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- S&P Global said on Thursday that the Canadian oil sands production is expected to reach 3.7 million barrels per day by 2030, marking the first increase in the country’s 2030 production expectation in five years.
- The US coastal spot crude oil price spread rose on Thursday, entering the third day of term trading, as the discount of US crude oil to Brent crude oil widened, boosting demand. Term trading is typically more volatile as traders offset risk during this period.
- Shell announced on Thursday that it will start transporting oil from its Zydeco pipeline from Houston to Nederland on Friday, a month after the pipeline was forced to shut down due to a oil spill incident.
- Discussions on gas and oil investments between Iraq’s Ministry of Oil and Saudi companies, including Saudi Aramco, have not reached a final agreement, according to a statement on Thursday.
- After the EU embargo, Asian countries remain the main destination for Russia’s export of vacuum gasoil (VGO) and fuel oil. “The flow of refining and gasoline is quite stable,” said one trader.
- Russian Deputy Prime Minister Novak said on Thursday that Russia and its OPEC+ partners would make the most favorable decision for the oil market at next week’s Vienna meeting.
- Morgan Stanley analysts said in a report that OPEC+ oil exports fell by 1.4 million barrels per day in May so far compared to the previous month. Eight OPEC+ countries participating in production cuts saw a reduction of 1.5 million barrels per day in exports, including a decrease of 400,000 barrels per day in Russia’s oil exports.
- Market participants and calculations suggest that oil loading at ports in western Russia will decrease by 6% in June compared to May due to voluntary production cuts in Russia and increased refinery production rates domestically.
- Russian Deputy Prime Minister Alexander Novak said in an interview on Thursday that Brent crude oil prices will be slightly above $80 per barrel by the end of this year due to increased summer demand and OPEC+ production cuts.
- According to the Russian business daily, Vedomosti, Russia’s natural gas production totaled 235 billion cubic meters in the first four months of this year, a 10% decrease from the same period last year, according to sources familiar with the statistics.
