Markets

Re-exports of Canadian heavy crude from the Gulf Coast rebounded in April, averaging 196K b/d, up by 42K b/d from March but down by 98K b/d compared to the previous year.

In May, Venezuela's oil exports saw a significant increase of 30% from the previous month, as state oil company PDVSA's clients expedited cargo shipments before the reinstatement of US sanctions.

Russian crude exports fell to a six-month low of 3.52MM b/d in May.

Since the US lifted its crude export ban in Dec. 2015, exports surged, reaching over 4 MM b/d by 2023, expanding to more than 50 countries.

Asia’s third-largest crude importer is increasingly favoring US crude over Gulf barrels due to more favorable economics.

Refining margins in Asia have plummeted to their lowest in seven months, prompting a shift away from expensive Middle Eastern crude towards cheaper alternatives from the Americas.

U.S. crude oil exports to Europe are experiencing a notable rebound this month, impacting the prices of physical crude grades in Europe and Africa.

In recent years, the US has emerged as a formidable force in the global oil market, buoyed by robust shale production, particularly from the prolific Permian Basin.

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.