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OIL: Mid-Day Oil Summary: Crude Rises

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Crude is up slightly today with the market weighing reports of reduced CPC pipeline flows against Russia-US talks in Riyadh, which could pave the way to a Ukraine peace agreement.

  • Brent APR 25 up 0.1% at 75.32$/bbl
  • WTI MAR 25 up 0.8% at 71.3$/bbl
  • An attack by Ukrainian drones on the Kropotkinskaya pumping station in Russia resulted in a reduction in CPC oil transportation. Transneft says the damaged CPC station will take 1.5-2 months to repair and may lead to a 30% drop in Kazakh flows via Interfax. CPC Black Sea loadings schedule for February is unchanged despite the drone attack, Reuters sources said.
  • Reports that OPEC+ was considering delaying output hikes in April supported oil markets yesterday before this was later rebuked by Russia’s Deputy PM Novak. The group had planned its gradual reduction in output cuts from April, but global demand concerns and excess global supply could disrupt the schedule.
  • US-Russia talks in Riyadh are taking place today. Increased talk of negotiations for a truce to bring peace to Ukraine are weighing on oil prices with the potential for an easing of sanctions on Russia enabling more exports. However, a deal is a long way off, with concerns that Ukraine is being excluded from talks between the US and Russia.
  • Angola is set to ship 1.05m b/d in April, according to Bloomberg, citing a provisional loading schedule.
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Crude is up slightly today with the market weighing reports of reduced CPC pipeline flows against Russia-US talks in Riyadh, which could pave the way to a Ukraine peace agreement.

  • Brent APR 25 up 0.1% at 75.32$/bbl
  • WTI MAR 25 up 0.8% at 71.3$/bbl
  • An attack by Ukrainian drones on the Kropotkinskaya pumping station in Russia resulted in a reduction in CPC oil transportation. Transneft says the damaged CPC station will take 1.5-2 months to repair and may lead to a 30% drop in Kazakh flows via Interfax. CPC Black Sea loadings schedule for February is unchanged despite the drone attack, Reuters sources said.
  • Reports that OPEC+ was considering delaying output hikes in April supported oil markets yesterday before this was later rebuked by Russia’s Deputy PM Novak. The group had planned its gradual reduction in output cuts from April, but global demand concerns and excess global supply could disrupt the schedule.
  • US-Russia talks in Riyadh are taking place today. Increased talk of negotiations for a truce to bring peace to Ukraine are weighing on oil prices with the potential for an easing of sanctions on Russia enabling more exports. However, a deal is a long way off, with concerns that Ukraine is being excluded from talks between the US and Russia.
  • Angola is set to ship 1.05m b/d in April, according to Bloomberg, citing a provisional loading schedule.