Markets

Total crude oil exports from the US Gulf Coast (USGC) in May 2025 dropped to 3.46 MM b/d, marking the lowest monthly volume since Jan. 2023 and continuing a broader downtrend observed in recent months

The European Union has abandoned its proposal to lower the price cap on Russian oil from the current $60/b to $45.

India's strategy to diversify its crude import basket with more non-OPEC crudes will not significantly impact its long-term contracts with Middle Eastern suppliers.

US energy commodity imports to Asia experienced a decline over the first five months of the year, despite efforts by the US administration to leverage these exports to reduce trade surpluses with Asian nations.

The Middle East oil market is adapting to strategic shifts by major producers. ADNOC, Abu Dhabi's national oil company, forecasts lower Murban crude exports from Aug. 2025 to May 2026, cutting by up to 177K b/d.

The differential for CPC Blend crude has fallen to a five-week low on May 22, with June-loading cargoes struggling to find buyers.

Asia, the world's leading crude oil import region, could benefit from the recent drop in oil prices to the low $60s/b, as lower import costs are driving higher import volumes in major economies.

Russian Deputy Prime Minister Alexander Novak expressed optimism about Russia's potential to sustainably increase its oil production to 10.8MM b/d in the near future, citing growing global demand, domestic investment, and tax changes.

Saudi Arabia and India are facing initial hurdles in their discussions regarding crude oil supply for potential joint refinery projects.

In the final weeks leading up to the expiration of a US license, Vitol Group, the world's largest independent oil trader, significantly increased its Venezuelan oil purchases