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.

The global oil market experienced a volatile week, grappling with a confluence of factors ranging from easing and flaring US-China trade tensions to the persistent overhang of potential OPEC+ production hikes and geopolitical risks in Russia, Ukraine, and Iran.

Refiners are expecting Saudi Arabia to reduce its official selling price (OSP) for crude oil, particularly for Asian buyers, with cuts potentially ranging from $0.30 to $0.50/b across various grades.

The crude oil market is currently consolidating around the mid-$60/b mark, awaiting clearer signals from OPEC+ and broader market dynamics.

US offshore oil production, particularly in the Gulf of Mexico (GoM), is projected to experience a significant increase in the coming years, potentially reaching 2.4 MM b/d by 2027, up from 1.8 MM b/d.

The Latin American energy landscape is currently undergoing significant transformation, with key developments shaping the regional and global oil and gas markets. 

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

The global oil market experienced significant volatility throughout the week of May 19 as investors grappled with a complex interplay of geopolitical tensions, particularly concerning Iran and Russia, and evolving supply-demand dynamics.

The oil cartel is deliberately increasing oil production not to trigger a price war but to meet rising seasonal demand in the Middle East and to accommodate a planned expansion of 2.1MM b/d by Dec. 2026.

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