Markets

China and India have become pivotal players in the global oil market, accounting for over 90% of Russia's crude oil and fuel exports.

Russian Deputy Prime Minister Alexander Novak's forecast of Brent oil prices between $80-85/b in 2024 echoes Russia's strategy to bolster revenues amidst geopolitical challenges.

US Sour Crude Market Dynamics in a Global Context

In a historic move, the administration has significantly reduced the number of oil and gas lease sales on the US outer continental shelf (OCS), slashing the initially proposed 47 down to a mere three in the final oil and gas leasing program for 2024–29.

Crudes from Dubai and Oman have recently intensified their discounts to Dubai swaps, reaching levels last observed in 2020.

Recent geopolitical events in these regions are reverberating across global oil markets, introducing uncertainties and disruptions that extend beyond regional boundaries.

Angola, Africa's second-largest oil producer, has decided to exit OPEC after 16 years of membership, citing a lack of benefits and relevance.

Iraqi Basrah crude, particularly Basrah Medium and Heavy grades, has seen increased spot availability directed towards Europe, countering OPEC+ reductions.

Producers in this region are facing a critical juncture as they navigate a challenging landscape in 2024.

Namibia's Southwest African Coastal Basin, once dismissed as an