Markets

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.

As global political landscapes continue to evolve, the US has reinforced sanctions on Iran and Venezuela, targeting their critical oil sectors.

More airstrikes in Gaza prompted more worries that the conflict could widen and cause supply disruptions from the Middle East, helping to push futures prices higher for benchmark crudes.

In 2023, the US southern state of Texas set unprecedented records in oil and gas production, underlining its crucial role in bolstering both the national and global energy supply.

In Marc, Norway achieved remarkable increases in oil and gas production, setting a new daily output record at 2.1MM bbl., which includes petroleum, natural gas liquids (NGLs), and condensate.

Chevron, through its affiliate Tengizchevroil LLP (TCO), has initiated a significant phase in the expansion of Kazakhstan’s Tengiz oil field.

In 2023, China experienced a significant escalation in its crude-oil imports, reaching a record high of 11.3MM b/d, which was a 10% increase from the previous year.

Amidst a global shift towards renewable energy, Oman has reaffirmed its commitment to the essential role of hydrocarbons within its energy strategy, as expressed by industry officials at the Oman Petroleum and Crude Show in Muscat.

Mexico has recently adjusted its oil-export strategy due to operational disruptions at two major refineries, reversing an earlier decision to reduce exports significantly to meet domestic refinery demands.