After several false starts in developing domestic refining capacity, the African continent is now home to one of the world's largest refineries. But while Nigeria's Dangote refinery was expected to meet domestic fuel demand, distribution costs and affordability issues have driven it to export markets.  With new projects soon to come on stream in Angola, Congo, Ghana and elsewhere, Francesco Di Salvo, Matthew Tracey-Cook and Kelly Norways discuss on the latest Oil Markets podcast episode the prospects for African refiners to meet the region's growing demand for oil, amid competitive start-ups in the Middle East and decarbonisation initiatives abroad. Links: Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00 Gasoline CIF West Africa Cargo $/mt - AGNWC00 Nigeria's Dangote refinery to export first gasoline as local market struggles (subscriber content) Africa's refining resurgence on course despite margin risk (subscriber content)

Much has been said about Donald Trump's ambitions in upstream oil sector, specifically his promise to unleash US oil producers and boost output. Conventional oil refiners, many of which have invested in renewables, are hopeful that Trump will reduce support for electric vehicles, propping up demand for conventional fuels. Biofuels producers are looking for Trump to maintain the tax incentives that have incentivized investments in the industry under Joe Biden’s administration, and are hoping for an expansion of E15 blended gasoline. However, tariffs remain the wild card.    Jeff Mower discusses these developments with senior downstream editor Janet McGurty, policy editor Eamonn Brennan, and US biofuels and feedstocks price editor Guadalupe Nunez.

The election of Donald Trump for a second term as US president has brought significant attention to US energy policy. Meanwhile, OPEC+ announced on November 3 its decision to delay tapering production cuts of 2.2 million b/d from December to January, having previously postponed from October 2024. As markets absorb president-elect Trump’s victory, Payam Hashempour and Charlie Mitchell join Joel Hanley to analyze OPEC+ policy amid and beyond this political shake-up affecting the cartel’s major producer counterpart across the Atlantic. Related content: OPEC+ delays plan to ease crude oil output cuts by one month FIRST TAKE Whatsapp channel Track our US Elections coverage Price assesments:  Dated Brent Dubai Mo01 (NextGen MOC)

Crude production in the Permian Basin is growing, but pipeline capacity growth out of the West Texas/New Mexico play is lagging. With Permian crude output expected to reach roughly 7 million b/d by December 2025, some industry watchers are concerned that tight exit capacity could lead to wider crude price discounts for Midland WTI. Will the market see a repeat of August 2018, when the WTI Midland discount widened to $20/b because exit capacity fell short? Does US crude export growth present another potential bottleneck? And what does lower-than-expected US crude export demand mean for several planned terminal expansion on the US Gulf Coast? Jeff Mower, director of Americas oil news, discusses pipeline capacity, crude export demand, and more with senior upstream oil editor Starr Spencer and midstream oil editor Binish Azhar.

The footprint of US crude oil is rapidly expanding, intensifying competition with OPEC and non-OPEC supplies in key Asian markets. As geopolitical tensions in the Middle East escalate, how much US crude can fill potential supply gaps in Asia? Additionally, how could policies under a new US administration, whether led by Trump or Harris, impact oil outflows? In a wide-ranging discussion with Sambit Mohanty, Asia energy editor, Joel Hanley, global director for crude oil at S&P Global Commodity Insights and Benjamin Tang, head of liquid bulk at S&P Global Commodities at Sea, share their insights on some of the key themes that could potentially have implications for Asia’s appetite for crude oil from the non-OPEC supplier, which is heading for a sharp growth in domestic output.

As high sulfur fuel oil cracks in Europe hover at year-to-date highs outside of their traditional summer peaks, reporters Tommy Petrou and Takis Gounaris join Joel Hanley to delve into the fundamentals that are providing a firm footing for fuel oil markets in Europe as heightened tensions in the Middle East stir up volatility across the commodities complex. Links: FIRST TAKE Whatsapp channel: https://whatsapp.com/channel/0029Vah2ZJPGJP8JnyPYbf46 3.5%S FOB Rdam Barge - PUABC00 3.5%S FOB Rdam Barge Brent Crack Mo01 - AATZT00 Rotterdam HSFO barges reach 3-month high amid tight supply (subscriber content)  

California gasoline prices are notoriously volatile, and state's lawmakers are taking notice. California's Senate is considering a bill proposed by Governor Gavin Newsom that would require state refiners to increase gasoline inventories and would also give the state additional control over refinery maintenance programs. How much does California's boutique blend play into the state's high gasoline prices? What is the plan for fuel storage in the state amid the energy transition? Will California become even more dependent on fuel imports as refining capacity continues to shrink?   Jeff Mower, director of Americas Oil news, discusses with refined products news editor Janet McGurty, refined products price editor Zoe Vastakis, and refining analyst Matthew Gordon.   Links: Los Angeles CARBOB vs NYMEX AANVX00 Chicago RBOB vs NYMEX AANY102 

As oil derivatives and futures contracts navigate volatile seas, how are the more prompt physical spot markets reacting to an expected return of Libyan supply amid other regional developments? Join Joel Hanley in this episode of the Oil Markets podcast as he engages with market experts Luke Stuart, George Delaney, and Joey Daly. They explore the impact of escalating tensions in the Middle East on crude prices in the Mediterranean, West Africa, and North Sea, providing critical insights into current market sentiment and what it means for traders and stakeholders navigating this volatile landscape. Links:Cairo Energy ForumDated Brent - PCAAS00 WTI Midland CIF Rotterdam vs Fwd Dated Brent - WMCRB00 Azeri Light CIF Augusta - AAGZX00 CPC Blend CIF Augusta vs BTC Dtd Strip - AAHPL00 Bonny Light FOB Nigeria London vs WAF Dtd Strip - AAGXL00 Med sweet crude market under pressure amid expected return of Libyan barrels (subscriber content) Azeri Light differential collapses to four-week low as market eyes return of Libyan crude (subscriber content) Dual narrative emerges for Nigerian crude market as attention turns to Nov cycle (subscriber content) Ekofisk-WTI Midland spread at eight-month high amid diverging fundamentals (subscriber content)

Oil demand in India and China—the two Asian giants—was a key topic of discussion at the Asia Pacific Petroleum Conference. China's oil demand going forward remains a significant concern for oil-producing nations as oil consumption from Asia’s largest economy is waning amid weaker-than-expected economic growth and ongoing property woes, a double whammy for diesel demand. Meanwhile, crude producers look to others, namely India to pick up the slack potentially.   In this podcast, S&P Global Commodity Insights' Jonathan Nonis, associate editorial director is joined by Mriganka Jaipuriyar, head of news, APAC, and Pulkit Agarwal, head of India content to discuss the energy challenges in these two countries and their impact on oil markets for the rest of Asia. It also discusses the easing crude imports from China and its effects on the broader inter-Asia oil product market.

The impending closure of Grangemouth, one of the last six refineries in the UK, raises urgent questions about the future of Europe’s refining landscape as profitability declines. Our experts examine the challenges facing the European downstream sector, including evolving supply chains and the impact of energy transition trends. In this Oil Markets podcast episode, join host Herman Wang, Elza Turner and Kelly Norways as they discuss the potential for further refinery shutdowns and the critical shifts shaping oil markets across the continent. Links:Energy Security Sentinel™ ULSD 10ppmS FOB ARA Barge - AAJUS00 Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00 Dated Brent - PCAAS00 Petroineos to close Scotland's Grangemouth refinery Q2 2025 (subscriber content) Mediterranean refiners cut runs due to margin squeeze (subscriber content) REFINERY NEWS ROUNDUP: SAF in focus in Asia, Europe (subscriber content) REFINERY NEWS ROUNDUP: Maintenance, closures, incidents in Europe (subscriber content) REFINERY NEWS ROUNDUP: Maintenance picks up in Asia-Pacific (subscriber content)

Crude futures prices have tumbled recently in part as supply expectations are outweighing demand forecasts. On the supply side, non-OPEC crude production has been rising, driven largely by output gains in the US, Canada, Guyana and Brazil. On the demand side, slowing economic growth, notably in China, has reduced the expected need for crude, at least in the near term. What role is technology playing in the crude output gains? Are pipeline constraints around the corner? And how is an endangered whale species posing an obstacle to Gulf of Mexico output? Join Jeff Mower, director of Americas Oil News, as he discusses with Platts US crude market editor Laura Huchzermeyer, senior upstream editor Starr Spencer, and oil futures editor Chris van Moessner.

Since the politically motivated suspension of crude oil production in Libya on August 26, the oil markets have experienced a heightened level of volatility, with price fluctuations depending on almost every new headline. In this episode of the Platts Oil Markets Podcast, Joel Hanley is joined by reporters Charlie Mitchell and Luke Stuart to delve into the country's long history of production woes and discuss the impact of this latest crisis on local and macro oil markets. Links: Libyan factions extend talks amid oil shutdown (subscriber link) OPEC+ weighs delay to Oct output hike amid weak oil prices (subscriber link) Oil market braces for volatility as supply glut fears drag Brent to 9-month low Dated Brent - PCAAS00 Es Sider FOB Libya vs BTC Dtd Strip - AAGYH00 Azeri Light CIF Augusta vs BTC Dtd Strip - AAHPM00 Saharan Blend FOB Algeria vs BTC Dtd Strip - AAHPN00

Emerging trends in Asian oil consumption centers, enhancing energy security and the decarbonization strategies Asian countries are pursuing will be some of the themes in focus at the Asia Pacific Petroleum Conference or APPEC 2024, by S&P Global Commodity Insights, which is scheduled to take place from September 9-12 in Singapore.   In a wide-ranging discussion with Asian Energy Editor Sambit Mohanty, three senior market experts, Dave Ernsberger, head of market reporting and trading solutions, Calvin Lee, head of Asia content and  Kang Wu, global head of oil demand research, share their views on what APPEC delegates can expect to hear on those issues as well as on other topics, such as the evolving world of upstream, the supply strategy of OPEC and its allies, and the role of innovation in achieving net zero targets.

Economic growth has slowed in China, cutting into US crude exports and softening spot price differentials for US Gulf Mars crude. The expected supply surplus stemming from reduced Chinese buying has also helped to cushion the bullish impacts of the ongoing war between Israel and Hamas, keeping oil futures in a well-worn range.    Jeff Mower speaks with US crude reporter Laura Huchzermeyer, crude analyst Ian Stewart and oil futures editor Chris van Moessner about the current arbitrage economics for US crude to Asia and Europe, as well as the timeline and indicators for Chinese demand recovery.

OPEC’s latest and eagerly watched monthly oil market report, which presented a softer near-term demand outlook compared to its July forecasts, has coincided with a dip in oil prices at a time when the group has made clear its intention to gradually reintroduce supply to the market. Can OPEC and its allies remain calm in the face of a sluggish demand picture? In this episode of the Oil Markets podcast, Joel Hanley is joined by S&P Global Commodity Insights’ Nick Coleman and Payam Hashempour to discuss the geopolitical and oil market fundamentals driving current OPEC+ policy. Links: Dated Brent - PCAAS00 Dubai Mo01 - PCAAT00 OPEC+ still hopes to unwind oil cuts in October, as ministers keep close eye on the market (subscriber content) 'Call' on OPEC+ crude in 2024, 2025 trimmed again in bearish update S&P Global Commodity Insights Abuja Forum S&P Global Commodity Insights Lagos Forum

The future of Venezuela's oil industry is in the crosshairs of a political battle. Current president Nicolás Maduro is fighting to maintain power following a contested July 28 election, and protests have caused gasoline shortages in the country, where supply is already limited by low refinery run rates. While crude production has held up, Venezuela's exports have fallen, and it is possible the US will impose tougher sanctions on the country if Maduro clings to power, reducing the likelihood of further upstream and downstream investment.   Jeff Mower speaks with oil analyst Nick Blanco and senior refined products editor Maria Jimenez Moya about the implications of Venezuela's post-election turmoil on oil markets.

In July, US diesel exports to Europe surged to multi-year highs, displacing Middle Eastern flows due to inverted arbitrage economics and a bearish near-term outlook for the commodity in Europe. In this episode of the Platts Oil Markets Podcast, host Joel Hanley is joined by Robert Perkins, Nadia Bliznikova, and Rebeka Foley to explore the latest developments in diesel flows, crack spreads, and the macroeconomic environment influencing supply and demand balances in the Atlantic basin. Links: Cairo Energy Forum ULSD 10ppmS CIF NWE Cargo - AAVBG00 ULSD 10ppmS CIF Med Cargo - AAWYZ00 US diesel exports to Europe hit record high despite lackluster demand Middle East diesel exports to Europe hit 9-month low in July amid higher US supplies (subscriber content)

Never before India's oil import basket has changed so dramatically as it has changed in the past three years. The sharp rise in the share of Russian barrels have displaced big volumes of Middle Eastern crude. And now, as Indian refiners start to explore the possibility of signing term deals for Russian crude, market players are looking for answers on how this might further change trade flows as well as influence the production strategy of OPEC and its allies. In a wide-ranging discussion with Sambit Mohanty, Asia energy editor, Rosemary Griffin, OPEC lead at S&P Global Commodity Insights, Pulkit Agarwal, head of India content, and Daniel Colover, head of market engagement for the Middle East, discuss the evolving scenario and the implications it might have on supplies from other regions. Links: Register for APPEC 2024 APPEC (Topic page)

The Dangote refinery in Nigeria is poised to disrupt refined product flows in the Atlantic Basin just months after its long-awaited commissioning in early 2024. As the mega-refinery intensifies its search for crude sources beyond Nigeria's borders, significant changes are expected in the market. In this week's episode of the Oil Markets podcast, host Joel Hanley is joined by reporters Charlie Mitchell, Matthew Tracey-Cook, and Tommy Petrou. Together, they delve into Dangote's quest for alternative feedstocks and the dynamic shifts in gasoline and fuel oil flows in and out of Nigeria. Links: Dangote refinery eyes Brazilian, African crudes amid feedstock woes (subscriber content) Bonny Light FOB Nigeria London vs WAF Dtd Strip - AAGXL00 West Africa Gasoline FOB Northwest Europe - AAKUV00 FOB Rotterdam Marine Fuel 0.5% Barge - PUMFD00 Straight Run 0.5-0.7%S FOB NWE cargo - PKABA00

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.

The European Union’s decision on 24 June to target Russian shipping company Sovcomflot in its latest round of sanctions comes as ship tracking data shows a 5% monthly increase in seaborne crude oil exports through June. With changes to Russian crude and oil product exports in firm view for market participants, S&P Global Commodity Insights’ Francesco Di Salvo is joined by editors Robert Perkins, Elza Turner and Luke Stuart to discuss the latest flows and refinery news, as well as price sentiment for Russia’s flagship Urals export grade. Links:Russia's seaborne crude exports rise in June despite OPEC+ pledges Urals Primorsk vs Med Dtd Strip - AAWVI00 Urals FOB Novo Suez vs Med Dtd Strip - AAHPH00 Urals DAP West Coast India vs Forward Dated Brent - DWCUB00

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.

The Northern Hemisphere summer's regular star of the oil barrel, gasoline, has entered its traditional season of price strength with the market structure in contango and cracks far softer than usual for this time of year. With strong refinery production, rising inventories and a modest demand picture, Joel Hanley and frontline reporters Matthew Tracey-Cook and Kelly Norways examine the key variables currently affecting gasoline markets and discuss the impact of returning refinery utilization on the wider oil product spectrum. Links: European gasoline crack hits multi-month low amid dull start to summer driving season (subscriber content) Gasoline Prem Unleaded 10ppmS FOB Med Cargo - AAWZA00Gasoline Eurobob 10ppm FOB ARA Barge Brent Crack Financial Mo01 (NextGen MOC) - ABWFL00 Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00 

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  

Oil prices slumped after OPEC+ announced deals to ease voluntary crude output cuts in the last quarter of 2024 and extend group-wide production quotas into 2025. Market watchers are now closely monitoring quota compliance, global oil demand forecasts and non-OPEC+ supply growth. In this episode of the Oil Markets podcast, S&P Global Commodity Insights’ Rosemary Griffin, Payam Hashempour and Charlie Mitchell join Herman Wang to run through the key points of the group’s latest deals and the market reaction.   Links:Energy Security Sentinel™ Steady oil prices indicate uncertainty around OPEC+ plan to increase output in Q4 (subscriber content) OPEC+ extends voluntary cuts to September, sets phase-out schedule (subscriber content) Dated Brent - PCAAS00 Dubai Mo01 - PCAAT00

Mexico's presidential election on 2 June comes at a time of declining crude and natural gas production and uncertainty over the country's transition to cleaner fuels and more reliable power generation. If Claudia Sheinbaum wins, as is widely expected, will she continue Lopez Obrador's policy of restricting private sector involvement in Mexico's energy industry? Why has Mexico's crude oil production fallen to its lowest level in 40 years? Will Mexico continue to push to reduce its dependence on refined product imports? In this Oil Markets podcast episode, Jeff Mower, director of Americas oil news, is joined by energy reporter Sheky Espejo for a wide-ranging discussion on these topics and more.  

Nigeria's Dangote refinery, built at a cost of $20 billion and is Africa's largest, has started exporting naphtha to North Asian markets at a time when the clean tanker market is witnessing prolonged firmness. The naphtha flow from Dangote is adding to the ton-mile demand in the clean tanker sector and this could be boosting the clean tanker market in the short- to medium term.   Associate editorial director for Asia Freight, Pradeep Rajan, discusses about West African naphtha flow and its impact on the clean tanker market with Sameer Mohindru, senior editor, Asia clean tanker market, and associate editor Zoey Ng, who covers Asia naphtha market.

As European refineries return from seasonal maintenance, ample prompt supply in the North Sea, Mediterranean and West African crude markets suggests that the demand side of the equation remains firmly in the red. Joel Hanley is joined by crude editors Sam Angell, George Delaney and Joey Daly to discuss the implications of a crude-saturated Atlantic basin for prices in the major oil markets west of Suez. Links: Dated Brent PCAAS00 WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl WMCRB00 Bonny Light FOB Nigeria London vs WAF Dtd Strip AAGXL00 Azeri Light CIF Augusta vs BTC Dtd Strip AAHPM00 WTI Midland CIF Rotterdam crude differentials plunge to weakest value since October 2021 Nigeria Bonny Light crude value falls to 5-month low: Platts assessment

Diesel imports into Brazil have risen in recent months, but remains below a recent peak seen in January as the South American country deals with new payment terms for Russian barrels. Not only that, but Russian diesel supplies have tightened following drone attacks on Russian refineries by Ukraine. Will USGC refiners return to the #1 spot in supplying Brazilian diesel imports? What impact has this shift had on US diesel exports?  Jeff Mower, director of Americas oil news, discusses these topics and more with senior refinery editor Janet McGurty, Latin American refined products editor Maria Jimenez Moya, and US refined products editor Ben Peyton. Episode links: NEW Port Everglades CBOB differential to NYMEX RBOB APPNB00 NEW Port Everglades premium CBOB differential to NYMEX RBOB APPNJ00 NEW Tampa ULSD differential to NYMEX ULSD APPOI00 NEW Tampa Jet Fuel differential to NYMEX ULSD APPNU00

In May 2023, the world's most important oil price benchmark, Platts Dated Brent, which is used to underpin the price of significant volumes of traded crude oil, saw the addition of the first non-North Sea crude stream into its deliverable basket of grades: WTI Midland. Since then, the benchmark has seen liquidity skyrocket, the addition of new faces into the Brent complex’s long list of established market participants and, most importantly, the further strengthening of Dated Brent as a price indicator for commodity markets globally. In this episode of the Oil Markets Podcast, Joel Hanley is joined by Emma Kettley, Managing Crude Editor, and Sam Angell, Senior Crude Editor to discuss the one-year anniversary of Midland’s successful inclusion into the Dated Brent benchmark. Related content: Infographic: Dated Brent April update Related story: April 2024 breaks trade liquidity records in Platts North Sea physical, Cash BFOE partials MOC Mentioned price assessments: PCAAS00 - Dated Brent  WMCRB00 - WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl 

The spotlight on India's oil sector has never been stronger. India's role in global oil markets is set to expand at a fast pace until the end of the decade, making it the biggest center for demand growth, according to the IEA. Refining expansion remains a key priority, but with a tilt towards petrochemicals, and the country’s upstream strategy aims to realize the hydrocarbon potential of offshore regions.  While rising Russian oil flows and its impact on purchases from the Middle East is dominating the discussion on trade flows, rising oil prices is throwing up new challenges for the economy. In a wide-ranging discussion with Sambit Mohanty, Asia Energy Editor, Atul Arya, Chief Energy Strategist at S&P Global Commodity Insights, and Dharmakirti Joshi, Chief India Economist at CRISIL -- a unit of S&P Global -- share their views on the roadmap ahead for India's oil sector as the country is set to elect a new federal government.

Ahead of ARDA Week 2024 in Cape Town, South Africa, S&P Global Commodity Insights reporters Matthew Tracey-Cook, Kelly Norways and Elza Turner join Joel Hanley to discuss the changing dynamics of oil products markets in West Africa following the fresh development that Nigeria’s giant Dangote refinery has exported its first refined product cargo destined for Europe. In this episode of the Oil Markets podcast, our experts delve into the light and middle-distillate dynamic in West Africa and provide the latest refinery news from the region. Related price assessments: AGNWC00 - Gasoline CIF West Africa Cargo $/mt AGNWD00 - Gasoil FOB STS Lome West Africa Cargo $/mt (NextGen MOC) Related subscriber content: First oil products from Nigeria's giant Dangote refinery head to Western Europe Dangote refinery starts supplying diesel to Nigerian market Nigeria's Dangote gasoline production plans delayed, analysts eye fourth quarter Events: Middle East Petroleum and Gas Conference (MPGC): Evolving core energy markets within a sustainable landscape

  The Biden administration recently said it was no longer looking to buy up to 3 million barrels of crude for August and September to refill the Strategic Petroleum Reserve, which was drawn down to prevent oil price spikes following Russia’s invasion of Ukraine. With oil prices lingering at $85/b to $90/b, what are the chances the Department of Energy will continue refilling US reserves? How important are those reserves as the US heads into what is expected to be an active Atlantic hurricane season? What other tools does Biden have to keep a lid on prices ahead of the November presidential election? In this Oil Markets episode, Jeff Mower is joined by senior policy reporter Eamonn Brennan and oil futures reporter Chris van Moessner to discuss these developments and more. Episode links: NEW Port Everglades CBOB differential to NYMEX RBOB: APPNB00 NEW Port Everglades premium CBOB differential to NYMEX RBOB: APPNJ00 NEW Tampa ULSD differential to NYMEX ULSD: APPOI00 NEW Tampa Jet Fuel differential to NYMEX ULSD: APPNU00

A sharp increase in Ukrainian drone attacks on Russian energy infrastructure has those in the refined products markets looking at the near-term implications for export volumes, trade flows, freight rates and commodity prices. S&P Global estimates that Russian refineries with a combined nameplate capacity of over 1.6 million b/d nationwide have now been affected to some degree by Ukrainian attacks. In this episode of the Platts Oil Markets podcast, Joel Hanley is joined by Tom Washington, Senior Writer, Rebeka Foley, Senior Oil Markets Analyst, and Nadia Bliznikova, Associate Editor, to discuss how the latest developments are impacting related diesel and tanker markets in the region and further afield. Related stories: Interactive: Global oil flow tracker Strike on Russia's Taneco refinery marks leap in Ukrainian drone radius REFINERY NEWS: Russia's Taneco attacked by drones: reports (subscriber content) Related price assessments: AAVBG00 - ULSD 10ppmS CIF NWE Cargo AAWYZ00 - ULSD 10ppmS CIF Med Cargo

The 2024 CERAWeek by S&P Global conference just wrapped up in Houston, where oil industry executives were talking up, often aggressively, the need for oil and gas to remain in the mix during the transition to cleaner energies. They also discussed environmental solutions which will be needed to keep that oil flowing, namely the need for large-scale carbon capture projects. Jeff Mower talks with upstream oil editor Starr Spencer and midstream oil editor Binish Azhar about the outlook for oil production in the US, as well a roadblocks for CCS projects that are hinging on lengthy regulatory approvals. For more about carbon capture and the energy transition, check out the Future Energy podcast

Oil industry executives at the CERAWeek by S&P Global conference were largely bullish on oil production growth, shedding recessionary concerns voiced the prior year. They were less enthusiastic about the pace of energy transition, citing the need for more certainty from governments on carbon pricing and other incentives. In this bonus episode of the Platts Oil Markets podcast, Jeff Mower is joined by Dave Ernsberger, S&P Global’s head of Market Reporting and Trading Solutions, and Richard Swann, global director of clean refined products, to discuss these developments. Read more of S&P Global Commodity Insights' CERAWeek coverage Platts Connect

In the midst of Vladimir Putin’s rubber-stamp re-election as Russian President through March 15-17, a tightening of G7 sanctions led by Washington has seen over 10 companies and dozens of vessels put on the sanctions list for price cap circumvention since October. In addition, the election coincided with a significant increase in Ukrainian attacks on Russian refineries, adding further uncertainty to the world of Russian crude and oil products. In this week’s Platts Oil Markets podcast, Francesco Di Salvo is joined by Principal Journalist Max Lin, Senior Editor Elza Turner and Associate Editor Luke Stuart to discuss the impact of both the new sanctions campaign and the newly damaged Russian oil infrastructure on prices for Russia's flagship exports.  Price assessments we talked about: AAWVH00 - Urals FOB Primorsk Related content: FACTBOX: Russian refining outages mount under surge of Ukrainian drone attacks (subscribers) Greek operators regain share in Russian crude exports despite tighter sanctions Interactive: Seaborne trade in Russian oil under G7 price cap

Economic power-house China has set out 10 targets for 2024, which is pro-growth for oil demand, keen on energy security, and prioritizing accelerated industry modernization and development of new productive forces. In this episode of Platts Oil Markets podcast, Managing Editor for refined oil products, Wanda Wang has invited China experts Grace Lee, Asia analyst from the AltView team, Sijia Sun, Associate Director, China Oil Market, and Oceana Zhou, Oil Market Specialist, to discuss the oil-market related highlights following China’s “Two Session” meetings -- the biggest annual political gathering in the country, which happened over March 4-11.

Once a global powerhouse of crude production, the UK’s North Sea region saw its oil output decline accelerate to 12% in 2023, according to official data from the UK’s Department of Energy Security and Net Zero. The new figures come as the UAE’s Taqa revealed to S&P Global Commodity Insights that it plans to cease production at the Cormorant oil fields in 2024, a key component of Brent grade. In this episode of the Platts Oil Markets podcast: Joel Hanley is joined by Nick Coleman, Senior Editor for Oil News, and Sam Angell, Senior Editor covering the North Sea crude market, to discuss the outlook for North Sea oil production and the latest developments surrounding the global oil benchmark Platts Dated Brent. Content mentioned in the podcast: Infographic: Dated Brent February update  Continue viewing the infographics by subscribing to the S&P Global Platts Connect. Email [email protected] to learn more and subscribe.

Asian oil flows could witness drastic changes for the remainder of the decade amid growing belief that India will cater to the biggest share of incremental growth in demand in the region. The International Energy Agency has recently said that India's role in global oil markets will likely expand substantially, fueled by strong growth in its economy, population, and demographics, making the country the largest source of demand growth from now until 2030. And in the same period, oil demand growth in developed economies and China will initially slow down and then subsequently go into reverse. In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights senior market experts Kang Wu, global head of oil demand research, Pulkit Agarwal, head of India content, and Alice Niu, Head of China content, share their views on the potential drivers for the shift in demand that could redraw the oil map for Asia.

Latin American crude production is on the rise, with countries like Brazil, Guyana and Argentina leading the way. However, Latin American heavy sour crude output is expected to decline, and flows will be reshuffled as Canada’s Trans Mountain crude pipeline expansion starts up and as operations begin at Pemex’s Olmeca refinery. Why is heavy sour crude output declining, and what does the output decline and reshuffling of barrels mean for crude prices?  SPGCI's Americas oil news director Jeff Mower discusses these questions and more with oil research analysts Stephanie Rivera and Nick Blanco and crude pricing director Beth Brown. Register for CERAWeek Register for World Petrochemical Conference Related content: Latin America Short-Term Outlook – Crude Oil (report) Liza FOB Guyana (price) Oriente FOB Esmeraldas (price) Western Canadian Select at Hardisty (price)

As the European ultra-low sulfur diesel complex rallies on concerns around Eastern resupply unable to pass through the Red Sea, gasoil – its high-sulfur counterpart – is under unusual pressure. In this episode of the Platts Oil Markets podcast, editors Natasha Tan and Nadia Bliznikova discuss recent trends with Francesco Di Salvo. Further reading: Med ULSD-gasoil spread at 14-month high on tight diesel, weak gasoil (subscribers) Related price assessments: AAVJJ00 - Gasoil .1%S (1000ppm) CIF Med Cargo (NextGen MOC) AAUQC00 - Gasoil .005%S (50ppm) FOB ARA Barge (NextGen MOC) AAWYZ00 - ULSD 10ppmS CIF Med Cargo

Following a 1 million b/d growth in US oil output in 2023, oil producers and service companies have been warning of slowing growth this year during their fourth quarter earnings calls. Will production surprise to the upside? And what would that mean for US refiners? In this episode of the Platts Oil Markets podcast, senior upstream editor Starr Spencer, senior refinery editor Janet McGurty and midstream editor Binish Azhar discuss these questions and more with host Jeff Mower, Americas Oil News Director. Further reading: ExxonMobil, Chevron tweak Permian operations while nearing 1 million boe/d output Volatile prices, slower growth seen tamping down Helmerich & Payne's 2024 rig count Valero sees wider coastal heavy crude differentials on heavy Q1 turnaround season

In the face of continued security issues in the Red Sea stemming from Houthi attacks on commercial vessels, European trade patterns for oil products across the barrel are changing. S&P Global Commodity Insights’ Robert Perkins, Nadia Bliznikova and Takis Gounaris join Joel Hanley to discuss the impacts the Red Sea disruption are having on the European supply-demand balance for key oil products

Asia so far, has not witnessed any dramatic changes to near-term oil supplies amid the ongoing Red Sea crisis, but refiners are chalking out alternative plans to ensure steady feedstock flows in the event of an escalation -- a move that could inflate insurance costs and crimp refining margins. There has been a strategic push among Asia's top importers to massively diversify their import baskets over the years, as well as expand strategic storage capacities. The market is trying to find answers on whether these developments can come in handy to ensure smooth and uninterrupted supplies of feedstocks. Or are there enough reasons for Asian oil buyers to worry about supplies? In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights’ Rahul Kapoor, Vice President for Shipping Research and Analytics, and Sameer Mohindru, Senior Editor for Asian Freight Markets, share their views on how some of the recent geopolitical developments could potentially affect Asian oil flows, tanker freight and shipping costs.

With OPEC suggesting in its monthly oil market report that global oil demand growth will outweigh an expected increase in non-OPEC supply across 2024 and 2025, market watchers will be keen to see how the group and its allies respond to still slumping oil prices. In this episode, S&P Global Commodity Insights’ Jim Burkhard, Rosemary Griffin and Charlie Mitchell join Herman Wang to discuss the key points of the group’s latest report, OPEC supply from a wider geopolitical and economic outlook, as well updates on Libyan output and Angola’s decision to leave OPEC at the end of 2023.  London Energy Forum 2024

For the first Oil Markets episode of 2024, S&P Global Commodity Insights' oil experts team up across pricing, news and research to provide a fresh look at the crudes everyone is talking about — the new grades from Guyana’s Stabroek Block. Jeff Mower speaks with Ha Nguyen, Felipe Perez and Pat Harrington about how Liza, Unity Gold and Payara Gold are helping drive global production growth outside of OPEC. They discuss production forecasts, how action from Venezuela could affect growing exports, and where Guyana’s crude is going. How are emerging refiner preferences affecting the price of the new Guyanese grades? And with turmoil in the Red Sea disrupting trade flows and boosting the price for some crudes in the Atlantic Basin, what is in store for Guyanan oil?   Links: Register for CERAWeek by S&P Global Subscribe to Platts Connect

In the final episode of the Oil Markets podcast for 2023, S&P Global Commodity Insights crude and refined products directors Joel Hanley and Richard Swann round up the biggest events and trends of the year.  They provide an across-the-barrel retrospective of the year in oil markets, including shifting trade flows, developing markets for Russian oil, the emergence of Guyana as a crude powerhouse and a landmark year for established benchmarks Dated Brent and Dubai. Related prices: ULSD DAP South Brazil (All-Origin) AULDA00 Payara Gold FOB Guyana AYARA00 Dated Brent PCAAS00 Dubai Mo1 PCAAT00 Further reading: Guyana calls for UN sanctions on Venezuela over disputed territory Midland's successful inclusion into Platts Dated Brent