Markets

In Jul. 2024, Gulf Coast re-exports of Canadian heavy crude oil reached 210K b/d, reflecting a significant increase of 44K b/d from Jun. and 110K b/d from the previous year.

In recent years, regional banks in North America have notably increased their lending to the fossil fuel sector, diverging from the trend among European banks, which have either reduced their financing or committed to lowering their exposure to oil, natural gas, and coal.

At the APPEC 2024 conference, Asian upstream players expressed a strategic focus on acquiring oil and gas-producing assets due to the evolving dynamics of the global energy transition.

Recent fluctuations in oil prices highlight a turbulent period for the global oil market, driven by a complex mix of economic, geopolitical, and policy-related factors.

Expectations of a resolution to the dispute that has reduced Libyan output in recent weeks as well as ongoing concerns about demand in China and other large economies dragged down futures prices.

The transition from fossil fuels to renewable energy, while advancing, has not yet significantly diminished the critical role of crude oil in the global energy mix.

US major’s recent developments in deepwater drilling, particularly with the launch of the Anchor project in the US Gulf of Mexico (GOM), mark a pivotal moment for exploration and production (E&P) activities in the region.

South America is emerging as a pivotal player in the global crude oil market due to significant production increases in Brazil, Guyana, and Argentina, with varying impacts on global supply dynamics.

In Aug., Asia’s crude oil imports showed a significant rebound from Jul.’s lows, with important implications for global oil demand and market dynamics.

Phillips 66’s CEO, Mark Lashier, has projected a significant global refining capacity shortage that could emerge as early as next year.