Europe Gasoline/Naphtha Gasoline cracks fall as oil soars

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March 1 (Reuters) - Benchmark northwest European gasoline barge refining margins dropped sharply to around $5 a barrel on Tuesday, as oil prices jumped by almost $10 because of the Ukraine crisis.

  • Buyers of Russian oil have faced difficulties over payments and availability of vessels after imposition of Western sanctions against Moscow over Ukraine, traders said, while BP Plc has cancelled fuel oil loadings from a Black Sea port. read more
  • TotalEnergies (TTEF.PA) said it will no longer provide capital for new projects in Russia. read more
  • Russian oil producers are postponing tenders due to a lack of buyers and as importers in Europe and Asia reject Russian ships. read more
  • Member states of the International Energy Agency (IEA) agreed to release 60 million barrels of oil from storage, with half the volume coming from the United States, Japanese industry minister Koichi Hagiuda said.
  • The increase in OPEC's oil output in February exceeded the rise planned under a deal with allies for the first time since September, a Reuters survey found, as higher Saudi Arabian and Iraqi supply combined with fewer outages in smaller producers. read more
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Reporting by Bozorgmehr Sharafedin; Editing by Shailesh Kuber

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