Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo

    Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo

    March 25, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp

    London — Oil prices slipped on Friday after exports from Kazakhstan’s CPC crude terminal partially resumed and after the EU held off on imposing an embargo on Russian energy after members remained split on the issue.

    Brent crude fell $2.04, or 1.7%, to $116.99 a barrel at 1413 GMT and U.S. West Texas Intermediate (WTI) crude slipped $1.99, or 1.8%, to $110.35 after both had dropped more than 2% the previous session.

    Despite the falls, both benchmarks were heading for their first weekly gains in three weeks. Brent was on track for an 8% jump and WTI for a 6% rise as broader supply concerns sparked by Russia’s invasion of Ukraine underpinned the market.

    Concerns were heightened after the Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast stopped exports on Wednesday after being damaged by a storm.

    The terminal partially resumed oil loadings on Friday, according to two sources familiar with the process and shipping data on Refinitiv Eikon.

    Most of Kazakhstan’s crude is exported via the CPC pipeline to the Russian Black Sea port of Novorossiisk, supplying around 1.2% of global oil demand.

    At a European Union summit in Brussels, member states remained split on whether to impose an oil embargo on Russia.

    The United States and Britain, both less reliant on Russian oil than the European Union, have imposed bans on Russian crude. The EU, which is heavily dependent on Russian oil and gas, faces a bigger dilemma over whether to impose sanctions on the sector.

    “As the single largest buyer of Russian oil, the more rapidly Europe seeks to cut Russia’s imports, the higher global oil prices will rise,” J.P. Morgan analysts said in a note.

    OPEC sources said the producer group’s officials believe that a possible EU ban on Russian oil would hurt consumers and that it had conveyed its concerns to Brussels.

    With global stockpiles at their lowest since 2014, analysts said the market remained vulnerable to any supply shock.

    Prices also remained pressured by the potential for another coordinated release of oil from storage by the United States and its allies to help to calm oil markets. read more

    Responding to market volatility, the Intercontinental Exchange (ICE) raised margins for Brent futures by 19% for the May contract from Friday, the third rise this year.

    Futures margin rates are increased when markets are volatile and the move makes transactions more expensive because it forces traders to increase the deposit they hold at the exchange for each contract to prove they can deliver on obligations.

    In a bid to ease gas supply worries, the United States said it will work to ensure additional liquefied natural gas (LNG) volumes for the EU market of at least 15 billion cubic metres (bcm) in 2022, with increases expected in the future.

    China’s state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.

    – Reuters (Reporting by Ahmad Ghaddar Additional reporting by Sonali Paul in Melbourne and Isabel Kua in Singapore Editing by David Goodman and Susan Fenton)

    Follow us on twitter

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    “We want reparations”, oil-affected Niger Delta victims demand action

    June 13, 2025

    Transocean Coatings establishes affiliate at SIIFZ

    June 13, 2025

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.