Global Oil Market Weekly Highlights

US supermajors forge ahead in key oil basins amidst global energy shifts.

Analysts warn of rising heavy crude oil prices and refining costs globally, potentially impacting summer shipping and road construction expenses.

The addition of West Texas crude, particularly West Texas Immediate (WTI) Midland, to the grades determining the price of Dated Brent has substantially improved the world's most crucial oil price.

Recent data from the Energy Information Administration (EIA) reveals a significant swing in crude stockpiles, with a build of 7.3MM bbl. for the week to Apr. 26, contrasting sharply with the previous week's draw.

The TMX project has entered commercial operations, marking a transformative milestone in the nation's energy landscape.

North Sea Energy Developments Amidst Political Challenges.

Saudi Arabia is anticipated to increase the price of its flagship Arab Light crude for Asia in Jun. to a five-month high, according to a Reuters survey of refining sources.

Asian oil buyers are closely monitoring Angola's increasing oil production following its departure from OPEC, anticipating greater supply flexibility amidst Middle Eastern uncertainties.

Despite enduring extended periods of negative natural gas prices at the Waha hub, Permian Basin producers remain resolute.

The Southeast Asian country is charting a course towards leveraging biomass from its palm oil industry to fuel the production of advanced fuels.