Global Oil Market Weekly Highlights

The oil market grapples with contrasting views: pessimism alongside analysts maintaining optimism regarding oil prices.

U.S. crude oil exports to Europe are experiencing a notable rebound this month, impacting the prices of physical crude grades in Europe and Africa.

Canadian oil sands production is poised for a significant boost, with S&P Global Commodity Insights projecting a 15% increase by 2030 due to optimization efforts.

Despite doubts about the refinery's readiness, Petróleos Mexicanos (Pemex) cut exports to ensure feedstock availability.

The future of renewable diesel appears uncertain in the US, with two companies taking opposite approaches in the face of economic challenges.

Renewable diesel (RD) is a promising alternative to traditional diesel fuel in the US, but its economic viability faces significant challenges.

The British energy major is grappling with pressure to relax its ambitious pledge to significantly reduce oil and gas production by 2030.

The Saudi Arabian state-owned company has increased the official selling price of all grades it exports to Asia, with flagship Arab Light for June delivery becoming $0.90 more expensive, indicating a tightening supply of crude.

OPEC+ is expected to extend production cuts in Jun. to maintain inventory stability and price levels, with analysts emphasizing a cautious approach to prevent market share loss.

In recent years, the US has emerged as a formidable force in the global oil market, buoyed by robust shale production, particularly from the prolific Permian Basin.