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Asia midday crude futures: Ice Brent edges higher
Ice Brent crude futures were slightly higher during early Asian trading hours after Russia said it was ready to continue fighting Ukraine.
At 04:00 GMT, the Ice front-month January Brent contract was at $63.51/bl, up by 17¢/bl from its settlement on 27 November when the contract ended 21¢/bl higher.
The Nymex front-month January crude contract was at $59.08/bl, higher by 43¢/bl from its settlement on 26 November when the contract ended 70¢/bl higher. There was no settlement on 27 November because of the US Thanksgiving holiday.
Russian president Vladimir Putin has made it clear that Russia is ready to fight indefinitely in Ukraine unless Kyiv pulls its troops out of territory claimed by Moscow.
Speaking to journalists in Bishkek on 27 November, Putin said that if Ukrainian troops "withdraw from the territories they occupy… then the hostilities will cease".
As well as Crimea, Russia controls large parts of Donetsk, Luhansk, Kherson and Zaporizhzhia following the beginning of the conflict in 2022. Putin has long demanded Kyiv pull out of all four regions.
On the subject of a US-proposed peace plan, which in its initial form largely mirrored Russia's aims, Putin said it "could form the basis of future agreements".
In India, state-run refiner MRPL bought its first Oman crude cargo in nearly eight years.
MRPL bought 1mn bl of medium sour Oman crude in a tender that closed on 26 November, sources told Argus. MRPL is expected to receive the cargo in January at its 300,000 b/d Mangalore refinery, the sources added. This will be MRPL's first Oman crude receipt since 2018, data from analytics firms Kpler and Vortexa show.
The purchase comes as MRPL shifts away from Russian supplies. Market sources say MRPL is likely importing non-Russian supplies because it exports oil products to Europe. The EU will from 21 January ban imports of products derived from Russian crude. The guidelines require refineries to provide evidence of segregated Russian and non-Russian crude in storage tanks and production lines.
Elsewhere, Syria aims to boost its crude production to 200,000 b/d, energy minister Mohammad al-Bashir told state-owned Syrian television. Production data for Syria is scant, but an energy ministry spokesman put output at around 100,000 b/d in August.
Syria was producing nearly 400,000 b/d of sour crude before the start of the civil war in 2011. The end of the civil war in late 2024 and the removal of key US and western sanctions have opened the possibility of fresh investment in the country's war-torn upstream sector.
In west Africa, Guinea-Bissau's military has seized power in a coup at a time when interest in the country's nascent upstream sector has been growing. The military took control on 26 November as the country awaited results from presidential and legislative elections held on 23 November, the African Union said.
Ice Brent crude futures were slightly higher during early Asian trading hours after Russia said it was ready to continue fighting Ukraine.
At 04:00 GMT, the Ice front-month January Brent contract was at $63.51/bl, up by 17¢/bl from its settlement on 27 November when the contract ended 21¢/bl higher.
The Nymex front-month January crude contract was at $59.08/bl, higher by 43¢/bl from its settlement on 26 November when the contract ended 70¢/bl higher. There was no settlement on 27 November because of the US Thanksgiving holiday.
Russian president Vladimir Putin has made it clear that Russia is ready to fight indefinitely in Ukraine unless Kyiv pulls its troops out of territory claimed by Moscow.
Speaking to journalists in Bishkek on 27 November, Putin said that if Ukrainian troops "withdraw from the territories they occupy… then the hostilities will cease".
As well as Crimea, Russia controls large parts of Donetsk, Luhansk, Kherson and Zaporizhzhia following the beginning of the conflict in 2022. Putin has long demanded Kyiv pull out of all four regions.
On the subject of a US-proposed peace plan, which in its initial form largely mirrored Russia's aims, Putin said it "could form the basis of future agreements".
In India, state-run refiner MRPL bought its first Oman crude cargo in nearly eight years.
MRPL bought 1mn bl of medium sour Oman crude in a tender that closed on 26 November, sources told Argus. MRPL is expected to receive the cargo in January at its 300,000 b/d Mangalore refinery, the sources added. This will be MRPL's first Oman crude receipt since 2018, data from analytics firms Kpler and Vortexa show.
The purchase comes as MRPL shifts away from Russian supplies. Market sources say MRPL is likely importing non-Russian supplies because it exports oil products to Europe. The EU will from 21 January ban imports of products derived from Russian crude. The guidelines require refineries to provide evidence of segregated Russian and non-Russian crude in storage tanks and production lines.
Elsewhere, Syria aims to boost its crude production to 200,000 b/d, energy minister Mohammad al-Bashir told state-owned Syrian television. Production data for Syria is scant, but an energy ministry spokesman put output at around 100,000 b/d in August.
Syria was producing nearly 400,000 b/d of sour crude before the start of the civil war in 2011. The end of the civil war in late 2024 and the removal of key US and western sanctions have opened the possibility of fresh investment in the country's war-torn upstream sector.
In west Africa, Guinea-Bissau's military has seized power in a coup at a time when interest in the country's nascent upstream sector has been growing. The military took control on 26 November as the country awaited results from presidential and legislative elections held on 23 November, the African Union said.
By YouLiang Chay