Global Oil Market Weekly Highlights

The global oil market is currently characterized by divergent price expectations and significant geopolitical risks, leading to a complex and volatile environment.

The global oil market experienced a dynamic week, with prices influenced by a confluence of factors including OPEC+'s supply decisions, escalating geopolitical tensions, and shifting sentiments surrounding the US-China trade dispute.

They are actively pursuing feedstock import diversification, with a keen interest in regularly purchasing US crude. However, their monthly North American cargo acquisitions are primarily dictated by OPEC+ supply trends and Middle Eastern crude official selling prices (OSPs).

Nigeria's Dangote oil refinery, with a substantial 650K b/d capacity, is significantly increasing its imports of US WTI crude, a move driven by a combination of Nigeria's struggles to boost domestic crude output and the technical advantages offered by WTI.

PetroChina's decision to permanently shut down its largest northern refinery, Dalian Petrochemical, by Jun. 30 marks a significant shift in China's crude procurement landscape.

The major oil producer located in the Caucasus region is launching a systematic initiative to boost oil and gas exploration and production, driven by anticipated output declines from its mature Azeri-Chirag-Gunashli (ACG) oil complex.

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 Uinta Basin in Utah, a rapidly growing crude-oil-producing region, holds significant potential for waxy crude production, but its long-term viability hinges on adequate takeaway capacity and supportive infrastructure.

Canada's Alberta province is grappling with severe early-season wildfires, leading to the shutdown of significant oil production and exacerbating a tightening global heavy crude market.

The Latin American OPEC producer is actively challenging tightening US sanctions by rerouting its oil exports, primarily to China, and signing new deals with non-Western service providers to sustain production and revenue.