While diplomatic talks between the US and Russia continue, questions are raised about what consequences, if any, would new economic sanctions have on Russia’s ample exports of crude oil and diesel to Europe. In this episode of the Oil Markets Podcast, S&P; Global Platts editors Rowan Staden-Coats and David Lewis discuss with Rosemary Griffin and Francesco Di Salvo the state of play between Russia and the West and how big of a supply shock could sanctions cause to the international oil markets.

How would sanctions against Russia impact European oil markets?

S&P Global Commodity Insights analysis of key oil price movements across the globe.

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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  

Atlantic Canada’s offshore oil potential

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

Decoding the OPEC+ meeting: crude output increases in 2024

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.  

Mexico’s energy future hinges on election outcome

 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.

Naphtha flow from Africa's Dangote refinery boosting product tankers

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

How would sanctions against Russia impact European oil markets?

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