Markets

A second shipment of US WTI is en route to Nigeria's Dangote refinery, signaling a strategic move in the global crude oil market.

Mild weather in the northern hemisphere and concerns about how China will meet its 2024 target for economic growth weighed on futures prices for benchmark crudes.

ExxonMobil's recent move to file for arbitration over its rights to Hess's Guyana oil and gas assets has injected complexity into Chevron's $53 billion acquisition of Hess Corp.

Enbridge, a key player in the global energy landscape, is strategically enhancing its crude oil export capabilities at the US Gulf Coast (USGC) to accommodate the burgeoning output from the Permian Basin and Western Canada.

Oil prices are displaying resilience, marked by a second consecutive monthly gain as OPEC+ extends supply curbs until Q2 2024, contributing to WTI's substantial $7/b increase in Feb.

In response to the OPEC+ decision to prolong production cuts, Saudi Arabia has revised its official selling prices for Asian buyers, signaling strategic adjustments in the global oil market.

In a strategic move, the OPEC+ coalition, comprising eight nations, has opted to prolong voluntary production cuts until the end of Q2 2024.

In a seismic shift, the Western Hemisphere, spearheaded by the US, Canada, Brazil, and Guyana, has become the primary driver of global oil production growth

Ongoing concerns about shipping disruptions and the expectation that OPEC+ will extend its supply cuts combined with indications of improving demand to push futures prices for benchmark crudes higher.

Goldman Sachs has revised its summer peak Brent Crude price forecast to $87/bbl, driven by faster-than-anticipated land inventory drawdowns resulting from seaborne trade disruptions in the Red Sea.