Markets

Saudi Aramco, the world’s largest crude oil exporter, has recently expanded its crude trading strategy with its first-ever purchase of US WTI Midland crude.

The ongoing tension between Canada and the US regarding energy trade, particularly the export of Canadian oil, is poised to have significant impacts on the global oil and gas market.

The announcement of US and UK sanctions on Russian crude on Jan. 10 caused significant price hikes for Middle Eastern grades, with Dubai crude February-March time spreads soaring to $1.35/b on Jan. 13, up from $0.78/b on Jan. 10.

Venezuela's oil exports grew 10.5% in 2024, averaging 772K b/d, the highest since 2019.

The US is preparing to implement stringent sanctions on Russia's oil industry, targeting over 180 vessels, senior executives, traders, and two major oil companies.

The potential return of Donald Trump to the White House in 2025 could have far-reaching consequences for the global oil market, particularly in regard to the flow of Iranian oil to China.

Mediterranean imports of Middle Eastern crude are expected to increase in 2025, as Russian and Iranian supply dwindles, despite rising prices.

In Nov., India reduced its imports of Russian crude oil, bringing the total down by 13% to 1.52MM b/d, compared to the previous month.