The shift was driven by both necessity and opportunity. Several Canadian cargoes (reported 4 Aframax shipments of high-acid, high-TAN crude) that had been arranged for the December delivery cycle can no longer be sent to the refinery. Those barrels are now being resold on the secondary market, as sanctions make their discharge in China impossible. The result is that Russian crude has become not just the cheapest option for Yulong, but effectively the only one available. Venezuelan oil supplies could also ki ...

Indian lender UCO Bank has received government approval to facilitate trade payments for Nayara Energy Ltd., according to people familiar with the matter, nearly two months after the refiner was sanctioned by the EU and subsequently shunned by large financial institutions.Senior executives from the mid-sized state-owned lender recently met with top finance ministry officials, the people said, asking not to be identified as the discussions are private. They were asked to take the lead in executing the paymen ...