Markets

The differential for CPC Blend crude has fallen to a five-week low on May 22, with June-loading cargoes struggling to find buyers.

Asia, the world's leading crude oil import region, could benefit from the recent drop in oil prices to the low $60s/b, as lower import costs are driving higher import volumes in major economies.

Russian Deputy Prime Minister Alexander Novak expressed optimism about Russia's potential to sustainably increase its oil production to 10.8MM b/d in the near future, citing growing global demand, domestic investment, and tax changes.

Saudi Arabia and India are facing initial hurdles in their discussions regarding crude oil supply for potential joint refinery projects.

In the final weeks leading up to the expiration of a US license, Vitol Group, the world's largest independent oil trader, significantly increased its Venezuelan oil purchases

Oil imports reached a 20-month high in Mar., exceeding 12MM b/d, the highest volume since Aug. 2023, as flows from Iran and Russia rebounded following earlier lows attributed to US sanctions.

The intricate web of global oil markets is increasingly defined by geopolitical undercurrents and strategic policy shifts.

Faced with the imposition of substantial tariffs in early Apr., a majority of Asian countries are actively proposing to increase their imports of US energy products as a strategy to avoid these levies.

Analysts predict a complete cessation of US crude oil exports to China due to the escalating tariff and trade war between the world's two largest economies.

The latest round of US sanctions on Iran indicates a growing resolve to tighten the economic pressure on Tehran, according to Rystad Energy.