RUSSIAN - UKRAINIAN OIL TRANSIT: UP 42%
PLATTS - Ukraine's transit of Russian oil for exports to Europe in March rose 42% year on year to 1.25 million mt, state oil shipper UkrTransNafta said.
Compared with February shipments rose by 36.6%.
In the first quarter, Ukraine's transit of Russian crude oil rose 10.4% year on year, or by 330,000 mt, to 3.49 million mt.
Ukraine ships Russian oil mostly to Slovakia, Hungary and the Czech Republic.
Ukraine's main oil transit route, the Druzhba oil pipeline, handled all export supplies of Russian crude to the EU via Ukraine. Druzhba's oil transit capacity is about 25 million mt/year.
In March Ukrainian pipelines also delivered 152,300 mt of crude to domestic oil refineries, up from 99,300 mt in February, the company said.
UkrTransNafta, which put the Odessa-Kremenchuk oil pipeline into operation on March 10, delivered 43,300 mt of Azeri Light crude to the Kremenchuk-based oil refinery UkrTatNafta from an oil terminal in Odessa, the company said.
In 2016, Ukraine's transit of Russian oil to Europe fell 8.8% year on year to 13.82 million mt.
The transit of Russian oil to Europe via Ukraine is expected to decline to about 10 million mt in 2017, according to UkrTransNafta.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.