Oil traders are focused on New Delhi’s buying after Washington doubled tariffs on many Indian imports to 50 percent to try to end the war in Ukraine. As part of the drive – which has not been matched by similar US action against China, another big importer – Treasury Secretary Scott Bessent accused the country’s wealthiest families of profiteering, and Navarro said the nation was fueling “the Russian war machine” and “nothing but a laundromat” for the Kremlin.
Kazakhstan has once again found itself on the wrong side of OPEC+ production targets, and this time, it seems to have cost the oil minister his job. The country has been pumping oil as if the quotas didn’t exist, hitting record production levels at 1.767 million barrels per day in February (with the help of Chevron)—a cool 300,000 barrels over its quota.
Iraq’s Oil Minister, Hayan Abdel Ghani, voiced his disappointment with ExxonMobil’s intention to withdraw from the West Qurna 1 oilfield in Iraq at the beginning of 2024. Instead, the Ministry of Oil claims that ExxonMobil plans to focus on potential investment opportunities in African nations.