Global Oil Market Weekly Highlights

The deal between Israel and Hezbollah was seen as minimizing the potential for war-related supply disruptions in the region.

In addition to an escalation in Russia's war on Ukraine, an outage in the Johan Sverdrup oil field had traders fixated on real and potential supply disruptions.

Sharp day-on-day price drops on Monday and Friday were largely spurred by concerns about soft demand, particularly in China.

As Donald Trump returns to the White House, his energy policy promises to shift focus toward maximizing US oil and gas production, signaling a potential boost to fossil fuel sectors.

The global oil market is grappling with heightened volatility, driven by multiple intersecting factors, including OPEC+ production decisions, geopolitical developments, and the shifting US political and fiscal landscape.

The Crude Oil Quality Association has raised concerns over the inconsistency of crude quality at US Gulf Coast export terminals, which could affect global oil markets.

OPEC+ has delayed its planned rollback of voluntary crude production cuts by one month, with the gradual increase now scheduled to begin in Jan. 2025, instead of Dec. 2024.

Canada’s federal government has introduced an emissions cap targeting its oil and gas sector, which is responsible for a significant portion of the country's greenhouse gas emissions.

In 2023, the Canadian oil sands sector continued its trend of reducing greenhouse gas (GHG) intensity, a positive step in addressing climate concerns.

The US biofuel sector is grappling with growing uncertainty surrounding the Clean Fuel Production Credit (45Z), a key provision of the Inflation Reduction Act (IRA) passed in 2022.