Markets

Early in the week, renewed hopes for a ceasefire in the Israel-Gaza war pushed futures prices for NYMEX WTI, ICE Brent, and DME Oman lower but a deadly mid-week airstrike on Gaza resulted in expectations that Iran would attack Israel.

The state energy company, Pemex, is poised to enact substantial cuts in crude exports, redirecting at least 330K b/d from international markets to meet domestic refining demands.

India and China are intensifying their efforts in upstream activities to bolster energy security amidst evolving global dynamics, yet their trajectories appear divergent.

The US Energy Information Administration, the International Energy Agency, and OPEC provide insights into global oil demand trends.

As OPEC+ grapples with persistent compliance challenges and evolving market dynamics, the alliance faces critical decisions regarding its future strategy to stabilize the oil market and maintain its influence in a rapidly changing global energy landscape.

President Gustavo Petro of Colombia announced plans for a deal allowing state-controlled Ecopetrol SA to produce oil and natural gas in Venezuela, following his recent trip to Caracas.

Petrobras has made a significant oil discovery in the ultra-deep waters of the Potiguar Basin on the Brazilian Equatorial Margin.

Russia's flagship crude grade, Urals, is currently being sold at around $75/bbl, exceeding the $60/bbl price cap imposed by the G7 and its allies on oil exports involving Western services.

A recent meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ resulted in no change to the group's output policy, emphasizing the need for members who exceeded production quotas to submit compensation plans.

The imminent commencement of the Trans Mountain Expansion (TMX) project is set to reconfigure crude tanker movements in the US West Coast (USWC) and Pacific Aframax market.