Global Oil Market Weekly Highlights

US independent refiner Phillips 66 announced the completion of a project in the first quarter of 2025 that increases the crude switching capacity at its 265K b/d Sweeny refinery located in Old Ocean, Texas.

The oil market experienced a volatile week, primarily influenced by a risk-off mood in broader financial markets.

India's crude oil import landscape underwent a significant shift in the fiscal year 2024-2025, with OPEC's market share falling to an all-time low, below 50%.

Taiwanese President Lai Ching-te announced that Taiwan intends to increase its imports of US oil and gas as a key aspect of tariff negotiations with the Trump Administration.

The oil market has experienced significant volatility recently, creating challenges for traders and prompting a shift towards other safer assets like gold.

Russia's Economy Ministry has revised its oil price forecasts for 2025-2027 downwards, reflecting current global oil market trends.

Chevron and TotalEnergies have commenced oil and natural gas production from the Ballymore project, a deepwater development in the US Gulf of Mexico.

Integrated biorefineries, capable of utilizing diverse feedstocks, are essential for optimizing operational costs, mitigating feedstock supply risks, and scaling up the production of affordable renewable fuels to meet net-zero targets.

In Mar. 2025, Indonesia's exports of crude and refined palm oil saw a slight contraction, reaching 2.02MM mt, a marginal decrease from the 2.06MM mt recorded in Feb.

The US oil production landscape is currently characterized by a delicate balance between potential growth and significant headwinds stemming from trade disputes and economic policy.