Markets

Venezuela's oil exports grew 10.5% in 2024, averaging 772K b/d, the highest since 2019.

The US is preparing to implement stringent sanctions on Russia's oil industry, targeting over 180 vessels, senior executives, traders, and two major oil companies.

The global oil market in 2025 is poised to see a surplus, driven by increasing non-OPEC+ supply and modest demand growth.

Crude oil prices have seen significant fluctuations in the closing weeks of 2024, driven by a complex mix of economic factors, geopolitical risks, and shifting market sentiment.

In 2025, the US Gulf of Mexico is set to achieve record oil production, expected to reach around 2MM b/d, driven by the commencement of several major deepwater fields.

The potential return of Donald Trump to the White House in 2025 could have far-reaching consequences for the global oil market, particularly in regard to the flow of Iranian oil to China.

Mediterranean imports of Middle Eastern crude are expected to increase in 2025, as Russian and Iranian supply dwindles, despite rising prices.

The global oil market in 2025 is poised to see a surplus, driven by increasing non-OPEC+ supply and modest demand growth.

There are challenges and opportunities for European refiners amid upcoming refinery closures and the energy transition with consideration of Trump's second-term impacts.

The oil futures market saw mixed movements during the final week of Dec., influenced by a combination of geopolitical tensions, economic data, and supply concerns.