Global Oil Market Weekly Highlights

n the US, pipeline constraints have driven a significant price gap between West Texas crude from the Permian Basin and the Houston export hub.

Argentina's state-owned YPF posted a substantial boost in shale oil production in the third quarter, with unconventional crude output jumping 36% to 126K b/d compared to last year.

Phillips 66’s decision to close its Los Angeles Refinery by the end of 2025 marks a significant shift in the US state of California’s refining sector, a trend exacerbated by weak refining margins, rising compliance costs, and increasingly stringent environmental regulations

The recent expansion of the Trans Mountain pipeline (TMX) has significantly changed the dynamics of crude oil imports to the US West Coast.

India and China have dramatically increased their imports of Russian crude oil, effectively circumventing Western sanctions and enhancing their refining capacities.

On Oct. 16, 2024, Phillips 66 revealed plans to close its Los Angeles-area refinery, P66-LA, by the end of 2025.

The OPEC kingpin is poised to lower the official selling prices for its oil grades targeting Asian buyers, with anticipated reductions ranging from $0.30 to $0.50/b for Dec. shipments.

OPEC+ is navigating a complex landscape of uncertainty regarding its production strategy for Dec., with traders divided on whether the organization will proceed with planned increases.

US crude exports have surged, reaching 3.9MM b/d in the week to Oct. 25, up 434K b/d from the previous week and just 13K b/d below year-to-date levels.

US energy major has finalized the sale of its assets in Argentina's Vaca Muerta shale play to Pluspetrol for approximately $1.7B.