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Bloomberg: Middle Eastern oil producers are raising the export prices for their lower-grade crudes.
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Some relief for European refiners came from the U.S., whose oil exports to Europe were set to reach a record in March at around 2 million barrels daily.
2023/05/11 17:53
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
The previous record was set in 2019 at 12.3 million barrels per day, with the EIA's current estimate for this year at 12.4 million barrels per day.
While U.S. production is currently on track to set a new record, it is far from a certainty given the current oil market.
2023/05/04 17:50
Europe And China Face Off Over U.S. LNG Supply Deals
Middle East Oil Prices Soar Amid Chinese Trading Frenzy
Will Argentina Reach Its 1 Million Bpd Oil Production Goal?
Bloomberg: Middle Eastern oil producers are raising the export prices for their lower-grade crudes.
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Some relief for European refiners came from the U.S., whose oil exports to Europe were set to reach a record in March at around 2 million barrels daily.
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
The previous record was set in 2019 at 12.3 million barrels per day, with the EIA's current estimate for this year at 12.4 million barrels per day.
While U.S. production is currently on track to set a new record, it is far from a certainty given the current oil market.