Indonesia’s PIS issues spot Suezmax freight tender

  • Market: Crude oil
  • 22/02/24

Indonesia's Pertamina International Shipping (PIS) has issued a spot Suezmax vessel freight tender to move 1mn bl of crude oil for late-March loading.

PIS — a wholly-owned subsidiary of Indonesian state-owned refiner Pertamina — is seeking a vessel loading from Girassol, Angola to two discharge ports in Indonesia's Balongan and Balikpapan, with 21-22 March loading dates. The tender will close at 6pm Singapore time (10am GMT) on 22 February with validity until 7.15pm.

The shipment can have a maximum unavoidable transportation loss of up to 0.07pc, according to the tender.

Suezmax shipment rates from west Africa towards India have fallen from this year's high. Argus-assessed lumpsum rates for 130,000t shipments from the west Africa region to the east coast of India fell to $4.5mn on 21 February, from $5.7mn on 10 January.

Suezmaxes especially are choosing to stay in the Mediterranean and northwest Europe after discharging in Europe instead of going to west Africa or the US Gulf, where high vessel supply and limited activity continue to weigh on rates.


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14/04/24

G7 leaders to meet over Iran's attack on Israel

G7 leaders to meet over Iran's attack on Israel

Dubai, 14 April (Argus) — Leaders of the G7 will meet today, 14 April, to co-ordinate a diplomatic response to Iran's overnight air attack on Israel, which ushered a new phase in a six-month conflict that is threatening regional escalation. G7 presidency Italy "has organized a conference at leaders' level for the afternoon of today," Italian prime minister Giorgia Meloni said on X, formerly Twitter. US President Joe Biden has pledged a co-ordinated G7 diplomatic response and condemned the Iranian assault. Iran fired hundreds of drones and missiles against Israel on the evening of 13 April, according to the country's state-owned news agency Irna. Almost all were intercepted before they reached Israeli airspace and there were no fatalities reported by Israel. One civilian was injured and an air force base in southern Israel was lightly damaged, according to the Israel Defence Forces (IDF). The Iranian attack came in response to a suspected Israeli air strike on the vicinity of Iran's embassy compound in Damascus, Syria, on 1 April. Tehran's foreign minster Hossein Amir-Abdollahian said Iran considers this to be the end of its operation. But energy markets, which have been supported in recent weeks by a geopolitical risk premium, will face a week of uncertainty about whether Israel will retaliate. The front-month June Ice Brent contract was trading at $90.45/bl before markets closed for the weekend, and hit a more-than five month high of $92.18/bl on Friday, 12 April. Israeli officials said the attack was "a severe and dangerous escalation" from Tehran. Israel's war cabinet is meeting today to discuss a response. "We will build a regional coalition and exact the price from Iran in the fashion and timing that is right for us," said cabinet minister Benny Gantz. The US is urging Israel to claim victory for its defence, in an apparent effort to discourage Israeli prime minister Benjamin Netanyahu's government from feeling compelled to retaliate. While noting that Israel ultimately will make the decision as to how to respond, White House national security communications co-ordinator John Kirby, in a televised interview today, hailed what he called Israel's "incredible military achievement" in defending itself against the attack. Very little managed to penetrate the defensive shield, "and the damage was extraordinarily light," he said. The US military played a role in helping to defend against the attack, bringing down "several dozens of drones and missiles," Kirby said. UK prime minister Rishi Sunak said the Royal Air Force shot down "a number of Iranian attack drones". Israel's western allies are urging it to show restraint as they try to prevent a wider conflict in the Middle East, which could directly affect oil producers and send energy prices soaring. President Biden is especially keen to avoid such a scenario in an election year. By Bachar Halabi and David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Iran launches air attacks on Israel


13/04/24
News
13/04/24

Iran launches air attacks on Israel

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Opec+ crude output above target again


12/04/24
News
12/04/24

Opec+ crude output above target again

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The group is not relaxing its stance on production discipline, despite front-month Ice Brent crude futures moving above $90/bl for the first time in around six months in early April. Earlier this month, Opec's Joint Ministerial Monitoring Committee, which oversees compliance with the coalition's crude production cuts and studies market dynamics, said members that overshot targets in the first quarter of this year will submit plans to compensate. "Participating countries with outstanding overproduced volumes for the months of January, February and March will submit their detailed compensation plans to the Opec secretariat by 30 April 2024," the secretariat said. The nine Opec members bound by targets were 400,000 b/d above their combined production pledge in March, while the nine non-Opec members of the alliance were 130,000 b/d below. Iraq reduced output by 50,000 b/d in March after burning less crude for power generation, but it was still 180,000 b/d over its 4mn b/d target. 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Russian crude production rose by 30,000 b/d to 9.44mn b/d, just 10,000 b/d shy of its target. Drone attacks and refinery maintenance resulted in as much as 1.1mn b/d of crude processing capacity being off line for repairs last month, freeing up more crude for export — shipments hit an 11-month high in March. Energy minister Nikolai Shulginov said on 3 April that all recently damaged refineries would be fully repaired by June or earlier — implying that there could be excess crude for export this month and in May. Fellow non-Opec producers Sudan and South Sudan were both 40,000 b/d below their quotas last month as the impact of Sudan's ongoing civil war began to be felt. South Sudan, which is entirely reliant on its northern neighbour to get its oil to international markets, saw its production nearly halve to around 80,000 b/d because of a blocked pipeline. Opec+ crude production mn b/d Mar Feb* Mar target† ± target Opec 9 21.62 21.49 21.22 0.40 Non-Opec 9 12.97 13.03 13.10 -0.13 Total Opec 18 34.59 34.52 34.32 0.27 *revised †includes additional cuts where applicable Opec wellhead production mn b/d Mar Feb* Mar target† ± target Saudi Arabia 9.00 8.97 8.98 0.02 Iraq 4.18 4.23 4.00 0.18 Kuwait 2.51 2.47 2.41 0.10 UAE 2.95 2.93 2.91 0.04 Algeria 0.92 0.91 0.91 0.01 Nigeria 1.50 1.47 1.50 0.00 Congo (Brazzaville) 0.25 0.23 0.28 -0.03 Gabon 0.25 0.23 0.17 0.08 Equatorial Guinea 0.06 0.05 0.07 -0.01 Opec 9 21.62 21.49 21.22 0.40 Iran 3.28 3.27 na na Libya 1.18 1.16 na na Venezuela 0.85 0.88 na na Total Opec 12^ 26.93 26.80 na na *revised †includes additional cuts where applicable ^Iran, Libya and Venezuela are exempt from production targets Non-Opec crude production mn b/d Mar Feb* Mar target† ± target Russia 9.44 9.41 9.45 -0.01 Oman 0.76 0.76 0.76 0.00 Azerbaijan 0.49 0.48 0.55 -0.06 Kazakhstan 1.59 1.59 1.47 0.12 Malaysia 0.36 0.36 0.40 -0.04 Bahrain 0.15 0.15 0.20 -0.05 Brunei 0.08 0.08 0.08 0.00 Sudan 0.02 0.05 0.06 -0.04 South Sudan 0.08 0.15 0.12 -0.04 Total non-Opec 12.97 13.03 13.10 -0.13 *revised †includes additional cuts where applicable Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Gunvor set for buying spree after windfall: CEO


12/04/24
News
12/04/24

Gunvor set for buying spree after windfall: CEO

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French union eyes strike over Exxon's petchem closure


12/04/24
News
12/04/24

French union eyes strike over Exxon's petchem closure

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