Global Oil Market Weekly Highlights

As global political landscapes continue to evolve, the US has reinforced sanctions on Iran and Venezuela, targeting their critical oil sectors.

More airstrikes in Gaza prompted more worries that the conflict could widen and cause supply disruptions from the Middle East, helping to push futures prices higher for benchmark crudes.

US shale production has notably transformed the country's position in the global oil market, transitioning from a major importer to the world's leading producer.

The Polish oil refiner Orlen has canceled its contracts for purchasing crude and oil products from Venezuela following the reinstatement of US sanctions, a decision underscored by significant financial losses and logistical challenges.

Nigeria's ambitious Dangote Group refinery, a $20B project, has encountered significant logistical and financial issues that impede its operation.

In 2023, the US southern state of Texas set unprecedented records in oil and gas production, underlining its crucial role in bolstering both the national and global energy supply.

As the anticipated start date of May 1, 2024, approaches for the expanded Trans Mountain (TMX) pipeline in Canada, major oil companies have expressed significant concerns regarding its readiness

In Marc, Norway achieved remarkable increases in oil and gas production, setting a new daily output record at 2.1MM bbl., which includes petroleum, natural gas liquids (NGLs), and condensate.

Chevron, through its affiliate Tengizchevroil LLP (TCO), has initiated a significant phase in the expansion of Kazakhstan’s Tengiz oil field.

In 2023, China experienced a significant escalation in its crude-oil imports, reaching a record high of 11.3MM b/d, which was a 10% increase from the previous year.