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OIL: Mid-Day Oil Summary: Crude Rises

OIL
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Crude has risen today after Saudi OSPs for April were cut by more than expected, raising the prospect for improved demand in Asia. Prices are set for a weekly decline amid trade tensions and an OPEC+ supply increase scheduled for April. 

  • Brent MAY 25 up 1.3% at 70.36$/bbl
  • WTI APR 25 up 1.3% at 67.2$/bbl
  • Saudi Aramco has cut its OSP for Arab Light Crude for April by $0.4/bbl, to $3.50/bbl above the Oman/Dubai benchmark, Bloomberg reports.
  • The US delayed its 25% tariffs on Mexico and Canada for goods covered by the USMCA yesterday. A White House official said that if oil was covered under USMCA, it’s exempt. It is expected that importers will rush to comply with the USMCA and secure the tariff relief.
  • Volumes of Kazakh crude flowing to Germany via the Druzhba pipeline in February amounted to 100k mt, a 21% drop on the month, Interfax said citing Kaztransoil.
  • Expanded oil production at Tengiz is planned for the H2, affording Kazakhstan the opportunity to meet its OPEC+ commitments, the deputy energy minister of Kazakhstan said, cited by Interfax.
  • China's crude oil imports fell 5% y/y in the first two months of 2025 to 83.85m tons, or 10.38mbpd, from 10.74mbpd in the same period last year, according to General Administration of Customs data.
  • India has made its first crude import deal with Argentina in eight years, aiming to expand its sourcing network and increase ties with non-OPEC suppliers, Platts said.
  • Indian state refiner Bharat Petroleum Corp (BPCL) plans to release a 4-month tender next week to buy US WTI crude, Reuters reports.
  • Shell has begun production at Phase 4 of its GKGJE deepwater oil project offshore Malaysia and Brunei, Reuters reports.
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Crude has risen today after Saudi OSPs for April were cut by more than expected, raising the prospect for improved demand in Asia. Prices are set for a weekly decline amid trade tensions and an OPEC+ supply increase scheduled for April. 

  • Brent MAY 25 up 1.3% at 70.36$/bbl
  • WTI APR 25 up 1.3% at 67.2$/bbl
  • Saudi Aramco has cut its OSP for Arab Light Crude for April by $0.4/bbl, to $3.50/bbl above the Oman/Dubai benchmark, Bloomberg reports.
  • The US delayed its 25% tariffs on Mexico and Canada for goods covered by the USMCA yesterday. A White House official said that if oil was covered under USMCA, it’s exempt. It is expected that importers will rush to comply with the USMCA and secure the tariff relief.
  • Volumes of Kazakh crude flowing to Germany via the Druzhba pipeline in February amounted to 100k mt, a 21% drop on the month, Interfax said citing Kaztransoil.
  • Expanded oil production at Tengiz is planned for the H2, affording Kazakhstan the opportunity to meet its OPEC+ commitments, the deputy energy minister of Kazakhstan said, cited by Interfax.
  • China's crude oil imports fell 5% y/y in the first two months of 2025 to 83.85m tons, or 10.38mbpd, from 10.74mbpd in the same period last year, according to General Administration of Customs data.
  • India has made its first crude import deal with Argentina in eight years, aiming to expand its sourcing network and increase ties with non-OPEC suppliers, Platts said.
  • Indian state refiner Bharat Petroleum Corp (BPCL) plans to release a 4-month tender next week to buy US WTI crude, Reuters reports.
  • Shell has begun production at Phase 4 of its GKGJE deepwater oil project offshore Malaysia and Brunei, Reuters reports.