Markets

South America's newcomer oil producer is asserting a larger footprint in the global oil market, particularly in Europe, as data reveals a substantial increase in oil exports to the continent.

In a notable shift, Indian refiners have reentered the Venezuelan crude market, swiftly taking advantage of the eased sanctions, marking a new battleground against China, historically a significant buyer of Venezuelan feedstock.

The once-dominant position of Norway's Johan Sverdrup crude in Europe's oil market may be undergoing a transformation as the field's pricing weakens, questioning its status as the primary alternative to Russia's Urals.

The ongoing conflict between Russia and Ukraine is reshaping the landscape of Nigeria's crude oil exports, impacting its flows to the international market.

Italy's Eni and Spain's Repsol, prominent players in the European oil sector, are strategically positioning themselves to capitalize on Venezuelan oil opportunities amidst a temporary easing of US sanctions.

Nigerian National Petroleum Corporation (NNPC) Ltd has unveiled Nembe, a new low-sulfur crude grade, with plans to dominate the European market.

The south Asian country is proactively exploring avenues to diversify its sources of crude oil as soaring global prices drive its crude imports to a four-month low.

In a remarkable development, US crude oil exports to Europe hit an all-time high in October, transforming the dynamics of the tanker industry.

Saudi Aramco informed at least four North Asian refiners that full contractual volumes nominated for Nov. would be supplied.