U.S. Crude Is Dominating Global Oil Markets

Surging U.S. crude exports, particularly WTI Midland, have dominated global markets, with record export volumes and a significant portion being sent to Europe.
The addition of WTI Midland has provided benefits for U.S. producers by allowing forward sales and reducing pricing risk.
According to data from ship tracker Kpler, WTI Midland exports hit a record at 2.94 million bpd in December.

TotalEnergies Sells Its Subsidiary in Brunei

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of $259 million. The transaction is expected to close in the fourth quarter 2024.

U.S. Crude Production Growth Challenges OPEC+ Control Over Prices

OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024.
The decision aims to stabilize crude prices and balance market demands, reflecting Saudi Arabia’s efforts to reconcile diverse member interests.
Weak demand concerns in China and other major economies, coupled with record U.S. oil output, have contributed to falling oil prices despite OPEC+ cuts and Middle Eastern tensions.