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Despite the OPEC+ output cuts coming into effect on May 1st, crude oil exports in Saudi Arabia and Russia have remained strong in the first quarter of 2023, and aren’t expected to decline significantly this summer
Norway’s energy major Equinor this week officially reopened the Njord gas field in the Norwegian Sea, aiming to more than double the field’s production and raise Norwegian gas exports to Europe
Mild spring weather with low gas demand combined with pipeline maintenance to drag spot natural gas prices at the Waha hub in West Texas into negative territory this week
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Russian crude shipments have continued to rise over the past four weeks, despite Russia’s insistence that it is cutting oil production by 500,000 bpd and even more.