A series of tweets indicate that the Russian oil industry is facing challenges due to US sanctions and internal incidents. Fourteen tankers carrying 10 million barrels of Russian oil have been stranded off the coast of South Korea and India for several weeks, unable to be sold because of payment issues linked to US sanctions. Buyers are hesitant to pay in dollars due to the risk of sanctions, with India proposing to pay in rupees instead. Meanwhile, Russia's Gazprom Neft has observed a slight surplus in the global oil market. This comes as Russia, in coordination with OPEC+, has cut its oil and fuel exports by 500,000 barrels per day (bpd) to balance the market. Deputy Prime Minister Alexander Novak has stated that the oil market is balanced and under control due to OPEC+ actions. Additionally, Russia has slightly cut gasoline exports after an incident at the Norsi oil refinery, which may take 1-1.5 months to repair. Russia is also ready to supply gas to Europe via different routes, avoiding Ukrainian territory.
Russian Deputy Prime Minister: Russia is ready to supply gas to Europe in various ways without the need for it to pass through Ukrainian territory. https://t.co/AQrUr4K247
Apparently India loves cheap Russian oil but is afraid of US sanctions if it pays in dollars so only offers Rupees. Russia has no use for Rupees, and 14 ships full of Russian oil are stuck. Seems a pretty good example that sanctions are working https://t.co/B2HzzUD1gM
NOT IN DOLLARS? Reuters reports that 14 tankers carrying Russian oil remain at anchor in Indian ports. The ships are in limbo because India refuses to pay for the oil in dollars, fearing US sanctions. RU still makes almost a Billion dollars a day from energy sales. https://t.co/bBcwfsWOp5
Russia reduces oil exports, keepimg its promise to OPEC+ https://t.co/yJR7Kr5LUK
#Russia: Novak believes that more countries should participate in #OPEC+ According to the Deputy Prime Minister, the more countries that consolidate their efforts, the more effective it is for the market #oott https://t.co/xZGXUJCD9Q
Novak said that the Russian Federation is ready to supply gas to Europe via different routes https://t.co/IKX287Ey5u
#Russia, which in coordination with #OPEC+ has pledged to deepen cuts in crude #oil and petroleum products exports to 500k b/d in 1Q vs average in May-June, reached the target, according to Deputy Prime Minister Alexander Novak, as reported by Interfax https://t.co/DZ7tlyAB74
“The oil market is balanced now thanks to #OPEC+ actions,” #Russia's deputy PM Novak said. “That’s why the situation is under control.” #oott https://t.co/GjRmEyu1wb
#Russia Achieves Oil Export Cuts Pledged to #OPEC+, Novak Says #oott https://t.co/MGmrUVIabr
Russia carried out its pledged cuts in overseas supplies of oil, Deputy Prime Minister Alexander Novak said https://t.co/dEgrnTEP3V
#Russia: The Energy Minister Shulginov does not see any problems with fuel supply due to the incident at the Tuapse Oil Refinery, since the plant is more export-oriented #oott https://t.co/Dafh8ahs16
#Russia's deputy PM Novak said that Russian exports of oil to #India are going according to plan, commenting after Reuters reported that about dozen tankers, loaded with 10 million barrels of Russian Sokol grade crude oil, have been stranded off the coast of #SouthKorea for weeks… https://t.co/6f7EoZDV49
#Russia has reached oil and fuel exports cuts of 500,000 bpd - deputy PM Novak #oott https://t.co/jbYlQDHqsf.
#Russia's Gazprom Neft sees no need for extra #OPEC+ oil output cuts #oott https://t.co/m2z8omRDJu
#Russia has slightly cut gasoline exports after incident at Norsi oil refinery - energy minister Shulginov #OOTT
Alexander Dyukov, the head of Russian oil major Gazprom Neft, said on Saturday that there was a slight surplus on the global oil market. He also said that the new oil supply cuts, implemented by the #OPEC+ group of leading oil producers from the start of January, will balance… https://t.co/euqOcQJt1d
#Russia's Gazprom Neft sees slight surplus on global oil market #oott https://t.co/m2z8omRDJu
Reuters: 14 tankers with oil from the Russian Federation have been waiting for shipment from India for several weeks. All because of problems with payment - the Indian side refuses to pay for oil in dollars for fear of falling under US sanctions. They offer to pay in rupees,… https://t.co/JV1OKkRrU4
Russia's Gazprom Neft sees slight surplus on global oil market https://t.co/VE6OCGktFJ https://t.co/vBjg6rqZhY
#Russia: Norsi refinery repairs may take at least 1-1.5 months - deputy PM Novak #oott
The power of sanctions: the shadow fleet of the Russian Federation “ran aground”👍 14 tankers carrying 10 million barrels of Russian oil have been grounded off the coast of South Korea for several weeks and have not yet been sold due to US sanctions and payment problems. https://t.co/Ov60d3NsOX