Temporary reduction in Oil exports from Kazakhstan – Commerzbank

Source Fxstreet

There was uncertainty once again this week about Oil supplies from Kazakhstan. This time, however, it was not about production levels, which are significantly higher than those agreed under the OPEC+ agreement, but about Oil exports. These are largely handled via a Russian terminal on the Black Sea.

Support for Oil prices is likely to ease

"The Reuters news agency reported, citing two industry sources, that new regulatory requirements in Russia meant that foreign Oil tankers would not be allowed to load cargo in Russian Black Sea ports on a temporary basis. This also affected Kazakh Oil transported via a pipeline to the Black Sea. The loading plans envisage export volumes of the equivalent of 1.66 million barrels per day. However, according to four industry sources, the loading of ships has now resumed after the necessary approval was granted by the Russian intelligence service FSB."

"Prior to this, there had been a delay of several days in loading Oil tankers at the Turkish Mediterranean port of Ceyhan. This was triggered by necessary checks after chloride contamination was detected in some supplies. Oil from Azerbaijan and Kazakhstan, which is transported via a pipeline from the Caspian Sea to the port, was affected. Exports are expected to total 17.3 million barrels in both July and August, according to Reuters, citing loading schedules."

"This corresponds to a daily volume of 560,000 barrels. During the period in question, five Oil tankers were scheduled for loading. However, loading has been running according to schedule again since Wednesday. Delays in deliveries from the Russian terminal on the Black Sea and the Turkish port on the Mediterranean are likely to have contributed to the Brent Oil price rising back towards $70. Now that exports are back to normal, support for prices is likely to ease."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Japanese Yen retreats further from two-week high against USD on softer Tokyo CPIThe Japanese Yen (JPY) drifts lower for the second straight day against its American counterpart and retreats further from a two-week high touched the previous day.
Author  FXStreet
Yesterday 03: 12
The Japanese Yen (JPY) drifts lower for the second straight day against its American counterpart and retreats further from a two-week high touched the previous day.
placeholder
Ethereum Price Forecast: BitMine holdings cross 560K ETH as ETHA hit $10 billion inflows on 1st anniversaryEthereum (ETH) moved toward the $3,780 resistance on Thursday.
Author  FXStreet
Yesterday 03: 14
Ethereum (ETH) moved toward the $3,780 resistance on Thursday.
placeholder
Forex Today: US Dollar shakes off bearish pressure ahead of mid-tier dataThe US Dollar (USD) Index gained more than 0.3% on Thursday and snapped a four-day losing streak.
Author  FXStreet
23 hours ago
The US Dollar (USD) Index gained more than 0.3% on Thursday and snapped a four-day losing streak.
placeholder
Crypto market bulls bleed over $1B this week as record high US M2 supply, Trump’s rate cut pushThe total cryptocurrency market capitalization trades in the red by nearly 3% so far this week as bullish momentum fades.
Author  FXStreet
22 hours ago
The total cryptocurrency market capitalization trades in the red by nearly 3% so far this week as bullish momentum fades.
placeholder
Bitcoin Price Bleeds As Galaxy Digital Unleashes $1.5 Billion Sell-OffBitcoin slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours.
Author  NewsBTC
19 hours ago
Bitcoin slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours.
goTop
quote