Oil & Gas

China to Refill Oil Reserves Following 2023 Drawdown

China’s onshore oil inventories have fallen, signaling a potential increase in international market purchases.
Beijing’s oil consumption and reserve levels are key to global price trajectories, with moderate restocking expected due to economic struggles.
While China’s crude imports reached a record high in 2023, its strategic reserve replenishment in 2024 is expected to be cautious and focused on refinery use

U.S. Crude Oil Could Be Ripe for A Short Squeeze

Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.

Libya Eyes Oil Comeback Despite Political Divide

Political instability has hindered Libya’s oil production, but the country is eager to regain its energy prominence with a goal of reaching 2 million barrels per day.
Substantial foreign investment is required to modernize Libya’s aging oil infrastructure, including pipelines and storage facilities.
Despite challenges, Libya’s significant untapped oil reserves present a substantial opportunity for economic growth and energy sector revival.