Markets

Asia’s third-largest crude importer is increasingly favoring US crude over Gulf barrels due to more favorable economics.

Refining margins in Asia have plummeted to their lowest in seven months, prompting a shift away from expensive Middle Eastern crude towards cheaper alternatives from the Americas.

U.S. crude oil exports to Europe are experiencing a notable rebound this month, impacting the prices of physical crude grades in Europe and Africa.

In recent years, the US has emerged as a formidable force in the global oil market, buoyed by robust shale production, particularly from the prolific Permian Basin.

Analysts warn of rising heavy crude oil prices and refining costs globally, potentially impacting summer shipping and road construction expenses.

The addition of West Texas crude, particularly West Texas Immediate (WTI) Midland, to the grades determining the price of Dated Brent has substantially improved the world's most crucial oil price.

Asian oil buyers are closely monitoring Angola's increasing oil production following its departure from OPEC, anticipating greater supply flexibility amidst Middle Eastern uncertainties.

In 2023, China experienced a significant escalation in its crude-oil imports, reaching a record high of 11.3MM b/d, which was a 10% increase from the previous year.

Mexico has recently adjusted its oil-export strategy due to operational disruptions at two major refineries, reversing an earlier decision to reduce exports significantly to meet domestic refinery demands.

Amid the escalating geopolitical conflict following Iran's April 13 attack on Israel, the United States is at a crossroads with potential strategies to adjust its sanctions on Iranian oil.