Markets

The crude oil market is currently in a state of consolidation around the mid-$60/b level, as participants keenly await the outcome of the upcoming OPEC+ meeting.

A new federal assessment by the US Geological Survey (USGS) has identified

Goldman Sachs analysts suggest that OPEC+ is likely to pause further oil production increases after a final 411K b/d hike in Jul., anticipating that deteriorating global economic conditions will prompt this reassessment.

The US shale industry finds itself squeezed

The definitive shutdown of Scotland's sole oil refinery in Grangemouth on Apr. 29, 2025, signifies a considerable transformation within the UK's energy sector.

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 global oil market is not operating under typical supply and demand dynamics as tariffs and geopolitical tensions take center stage.

President Trump's new tariffs have sparked fears of slowing global economic growth, leading to a significant drop in crude oil prices despite oil not being directly targeted.

The global oil market is facing a complex interplay of geopolitical threats, aggressive trade policies, and supply-side adjustments, all contributing to unprecedented volatility.

European refiners are facing increasing pressure to adapt to the energy transition, with several closures already underway and more expected in the coming years.