Markets

The Energy Information Administration's (EIA) recent report revealed a significant increase in the production of

US crude exports soared to an 11-month peak in Feb., reaching 4.66MM b/d, marking a substantial 15% increase from the previous month and a notable 16.5% surge compared to Feb. 2023.

The Uinta Basin in northeastern Utah is witnessing a remarkable surge in waxy crude production, driven by advancements in drilling techniques and increasing demand from refiners. 

Amidst an ambitious merger between Chevron Corp. and Hess Corp., both companies are resolute in their efforts to overcome hurdles and capitalize on promising ventures.

Nigeria's Dangote oil refinery, operational since Jan., is poised to disrupt the global oil and gas market, particularly affecting Europe's refining sector.

Output cuts by Russia and expectations that OPEC+ will continue to keep supplies tight led to more increases in futures prices for benchmark crudes.

UK consultancy Wood Mackenzie highlighted significant risks facing the global oil refining industry, with over 20% of the global refining capacity at risk of closure.

Shipping volumes in the Red Sea have sharply declined by over 60% since Nov., attributed to ongoing Houthi attacks.

OPEC and its allies, known as OPEC+, are holding firm on their current oil production policy, with no plans for changes at the upcoming Joint Ministerial Monitoring Committee (JMMC) meeting.