Markets

Russia's flagship crude grade, Urals, is currently being sold at around $75/bbl, exceeding the $60/bbl price cap imposed by the G7 and its allies on oil exports involving Western services.

A recent meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ resulted in no change to the group's output policy, emphasizing the need for members who exceeded production quotas to submit compensation plans.

The imminent commencement of the Trans Mountain Expansion (TMX) project is set to reconfigure crude tanker movements in the US West Coast (USWC) and Pacific Aframax market.

Geopolitical tensions pushed futures prices for benchmark crudes higher on each day of the week.

OPEC and its allied partners, collectively known as OPEC+, are charting a steady course in their recent decisions regarding oil production policy.

The Energy Information Administration's (EIA) recent report revealed a significant increase in the production of

US crude exports soared to an 11-month peak in Feb., reaching 4.66MM b/d, marking a substantial 15% increase from the previous month and a notable 16.5% surge compared to Feb. 2023.

The Uinta Basin in northeastern Utah is witnessing a remarkable surge in waxy crude production, driven by advancements in drilling techniques and increasing demand from refiners. 

Amidst an ambitious merger between Chevron Corp. and Hess Corp., both companies are resolute in their efforts to overcome hurdles and capitalize on promising ventures.