain.com gcaptain.com
 

Poland discovers one of Europe's largest oil deposits in a decade​

The Wolin East 1 well is estimated to hold 22 million tonnes of crude oil and 5 billion cubic metres of natural gas, with the broader concession potentially containing even more.​

Central European Petroleum (CEP) has announced Poland's largest and one of Europe’s most significant conventional oil finds in a decade, located off the central European country's Baltic Sea coast.

The breakthrough was made at CEP’s Wolin East 1 (WE1) well, some 6 kilometres from the port city of Świnoujście in Poland's northwest.

More:

www.euronews.com

Poland discovers one of Europe's largest oil deposits in a decade

The Wolin East 1 well is estimated to hold 22 million tonnes of crude oil and 5 billion cubic metres of natural gas, with the broader concession potentially containing even more. #EuropeNews
www.euronews.com www.euronews.com
 
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