Cracks fall amid rising stocks, low W. Africa exports

Benchmark northwest European gasoline barge refining margins fell on Monday after gasoline stockpiles rose in northwestern Europe and on weak export demand from West Africa.

* The Group of Seven $60 a barrel price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.

* Russia's ESPO oil blend from the Far Eastern port of Kozmino was selling for around $79 a barrel in Asian markets on Monday - almost a third higher than the price cap imposed on Russian oil by the G7 and European Union - according to Refinitiv data and estimates from industry sources.

* Gasoline exports on the transatlantic route recovered somewhat last week, with overall November flows rebounding from the record lows registered in October, Refinitiv analysts said.

* Chartering activity is expected to remain mostly subdued in the first weeks of December, but might pick up later in the month.

* Flows to West Africa dried up last week, amidst supply and distribution issues in top buyer Nigeria, and the country's announcement that product imports are to stop next year, according to Refinitiv analysts. December export volumes across the United States and West Africa arbitrage routes are tracking at 222,000 tons so far, they said.

* Unions and BP have reached an agreement for workers at BP's large Rotterdam refinery, which had been largely idled this month amid a dispute over wages.

* Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to their highest in three months in the week to Thursday, data from Dutch consultancy Insights Global showed.

* Gasoline stocks rose 9% to 1.36 million tonnes on higher imports into the hub, particularly from other locations in northwest Europe, Insights Global's Lars van Wageningen said.