Russia’s crude oil and condensate exports have declined slightly since 2022, but the bigger shift has come in where those barrels are going, according to new analysis released by the U.S. Energy Information Administration (EIA) on Aug. 7.
Brazil’s crude oil exports to the U.S. are facing an uncertain future as Washington prepares to impose sweeping 50% tariffs on Brazilian imports starting August 1—up from the current 10%. While it remains unclear whether crude oil will be included in the list, analysts and industry groups are already warning of major disruptions.
Europe has accelerated its purchases of liquefied natural gas to refill its storage caverns for the winter, and once again, this has driven prices higher, sapping demand in Asia. This could turn into a seasonal pattern until new LNG capacity comes online—and it will definitely add to Europe’s energy cost woes.
Saudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.
The Saudis led the producer group over the weekend in agreeing to raise production by 411,000 barrels a day in July, a third straight month of outsized hikes. In tandem with US President Donald Trump’s trade war, the supply increases have helped drive benchmark oil prices about 12% lower in London since early April.
The Emirati oil major expects production of the grade to top 1.7 million barrels daily in June, July and August, which means more downward pressure on its price and likely drive stronger demand from Asian buyers. One unnamed Reuters source said output of the key grade could top 2 million barrels daily in July.
Saudi Arabia slashed its flagship oil price by the most in more than two years, just days after the OPEC+ alliance announced an unexpectedly large output hike.
State producer Saudi Aramco will lower Arab Light crude to its biggest buyers in Asia by $2.30 a barrel for May, according to a price list seen by Bloomberg.
Top oil exporter Saudi Arabia may raise crude prices for Asian buyers in March to their highest in more than a year after benchmark prices spiked on higher demand from China and India as U.S. sanctions disrupted Russian supply, traders said on Monday.
The global energy landscape has entered a transformative era as Europe decisively shifts away from Russian natural gas. Once the cornerstone of Europe’s energy supply, Russia now faces the economic and geopolitical fallout of losing its largest market.
The pace of sales for February-loading Angolan oil is faster than the last couple of months, with only 20-30 percent of next month’s supplies still seeking buyers.
Saudi oil giant Aramco and Abu Dhabi’s ADNOC plan to expand their downstream businesses, especially in Asia, to lock in future demand for their crude in the petrochemicals sector.