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Non-OPEC+ Seaborne Crude Supply Growing

OIL
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Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.

  • WTI and North Sea crude on the water are rising markedly it added.
  • Oil in the supply chain expanded strongly over recent months, while stocks at refineries built in particular over the last month.
  • Oil markets have switched back more towards these supply/demand fundamentals after the geopolitical risk premium priced off with crude rising against signs of higher demand such as in the US market for road and air travel.
  • The increase in non-OPEC+ flows is another factor pressing the upcoming meet by the group this week to extend current commitments – widely expected by the market.


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Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.

  • WTI and North Sea crude on the water are rising markedly it added.
  • Oil in the supply chain expanded strongly over recent months, while stocks at refineries built in particular over the last month.
  • Oil markets have switched back more towards these supply/demand fundamentals after the geopolitical risk premium priced off with crude rising against signs of higher demand such as in the US market for road and air travel.
  • The increase in non-OPEC+ flows is another factor pressing the upcoming meet by the group this week to extend current commitments – widely expected by the market.


Keep reading...Show less