Markets

Italy's Eni and Spain's Repsol, prominent players in the European oil sector, are strategically positioning themselves to capitalize on Venezuelan oil opportunities amidst a temporary easing of US sanctions.

Nigerian National Petroleum Corporation (NNPC) Ltd has unveiled Nembe, a new low-sulfur crude grade, with plans to dominate the European market.

The south Asian country is proactively exploring avenues to diversify its sources of crude oil as soaring global prices drive its crude imports to a four-month low.

In a remarkable development, US crude oil exports to Europe hit an all-time high in October, transforming the dynamics of the tanker industry.

Saudi Aramco informed at least four North Asian refiners that full contractual volumes nominated for Nov. would be supplied.

Data from the US EIA showed that the country's crude exports in the period surged by 19% on the year to 3.990MM b/d, with nearly half having gone to Europe.

In Aug., Japan, Asia's fourth-largest crude importer, saw a significant increase in its sour-crude imports from the United Arab Emirates (UAE).

A diesel fuel shortage has propelled Russia's ESPO crude blend to trade at a premium over Brent crude, with traders attributing the price surge to the scarcity of diesel fuel, according to reports by Bloomberg,

Russia has begun supplying CPC Blend crude to the United Arab Emirates (UAE), marking the first-ever purchase of this crude blend from Russia by the UAE.

In its September Oil Market Report (OMR), the International Energy Agency (IEA) has highlighted the formidable challenge posed by the Saudi-Russian alliance to global oil markets.