There are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June, according to data from oil analytics firm Vortexa.
Russia plans to export 0.5% less oil per day via the Transneft pipeline system in the third quarter than in the previous three months, according to industry sources and Reuters calculations, due to voluntary crude output cuts and higher refinery runs.
Oil loadings from Russia's western ports in June will fall by 6% on a daily basis from May, undermined by Russia's voluntary oil production cuts and higher domestic refinery runs, market sources said and Reuters calculations showed.
Rosneft has signed a deal to supply refiner Indian Oil Corp (IOC) with up to 2 million tonnes of crude next year, the Russian oil producer said in a press release on its website.
Energy transition and peak demand predictions have spooked investors in oil, putting the prospect of peak production sooner than anticipated accompanied by wild price spikes.