Page 3 - Platts Dated Brent News Today

Iraq’s state oil marketer SOMO has approached French traders about the possibility of supplying Europe with crude, its director general said May 31, as the EU seeks to implement a ban on Russian seaborne imports. SOMO still aims to maintain its key supply contracts with Indian and Chinese state customers, who have signed long-term contracts, ...

The EU has agreed to ban Russian oil imports by sea, amounting to more than two-thirds of Russian crude deliveries to the bloc, in a move expected to further reshape global energy flows and add to price pressures as buyers seek alternative supplies. Brent crude futures for August were up by 1.6%, or $1.92/b, at ...

The oil market “is relatively in balance,” Saudi Arabia’s foreign minister said May 24, as the kingdom continues to brush off calls to produce more crude to bring down soaring prices. Consumers’ pain at the pump is the result of underinvestment in refining capacity, Prince Faisal bin Farhan al-Saud told the World Economic Forum in ...

Norway’s crude oil output was down 3% on the year in April at 1.66 million b/d, data published May 20 showed, with output running well below official forecasts due to sooner-than-expected maintenance. April crude output was also down nearly 5% compared with March 2022. Overall liquids production, including natural gas liquids, was down 6% on ...

A number of fears have gripped the oil market – recession, demand destruction, supply disruptions and rock bottom spare capacity to name a few, –so volatile prices are not surprising and are here to stay.

Sources say India will continue to lap up Russian Ural crude available at a discount, while continuing to buy oil from Saudi Arabia

EU plans announced May 4 to halt Russian oil imports by year-end is expected to reshape global energy flows and add to price pressure as buyers race to secure new supplies. Brent crude futures rose by more than 4% in European trading after the announcement and stood at $109.48/b by 11:45 GMT. The move, announced ...

India emerged as the largest buyer of Russian Urals crude in April enticed by hefty discounts, as several of the grade’s regular European customers have boycotted this oil following Russia’s invasion of Ukraine. Urals has been trading at record-lows in recent weeks, with some deals being done at discount of almost $40/b to the Platts ...

Iraq is unable to increase oil exports in response to the surge in global oil prices and Russia-related supply disruptions, Deputy Prime Minister Ali Allawi said April 19 during a visit to Washington, exacerbating the ability of OPEC+ to boost its output to compensate for production shortages that have helped lift prices to nearly $140/b. ...

The European market is awash with light sweet crude, raising fresh questions over the tightness of the oil market gripped by fear around the extent of lost Russian barrels. Tepid demand for premium West African and North Sea grades amid an influx of US crude has left market participants wondering whether concerns over potential supply ...