More than a dozen tankers loaded with Russian Urals oil are sailing toward Asia or idling along the route, a sign of producers racing to get cargoes closer to China as India pulls back from the trade.  These vessels — carrying a combined 10 million to 12 million barrels of oil — are spread across the Indian Ocean, and off the coasts of Malaysia, China and Russia. Five of them are indicating ‘for orders’ or ‘China for orders’ as their status, according to data intelligence firm Kpler, a category that usually means they don’t yet have a specific buyer or discharge port. Another six are signaling Singapore and Malaysia, and are likely heading to a popular spot for ship-to-ship transfers in the South China Sea where they can wait until the crude is bought. Four are floating off Malaysia, China and Russia’s Far East, without indicating a clear destination. Urals — Russia’s flagship crude grade, which is loaded from ports in the Baltic Sea — has become the variety of choice for Indian refiners since the invasion of Ukraine in early 2022 saw it become heavily discounted. But pressure from Washington has pushed imports lower, reaching an average of 1.2 million barrels a day in January compared with a peak of more than 2 million barrels a day in mid-2024. Indian imports of the crude could be trimmed further after President Donald Trump said on Monday the country would stop buying Russian oil as part of deal to cut trade tariffs. Prime Minister Narendra Modi confirmed the agreement but didn’t comment on oil. Some refiners are holding off purchases while they seek clarification from New Delhi.  The big question is where the surplus cargoes of Urals — the bulk of which have gone to India over the last few years — will now end up. China’s

In a statement sent to Rigzone on Thursday, BP announced that it and Kuwait Oil Company have signed an extension of the Enhanced Technical Services Agreement (ETSA) between the companies. The agreement “paves the way for both companies to collaboratively progress Kuwait’s most strategic asset fields”, BP noted in the statement. BP added that the deal enables it to “bring expertise in enhanced oil recovery to the Greater Burgan oil field and develop local capabilities with Kuwait Oil Company to manage the development of South and East Kuwait fields through 50 secondment opportunities of BP’s technical experts”. Rigzone asked BP to disclose the deal’s value. A BP spokesperson was unable to do so. The ETSA was originally signed in 2016 for a period of 10 years, the statement highlighted, adding that it will now extend through to March 2029. BP Executive Vice President, Gas & Low Carbon Energy, William Lin, noted in the statement, “BP’s commitment to Kuwait dates back to our participation in the discovery of the Greater Burgan oil field in the 1930s, and we appreciate the trust placed in our expertise in giant oil and gas fields to continue to help develop this important strategic asset”. “This is another example of the deep relationships we’ve formed across governments, partners, and supply chains in the regions where we operate. We look forward to continuing our strong collaboration with Kuwait and to working with KOC to help support the country’s long-term energy resilience,” he added. BP notes on its website that it was one of the founders of the original Kuwait Oil Company, which it highlighted first discovered oil at Burgan in 1938. “Exportation of KOC began in 1946, in which the first export of Kuwait crude was loaded on to the bp vessel ‘Fusilier’,” BP’s site adds. BP

In a statement sent to Rigzone on Thursday, the Independent Petroleum Association of America (IPAA) announced that Dan Naatz has been promoted to Executive Vice President and Chief Policy Officer. As Chief Policy Officer, Naatz will lead IPAA’s policy priorities and oversee all government relations and advocacy efforts, the organization said in the statement, adding that he will focus “on the issues most critical to independent producers across regulatory, legislative, and permitting environments”. “He will also continue to build consensus across IPAA’s diverse membership and strengthen partnerships with aligned organizations,” the IPAA noted. Naatz also serves as Corporate Secretary on the IPAA board of directors, the statement highlighted. Prior to joining the IPAA in 2003, Naatz spent 12 years on Capitol Hill working for the late Senator Craig Thomas in various capacities, the IPAA pointed out in its statement. “Dan has led IPAA’s advocacy efforts on Capitol Hill, securing meaningful wins for independent oil and natural gas producers on issues including methane regulation, federal leasing, and permitting reform,” the statement said. “His decades of leadership and judgment have strengthened IPAA’s voice in Washington at a critical time for IPAA members,” it added. A bio on Naatz hosted on the IPAA website states that, “for more than two decades, Dan has been the public face for independent oil and natural gas producers in Washington, representing the industry in congressional hearings on Capitol Hill, roundtables, coalition meetings, and with federal regulating agencies”. “IPAA actively engages with agencies including the Environmental Protection Agency (EPA), Department of Interior (DOI), Bureau of Land Management (BLM) in support of rules and timelines that are technically feasible and cost-effective, so producers can do what they do best: provide reliable and affordable energy for Americans,” the bio page adds. IPAA President and CEO Edith Naegele said in the IPAA statement, “IPAA

Some supertanker operators, nervous about rising US-Iran tensions and potential risks to shipping in the Strait of Hormuz, are speeding their vessels through the chokepoint.  Very Large Crude Carriers are traveling around the narrow, congested waterway — through which about a quarter of the world’s seaborne oil trade travels — at as much as 17 knots, ship-tracking data show. About 13 knots is the usual top speed for a fully laden VLCC, which is typically about 330 meters (1,080 feet) long and cumbersome to maneuver. Some operators began the measures after Iran said it would conduct live-firing drills last week, according to shipowners and brokers that dispatch vessels through the waterway. The OPEC producer this week issued at least two warnings that they would commence live-firing exercises around the region, although none were observed, according to people with knowledge of the matter.  The development adds more uncertainty to volatile freight markets, which have spiked after tensions over Iran combined with tight vessel supply. The US continues to build up its military presence in the region as talks between Washington and Tehran kick off in Oman later on Friday. However, Iran has suggested the discussions won’t yield a quick resolution to tensions between the two countries. “Even when headline geopolitical risk cools, Hormuz remains a complex operating environment,” said Angelica Kemene, head of Optima Shipping Services’ market strategy team in Athens. “Shipowners are exercising caution over journeys that may take days to complete in the corridor.” Iran has previously threatened to lock down the Strait of Hormuz, though it has never actually followed through. Earlier this week, the Islamic Republic “harassed” a US-flagged oil tanker as it was transiting through the waterway. Meanwhile, some operators are making vessels wait off the United Arab Emirates port of Fujairah ahead of traveling through the chokepoint as they finalize

The energy complex was not immune to the broad sell-off in commodities over the past week, Standard Chartered Bank Energy Research Head Emily Ashford said in a report sent to Rigzone by the Standard Chartered team late Wednesday. “The selection of Kevin Warsh as the next U.S. Federal Reserve chair, the notable ratcheting down of rhetoric between the U.S. and Iran, a business as usual OPEC+ meeting, and reduction in the U.S. tariff rates on India all acted against oil prices,” Ashford added. In the report, Ashford highlighted that oil prices “fell from their peak of $71.89 per barrel on 29 January (a six-month high), back towards $66.00 per barrel on 2 February, settling just $0.38 per barrel higher than our machine learning model SCORPIO’s forecast”. The Standard Chartered Bank analyst pointed out in the report that OPEC+ met virtually on February 1, adding that the meeting proceeded as Standard Chartered had expected. “The November 2025 decision to pause production increments for Q1-2026 was upheld, with the communique suggesting this was due to seasonality,” Ashford said in the report. “The commitment to market stability was reaffirmed, with the group retaining the optionality over returning barrels to the market, and flexibility to continue pausing or even reverse the adjustments,” Ashford added. “The four countries with additional compensation cuts for past overproduction submitted updated schedules. Kazakhstan increased its cuts for January, up to 503,000 barrels per day, from a 279,000 barrel per day target set last month,” the analyst continued. “February cuts have also been increased, to 629,000 barrels per day from 569,000 barrels per day. These adjustments are unsurprising, given the slew of issues affecting Kazakh production and exports over the last month. Iraq has also made small adjustments to its schedule, increasing its cuts by 20,000 barrels per day in

Oil fell for the first time in three days after Iran confirmed it would hold negotiations with the US, easing the immediate risk of military conflict and supply disruptions from the OPEC producer. West Texas Intermediate dropped to settle near $63 a barrel, after adding 4.8% over the previous two sessions, while Brent was below $68 a barrel. Iranian Foreign Minister Abbas Araghchi confirmed in a social media post that the talks will be held in Oman on Friday, clarifying the location of the encounter. Futures also extended declines after private jobs data revived worries about an economic slowdown in the US and a potential slowdown in oil demand. The commodity pared some losses after Saudi Arabia dropped the price of its main oil grade for buyers in Asia to the lowest in years, though by less than many in the industry had anticipated. That is offering the market a sign that the kingdom has faith in demand for its barrels. Differing positions over the parameters of US-Iran negotiations mean it remains unclear whether the two sides can realistically bridge major differences at a time of heightened tensions in the region, which supplies about a third of the world’s crude. That has reinserted some risk premium into oil prices, which have rebounded this year after slumping in the second half of 2025 on signs of a growing global glut. “We see that there is indeed a bit of oversupply at the moment, but that I would say is balanced with the significant uncertainty that we are seeing because of the geopolitical challenges,” Wael Sawan, chief executive officer of Shell Plc, said in a Bloomberg TV interview. “There is a premium with that uncertainty and volatility.” The added volatility is bolstering market gauges aside from benchmark futures prices. Bullish WTI call