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U.S. Oil Exports to India Jump Amid Sanctions on Russia

OilPrice

The United States exported in February the highest crude oil volumes to India in more than two years as Indian refiners scramble for alternative supply after the latest U.S. sanctions on Russias oil trade. To compare, American crude exports averaged about 221,000 bpd throughout 2024. Last month, U.S.

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China’s Oil Imports Could Rise as Newest Refinery Begins Trial Runs

OilPrice

Shandong Yulong Petrochemical, the newest refiner in China, is set to begin trial runs at a 200,000-barrels per day crude processing unit later this month, traders familiar with the facilitys plans told Reuters on Monday, in what could be a boost to Chinese crude oil imports in the coming months.

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Crude oil extraction may be well past peak

Energy Central

World crude oil extraction reached an all-time high of 84.6 million barrels per day in late 2018, and production hasn’t been able to regain that level since then. World monthly crude oil production based on data of the US Energy Information Administration (EIA).

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Weak refinery, export demand weakens prices for Midland crude along Texas coast

Oil & Gas 360º

That compared to an average of 50 cents a barrel a year ago, when record crude production at the top U.S. Permian oilfield and strong export demand for WTI Midland crude widened price differentials. WTI Midland crude traded at a $1.08 crude futures in March, easing from a 11-month high of $1.22 crude futures.

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Are we back to fundamentals as oil prices tank further?

Oilholics Synonymous Report

At the time of writing this post, The Oilholic noted that Brent and WTI front month futures contracts had breached their respective $74 and $70 per barrel floors. Then came a revelation that OPEC - deemed the most bullish of the crude oil demand growth forecasters - had revised its prediction lower for 2024 below 2 million bpd.

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Oil on Track to Average $80 in 2024, JP Morgan Highlights

Rigzone: News

Morgan analysts highlighted that Brent crude oil 'is on track to average $80 per barrel in 2024', which they pointed out is $3 below their projections from last June.

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Ghana’s crude oil production dips 9.54% in 2023

Reporting Oil and Gas

percent decline in crude oil production. Total crude oil produced amounted to a total of 35.42 million barrels, according to Finance Minister Ken Ofori-Atta. Addressing Parliament while presenting the 2024 budget and economic policy, the finance minister detailed that the Greater Jubilee field contributed 21.94