Markets

The Ukraine war has wrought significant changes for China's independent refiners (also called teapots), primarily characterized by a steep rise in the share of Russian crude oil.

China's oil-market dynamics are witnessing significant shifts as Iranian crude exports surge to 4.5-year highs, offering an alternative to the popular Russian ESPO Blend grade.

The country's imports of Iranian crude oil are set to surge to a decade high in Aug.

The Asian sour-crude market is tightening as Kuwait reduces exports to bolster its new 615K-b/d Al-Zour refinery.

A significant transformation has taken place in the global oil markets as the premium that Brent crude traditionally held over Dubai crude has reversed, now manifesting as a discount.

US crude exports witnessed a rise in June, driven by a notable increase in shipments to the Netherlands, a trend attributed to the inclusion of West Texas Intermediate (WTI) in the Dated Brent basket.

Russia's energy cooperation with African countries is shifting due to Western sanctions resulting from the invasion of Ukraine.

OPEC+'s supply cuts are reshaping Middle Eastern oil market.

The inclusion of US WTI crude in the North Sea Dated basket has resulted in a desired boost to the benchmark's volumes and liquidity.

Nigerian crude is encountering a series of obstacles, with shipping tax claims and the blending of US WTI and Brazilian sour grades exacerbating existing challenges.