Insurance rates for ships calling at ports in the Black Sea are surging after a series of Ukrainian attacks on vessels with links to Moscow.  The cost of covering visits to Russian ports in the Black Sea has jumped more than threefold, according to Marsh, the world’s largest insurance broker. Rates were between 0.25% and 0.3% of the value of the ship prior to the recent incidents, Marsh said.  Underwriters are now charging as much as 1% for some Ukrainian ports in the Black Sea, according to two people involved in the market, who spoke on condition of anonymity.  Ukraine has claimed attacks on two tankers from Russia’s so-called shadow fleet — vessels that operate in secrecy to skirt sanctions. There have been two other incidents also involving Moscow-linked ships since the end of last week. “For Russian port calls, underwriters are pricing in a broader range of possible strike locations and a higher likelihood of repetition,” said Munro Anderson, Head of Operations at Vessel Protect, which is part of Pen Underwriting and one of the world’s largest marine war risk insurance specialists. “As strikes escalate, so does the probability of Russian retaliation against ships connected to Ukraine.” The blasts, three of which took place in the Black Sea, come against a backdrop of strikes on wider Russian oil infrastructure that have elevated the danger of sailing in the region over the last few weeks. President Vladimir Putin said on Tuesday that Russia could retaliate.  Romania’s defense ministry said Wednesday that divers carried out a mission to neutralize a Sea Baby drone 36 miles east of the city of Constanta, underscoring the risks to shipping for Black Sea nations that aren’t Russia and Ukraine too.  Rates “have been seen to grow steadily and in direct response to further attacks which appear increasingly to

Oil edged up after a fresh round of US-Russia talks failed to reach a deal to end Moscow’s war in Ukraine, boosting fears that restrictions on Russian oil supply could remain in place for longer. West Texas Intermediate rose 0.5% to settle near $59, remaining within the tight range prices have been stuck in this week. The Kremlin says talks with a US delegation led by US envoys Steve Witkoff and Jared Kushner were “constructive,” but no deal was made to end the Ukraine war. The talks took place against a backdrop of recent attacks on Russia-linked tankers, with at least one ship manager saying it would stop sending vessels to the country. A deal to end Russia’s war in Ukraine could mean the end of sanctions on Russian oil in a market already staring down concerns about oversupply, providing bearish momentum for crude. Those oversupply fears weren’t heightened, however, after a US government report on Wednesday showed a 574,000 barrel build in crude stocks, smaller than an industry report showing that stockpiles increased by about 2.5 million barrels last week. Gasoline inventories rose the most since May. Geopolitical tensions are keeping the market jittery and adding a risk premium to prices, partly countering surplus concerns. That includes US rhetoric against Venezuela, a major oil producer, with US President Donald Trump suggesting the Pentagon will soon start targeting alleged drug cartels in that country with strikes on land. Oil Prices WTI for January delivery rose 0.53% to settle at $58.95 a barrel in New York. Brent for February settlement gained 0.35% to settle at $62.67 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy

The Russian government’s oil proceeds shrank by almost a third in November from a year ago as weaker crude prices and a stronger currency took their toll on revenues. Oil-related taxes declined by 32% to 413.7 billion rubles ($5.3 billion) last month, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue fell by 34% to 530.9 billion rubles.  Lower proceeds from those industries — which have accounted for about a quarter of Russia’s budget so far this year — will ramp up pressure on state finances, burdened by military spending on the war against Ukraine that’s well into its fourth year.  Global crude prices have drifted lower ahead of an expected supply glut, and the discount for Russian blends has gotten even steeper after US President Donald Trump blacklisted the nation’s two largest producers, Rosneft PJSC and Lukoil PJSC, to pressure his counterpart Vladimir Putin to end the war in Ukraine.  On a month-to-month basis, oil revenue almost halved, reflecting the fact that one of Russia’s main oil taxes — a profit-based levy — is paid four times a year in March, April, July and October.  Russia’s finance ministry calculated oil revenue based on the average price of Urals — its key export blend — at $53.68 a barrel in October, 17% lower than a year ago. A stronger currency also contributed to lower revenue, as it means producers receive fewer rubles for each dollar earned by selling a barrel of oil. In October, the Russian currency averaged 81.0089 rubles against the US dollar, 15% stronger than a year earlier. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be

The average U.S. gasoline price fell to “the lowest level since May 2021” over the weekend, Patrick De Haan, Head of Petroleum Analysis at GasBuddy, highlighted in a blog posted on the GasBuddy website on Monday. “Nearly every state saw average gas prices fall heading into Thanksgiving, with the national average dipping below $3 per gallon for several consecutive days – falling to $2.95 per gallon over the weekend, the lowest level since May 2021,” De Haan said in the blog. “With refinery maintenance largely complete and OPEC increasing oil production for December, oil prices have struggled. Combine those factors and you have a solid recipe for continued downward pressure on gas prices in the weeks ahead,” De Haan added. “A few dozen stations are already offering gas under $2 per gallon, and we could see that number grow as we move further into the holiday season. It couldn’t come at a better time for Americans – with relief arriving just as the holidays kick off,” De Haan continued. Monday’s GasBuddy blog stated that the nation’s average price of gasoline has fallen 8.5 cents over the last week and stands at $2.95 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. “The national average is down 6.9 cents from a month ago and is 5.4 cents per gallon lower than a year ago,” the blog highlighted. The GasBuddy blog also noted that the “most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $2.89, $2.69, $2.79, and $2.59, rounding out the top five most common prices”. The median U.S. gas price is $2.83 per gallon, down six cents from last week and about 12 cents lower than

The United States Department of Energy (DOE) on Tuesday announced funding for the Tennessee Valley Authority (TVA) and Holtec Government Services to support the development of light-water small modular reactors (SMRs). “The project teams will receive up to $800 million in federal cost-shared funding to advance initial projects in Tennessee and Michigan and help expand the nation’s capacity while facilitating additional follow-on projects and associated supply chains”, DOE said in an online statement. “The selections announced today will help deliver new nuclear generation in the early 2030s, strengthen domestic supply chains and advance President Trump’s executive orders to usher in a nuclear renaissance and expand America’s energy dominance agenda”. TVA has been allotted up to $400 million to advance the deployment of a GE Vernova Hitachi BWRX-300 at the Clinch River Nuclear site in Tennessee and additional units with Indiana Michigan Power and Elementl, DOE said. “TVA is the first utility in the U.S. to have a construction permit application for a BWRX-300 SMR accepted by the Nuclear Regulatory Commission”, TVA said separately. “The Clinch River project will serve as a national model for how to deploy SMRs safely, efficiently and affordably – laying the groundwork for a new era of American nuclear energy leadership”. TVA president and chief executive Don Moul said, “As AI, data centers and digital infrastructure drive unprecedented energy demand, we’re building our nation’s nuclear energy foundation right here in the Tennessee Valley”. Holtec is also getting up to $400 million to deploy two SMR-300 reactors at the Palisades Nuclear Generating Station site in Covert, Michigan. “Holtec is pursuing an innovative one-stop-shop approach to SMR deployment by fulfilling the roles of technology vendor, supply chain vendor, nuclear plant constructor in partnership with Hyundai Engineering & Construction, plant operator and electricity merchant selling the power to nearby utilities and end-users”, DOE said. Holtec said separately,

Perenco said it has increased its oil production capacity in Chad to over 18,000 barrels per day (bpd), coming from the Badila and Mangara fields. The completion of a 12-well drilling campaign in Badila added a peak production of 7,000 bpd, the Perrodo family-owned company said in an online statement, noting it has exceeded its goal of 16,000 bpd when the fields restarted flows three years ago. “Eight horizontal wells targeting the Upper Cretaceous reservoir were drilled during the campaign, alongside three water disposal wells and one appraisal well”, Perenco said. “The campaign also consisted of the installation of four gas turbines, providing extra power generation from the field, as well as an uplift in processing capabilities, in order to handle increased production from Badila”. “The GWDC rig has now moved to PCM’s Krim development in the Doba Basin in southern Chad where it will conduct an additional eight-well drilling campaign”, Perenco said, referring to its subsidiary PetroChad Mangara (PCM). “Using the associated gas from its production, PetroChad now provides a sustainable energy solution to the residents of Moundou, the country’s second-largest economic city with a population of around 100,000”, Perenco said. Elsewhere in Central Africa, Perenco earlier this year announced the construction of a new platform to serve Republic of the Congo’s Kombi-Likalala-Libondo 2 permit. Expected to start operations “early 2026”, Kombi 2 will recover about seven million cubic feet of gas per day, Perenco said in a press release June 12. The platform will develop an additional 10 million barrels of reserves by optimizing existing wells. Kombi 2 will have two gas turbines connected to a 33-kilovolt electrical hub. “The Kombi 2 construction project, including the upcoming drilling phases, represents an investment of over $200 million”, Perenco said. It added, “The recent renewal of the Ikalou II and