Asian refiners’ mixed response to Ukraine conflict
Chinese refiners are yet to buy more Russian crude, while other nations in Asia may help fill Europe’s shortfall in diesel supply, according to energy intelligence firm Vortexa
There is further potential upside for crude prices, says David Wench, chief economist at energy intelligence firm Vortexa, citing a global pattern of low stocks, stagnant supply and solid demand. But the risk of recession—and with it, weaker demand—remains. Seaborne crude liftings have slowed to around 47mn bl/d, down from 50mn bl/d pre-Covid, according to Wench. And it is hard to see new barrels entering the market in the next few months, he says, adding that the UAE and Saudi Arabia could raise output in the short term but that scenario is unlikely. In the medium term, the USA, Iran and possibly Canada could also increase supply. Vortexa currently sees more than 1mn bl of Russian-loading c

Also in this section
3 April 2025
IOCs and Western lenders are reluctant to commit to new oil and gas projects in African frontier countries
2 April 2025
The often-hidden yet powerful hand maintains supply chain linkages and global flows amid disruptions
2 April 2025
At some point it is likely that $70/bl will be quietly accepted as the producer-consumer sweet spot for a US administration having to balance both sides of the ledger
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop