Oil Markets

Nick Coleman from S&P Global Commodity Insights and Payam Hashempour, an oil supply expert, delve into OPEC+'s strategy amid changing demand. They discuss the nuances of OPEC's decision to reintroduce crude oil despite a dip in prices and softer projections for 2024. The duo highlights geopolitical factors disrupting oil markets, the challenges posed by oversupply, and the compliance issues within OPEC+ members. They also touch on how Asian demand for Iranian and Russian crude is reshaping global trade dynamics.

Nicolás Maduro, the current president of Venezuela, is embroiled in a fierce political battle that could determine the fate of the country’s oil industry. He discusses the struggles to maintain power amidst protests and gasoline shortages, while crude production remains steady. The conversation dives into how potential US sanctions could further cripple investment prospects and impact oil exports. Oil analysts Nick Blanco and Maria Jimenez Moya join to analyze the implications of this turmoil and the urgent need for political stability to revitalize Venezuela's energy sector.

Robert Perkins, a diesel flow expert, Nadia Bliznikova, a crack spreads specialist, and Rebeka Foley, an analyst on Atlantic economic conditions, dive into intriguing shifts in the diesel market. They discuss how US exports to Europe are soaring while Middle Eastern flows decline due to evolving demand. The trio highlights how geopolitical factors, changing consumer preferences, and macroeconomic influences are reshaping the diesel supply chain. They also touch on the implications of an impending US election on fuel pricing and demand.

Exploring the shift in India's oil imports towards Russian crude and its impact on traditional Middle Eastern suppliers. Analysis of market dynamics, OPEC agreements, compliance issues, and potential scenarios. Discussion on Middle Eastern exporters' strategies and OPEC production cuts.

The Dangote refinery in Nigeria is set to shake up global trade flows with its quest for crude sources beyond its borders. As it ramps up production, the podcast discusses the impacts on gasoline distribution in West Africa. It highlights the decline of crude imports in Nigeria and the logistical challenges within refinery operations. The conversation also touches on the financial struggles of the Nigerian National Petroleum Corporation and how these challenges may reshape the fuel market.

Summer flying season has taken over for summer driving season. Jet fuel prices and demand have surged to record levels in June and July, and US officials report record-high numbers of airline passengers. Gasoline and diesel demand have largely been in line with seasonal norms, but US West Coast prices and demand have been dinged by increased adoption of biofuels and electric cars. Richard Swann, global director for clean refined products, discusses summer demand and more with clean products associate editorial director Matthew Kohlman and Americas middle distillates manager Jordan Daniel.

S&P Global Commodity Insights' Francesco Di Salvo and editors discuss the impact of sanctions on Russian oil flows, including the rise in seaborne exports despite sanctions. Topics include changes in crude and product exports, price sentiment for Urals grade, and challenges faced by the G7 in controlling oil sales.

The aviation sector post-pandemic recovery was seen as a bright spot for regional oil demand this year. However, with uneven recovery within the industry and underwhelming performance in key markets such as China, the growth in demand is expected to ease in the coming months. This demand slowdown could potentially send the jet fuel market into turbulent skies ahead.  S&P Global Commodity Insights’ Asia oil news editor Neo Rong Wei discusses Asia's aviation recovery and its impact on jet fuel demand and cracks with associate editor Lee Shu Ling, who covers Asia jet fuel/kerosene markets and Platts Forward Curve associate editor Ernest Puey.

Exploring the soft gasoline market amidst high refinery production and rising inventories. Discussion on the impact of returning refinery utilization on oil product spectrum. Analysis of bearish sentiment in gasoline market due to strategic reserve releases and ample supply in various regions.

Canada’s Newfoundland and Labrador province is sitting on an estimated 124 billion barrels in offshore crude reserves with access to global export markets, but needs investors to bolster output. Pulling in investors will likely be difficult considering other offshore opportunities in the Americas, including Guyana and Brazil. Will Equinor Canada take an FID on its delayed Bay du Nord project? What is the potential of ExxonMobil’s Persephone prospect? Americas oil news director Jeff Mower and Canadian energy reporter Ashok Dutta discuss these questions and examine the potential of Canada’s offshore. Links:  Register for APPEC 2024