Crude Oil News

China remained the top destination, receiving around 746,000 bpd, or 80% of total shipments.

However, volumes through BTC are limited by Aktau's port capacity and oil quality requirements.

Previously, expectations of an end to the war had pressured prices lower, as traders anticipated a deal would involve ending sanctions on Russia and allow Russian oil back into an already oversupplied global market.

Such a move could disrupt payments to suppliers and employees.

The war in Ukraine following Russia's invasion in 2022 has widened and Ukraine is now regularly striking Russian oil infrastructure with drones.

State-run Indian Oil Corp has placed orders to buy Russian oil from non-sanctioned entities, while Bharat Petroleum Corp is in an advanced stage of negotiations for Russian oil imports.

The shift comes as Russia and Türkiye discuss extending major natural gas contracts totaling 21.75 billion cubic meters annually.

CPC has said it plans to replace SPM 1 and SPM 2, which have been in operation since 2001, next year.

U.S. envoy Steve Witkoff is due to brief the Kremlin on Tuesday.

The announcement was made on Monday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), marking one of the country’s most significant exploration initiatives in recent years.