•⁠ ⁠Insurers from Cameroon, Kyrgyzstan among firms covering fleet •⁠ ⁠Western sanctions have forced tankers to operate in secret One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the western businesses they’ve always used, owners are increasingly turning to Russian providers backstopped by a heavily sanctioned, state-backed reinsurer. In some cases, there are insurers in locations including Cameroon and Kyrgyzstan. Click for full story

Israel’s Netanyahu says Gaza operations ‘yet to be completed’ China’s apparent oil demand fell from a year earlier Oil fell, posting its largest weekly decline in more than a year, as the US revived a push to end the conflict in the Middle East and China’s crude demand slipped. West Texas Intermediate slid more than 2% to settle around $69 a barrel, while Brent retreated to settle near $73 a barrel. WTI posted a weekly decline of 8.4%, the biggest since October 2023. Israel’s killing of Hamas leader Yahya Sinwar led US President Joe Biden to renew calls for a cease-fire in Gaza, although Prime[...]

The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December. Low oil prices could be an even bigger drag on Russian budget revenues than the Western sanctions. If oil prices were to drop materially amid ample supply, the revenue hit on Russia could be big. The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December despite evidence that oil demand growth this year would be lower than OPEC had initially expected. OPEC has now revised down its estimates of[...]

China’s highly anticipated Saturday briefing underwhelmed Washington Post says Israel isn’t planning strikes on Iran oil Oil extended losses in late trading on easing concerns over tensions in the Middle East. The Washington Post reported that Israeli Prime Minister Benjamin Netanyahu told the Biden administration he is willing to strike military rather than oil or nuclear facilities in Iran. West Texas Intermediate fell about 5% in post-settlement trade. Click for full story

Highlights Production falls from 40.73 mil b/d to 40.23 mil b/d Libya outage takes 410,000 b/d off the market Countries with quotas overproduced by 232,000 b/d OPEC+ crude oil production fell 500,000 b/d month-on-month to 40.23 million b/d in September, largely due to a major shutdown in Libya and cuts to Iraqi exports, refinery runs and direct burn, the Platts OPEC+ survey from S&P Global Commodity Insights showed Oct. 10. The output cut will ease pressure on overproducers who have faced growing calls to comply with their quotas in 2024, as the group aims to shore up prices in[...]

Kinder Morgan shuts in 10-inch, 16-inch line only days after restarting Florida fuel supplies tight as residents evacuate Offshore impact limited to Chevron's Blind Faith platform Kinder Morgan shut its Tampa Bay, Florida refined products terminals as well as its Central Florida Pipeline system in preparation for Hurricane Milton, the company said Oct. 8. "Based on our current understanding of Hurricane Milton's path and intensity, we have shut down our pipelines that are part of the Central Florida Pipeline system," spokesperson Carolina Olivares said Oct. 8. "While the Tampa terminal is shut down, our Orlando truck racks are expected[...]