Markets

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

A shortage of market-moving news helped keep prices relatively steady over the period.

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.

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

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.

Environmental activists, spearheaded by groups like the Sierra Club, are intensifying their efforts to persuade the US Biden Administration to halt the permitting of proposed crude oil export facilities.

US supermajors forge ahead in key oil basins amidst global energy shifts.