https://oilprice.com/Energy/Crude-Oil/Russian-Oil-Refining-Capacity-Plummets-145.html Russian Oil Refining Capacity Plummets 14.5% By Tsvetana Paraskova - Sep 13, 2024, 7:00 AM CDT Russia's oil refining capacity has decreased by 14.5% this month due to Ukrainian drone attacks and technical outages. The decrease in refining capacity could lead to higher crude oil exports as Russia lacks sufficient storage space. Russia has extended its ban on gasoline exports until the end of 2024 to maintain domestic supply stability. Reuters calculations showed on Friday that the share of Russia’s refining capacity that is offline this month has jumped from August to 14.5% of all processing capacity amid Ukrainian drone attacks and planned and unplanned technical outages. According to estimates based on data from industry sources compiled by Reuters, the Russian oil refining capacity that’s now offline jumped by 34% in September. As more of Russia’s refining capacity is now offline, this could lead to higher crude oil exports as Russia doesn’t have too much storage space to store crude in tanks. Market sources told Reuters earlier this week that the September loading plans for the oil export terminals on Russia’s Baltic ports have been revised slightly higher. Apart from some seasonal maintenance, the Russian refining capacity has seen more idle units because of Ukrainian drone attacks on Russian oil and energy infrastructure. Energy installations have been key targets in the conflict by both sides. Ukrainian attacks on Russian refineries and other energy infrastructure have become a fixture this year, with drones the weapon of choice for conducting the strikes. Ukraine continues to target refineries in Russia and some of these attacks have affected further product supply from Russian refineries. In recent months, Russia has seen higher-than-expected maintenance and repairs at its refineries after Ukraine stepped up its drone attacks early this year on the Russian refining capacity. In addition to unplanned repairs to fix damages from the drones, some refineries have been undergoing planned maintenance. This dragged down Russia’s fuel output and exports earlier this year. In the middle of August, the Russian government said that Moscow is extending its ban on gasoline exports from October to the end of December 2024, as it seeks to keep domestic supply stable amid seasonal demand and scheduled repairs at refineries.
This should make workplaces more interesting. Putin demands Russians have sex at work after country’s birth rate plummets https://metro.co.uk/2024/09/15/vladimir-putin-demands-russians-sex-work-fall-birth-rate-21608541/ ============================ Possible reason for Russian birth rate issues:
https://oilprice.com/Latest-Energy-...ns-Sanctions-Busting-Oil-Trading-Kingpin.html London Targets Tehran’s Sanctions-Busting Oil Trading Kingpin By Alex Kimani - Sep 16, 2024, 11:30 AM CDT The UK government is cracking down on oil-trading kingpin Hossein Shamkhani’s secretive oil trading empire, known for moving Iranian and Russian crude around the world. According to Bloomberg, Companies House, the UK corporate register, issued notice two weeks ago that London-based Nest Wise Trading Ltd. is to be dissolved within months due to the entity’s failure to provide sufficient information to regulators, with UK authorities linking it to Shamkhani. Shamkhani, aka Hector, is the son of Ali Shamkhani, advisor to Supreme Leader Ali Khamenei. His Dubai-based Milavous Group Ltd is alleged to have raked in billions of dollars for illegally selling Iranian and Russian crude around the world. Washington and London have been targeting entities that they suspect have been sidestepping oil-trading restrictions. “Unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above,” UK Companies House said in its notice about Nest Wise. According to Companies House’ records, Nest Wise’s business includes the sale of petroleum and petroleum products, fuels, ores, metals and industrial chemicals. The filings also show that during the London entity’s incorporation, Dubai-based Nest Wise Petroleum LLC was the sole shareholder listed. Last month, Bloomberg published an exposé revealing how Shamkani’s secretive network has been operating, dubbing the Iranian tycoon ‘The Kingpin Of Iran’s Oil Empire’. “Companies in his network also sell oil and petrochemicals from non-sanctioned nations and sometimes mix crude from various jurisdictions, so even buyers who test barrels may not be able to identify the country of origin, the people said,” Bloomberg reported. Bloomberg has reported that Washington has already sanctioned ships believed to be controlled by the Iranian businessman. His father Ali was sanctioned by the Trump administration in early 2020, although Shamkhani previously told Bloomberg that his father “never had nor does he have anything to do with my business activities.” Ali served as naval commander for the Islamic Revolutionary Guard Corps, defense minister and then Secretary of Iran’s Supreme National Security Council.
https://oilprice.com/Energy/Natural...-Deal-Will-Boost-Europes-Energy-Security.html New U.S-Greece LNG Deal Will Boost Europe’s Energy Security
"Pooty Poot running out of looty loot to fund his warry war." Vladimir Putin 'panic' as Russia's crumbling economy hit by damaging new hammer blow Russia has spent almost half of its government budget on the country's military this year - and there are signs that the funds are drying up. https://www.express.co.uk/news/world/1953006/vladimir-putin-russia-economy-crude-oil-income
https://oilprice.com/Latest-Energy-...G-From-Russias-Sanctioned-Arctic-Project.html India Says It Won’t Buy LNG From Russia’s Sanctioned Arctic Project
https://finance.yahoo.com/news/russia-face-moment-truth-economic-214504181.html Russia is about to face the moment of truth on an economic lifeline from China Jason Ma Sun, September 29, 2024 at 11:45 PM GMT+2 3 min read China's yuan is the most traded foreign currency in Russia, but its availability in the heavily sanctioned country may soon dry up. That would threaten a critical lifeline for Russian businesses, which became heavily reliant on the yuan as trade with China ramped up after President Vladimir Putin ordered the invasion of Ukraine in 2022. The war triggered Western sanctions that largely shut out Russia from the global financial system. In June, the U.S. expanded its sanctions, forcing the Moscow Exchange and its clearing agent to halt trading in dollars and euros. A Treasury Department license that allows time for some transactions to wind down will expire on Oct. 12. While Russia had already shifted away from Western currencies in favor of the yuan, the additional U.S. sanctions could have spillover effects on Chinese banks that engage in yuan transactions with Russia. "The situation may change after Oct. 12," a source told Reuters. "An abrupt shortage of yuan or a complete refusal to accept payments from Russia by Chinese banks is possible." That's because all conversion operations, including for Chinese banks' subsidiaries, will stop, and all open foreign exchange positions via the Moscow Exchange will be closed, the report added. "Accordingly, the situation with the supply of yuan liquidity will become even more difficult," the source told Reuters. On top of that, the Russian unit of Austria's Raiffeisen Bank began refusing to make payments to China earlier this month, the report said. Yuan liquidity in Russia was already under strain after the U.S. expanded its definition of Russia’s military industry earlier this year, widening the potential scope of Chinese firms that could get hit with secondary sanctions for doing business with Moscow. As a result, Chinese banks have been reluctant to transfer yuan to Russian counterparts while servicing foreign trade payments, leaving transactions in limbo for months. With yuan liquidity drying up from China, Russian companies tapped the central bank for yuan via currency swaps. But the Bank of Russia dashed hopes for more liquidity, saying that the swaps are only meant for short-term stabilization of the domestic currency market and are not a long-term source of funding. Russian banks have more than halved their swap borrowings, which dropped to 15.4 billion yuan ($2.19 billion) on Wednesday from their high of 35.2 billion yuan in early September, according to Reuters. “We cannot lend in yuan, because we have nothing to cover our foreign currency positions with,” German Gref, CEO of top Russian lender Sberbank, said at an economic forum earlier this month. For now, Russia's wartime spending as well as oil exports to China and India have helped prop up the overall economy. But the combination of busy factories and labor shortages due to military mobilizations have stoked more inflation. Meanwhile, Russia is suffering through a spiraling population crisis. Researchers led by Yale’s Jeffrey Sonnenfeld warned in August that seemingly robust GDP data mask deeper problems in the economy. "While the defense industry expands, Russian consumers are increasingly burdened with debt, potentially setting the stage for a looming crisis," they wrote. "The excessive focus on military spending is crowding out productive investments in other sectors of the economy, stifling long-term growth prospects and innovation."