Markets

The recent imposition of US sanctions on Russian oil producers and their tanker fleet has caused significant disruptions in global oil markets, particularly for Asian refiners.

The global oil market in early 2025 is marked by volatility, driven largely by the US sanctions on Russia’s oil sector.

The latest round of US sanctions targeting Russian oil suppliers is reshaping the procurement strategies of major Indian refiners, particularly Indian Oil Corporation (IOC) and Reliance Industries.

The International Energy Agency (IEA) has slightly revised its global refinery throughput forecast upward, now projecting 83.4MM b/d in 2025, compared to its previous estimate of 83.3MM b/d.

Diverging Oil Price Forecasts: EIA, Banks, and Analysts Weigh in on 2025 and Beyond

Crude oil production from Alaska’s North Slope, long in decline, is set to rebound over the next decade.

The ongoing tension between Canada and the US regarding energy trade, particularly the export of Canadian oil, is poised to have significant impacts on the global oil and gas market.

OPEC+ is set to confront significant challenges as its production cut tapering could result in a substantial surplus in the global oil market by 2026, according to the Saudi think tank KAPSARC.

The announcement of US and UK sanctions on Russian crude on Jan. 10 caused significant price hikes for Middle Eastern grades, with Dubai crude February-March time spreads soaring to $1.35/b on Jan. 13, up from $0.78/b on Jan. 10.

The Bakken shale play in North Dakota, long considered a mature field, may gain a new lease on life due to significant untapped potential in the Three Forks reservoir. Recent research by North Dakota’s Department of Natural Resources estimates the reservoir contains 250MM bbl.