Markets

In 2023, US crude exports soared to a record 4.06MM b/d, marking a 14% increase from the previous year and reaching 4.06MM b/d.

India, a growing consumer and importer in the global energy landscape, maintains a strategic balance in its crude oil imports, forging partnerships with key producers worldwide.

In a seismic shift, Spain, once reliant on Nigerian crude, underwent a pivotal change in 2023, making the US its leading crude supplier.

A recent escalation in the security situation in the Red Sea, fueled by air strikes on Yemen's Houthi militants by the US and the UK, has prompted a warning from the US Naval Forces Central Command to ships transiting the region.

Asian and African nations emerged as primary destinations for Russian crude oil last year, supplanting Europe and driving record-high imports of cheaper Russian crude.

Brazilian and Guyanese medium sweet crude grades have strategically replaced Russian Urals in the European market, marking a significant shift in trade patterns.

The inevitable ascent of West Texas Intermediate (WTI) as a competitive grade in Europe is reshaping global oil trade dynamics, according to insights from trading firm Gunvor.

Escalating tensions in the Middle East, particularly the US and UK strikes on Houthi targets in Yemen on Jan. 12, have triggered significant disruptions in the global oil and gas market.

The major Chinese oil supplier is navigating a tense negotiation with its largest customer, aiming for higher prices and withholding some supply, impacting global oil markets.

Recent developments in the global oil market reveal a notable decline in India's imports of Russian crude oil, attributed to intensified G7 sanctions and related payment challenges.