CANADA NOV BUDGET DEFICIT CAD8.2 BLN VS YEAR AGO CAD4.0 BLN

MNI BRIEF: Fed's Goolsbee Supports Slowing Rate Cuts

CANADA DELAYS IMPLEMENTING CAPITAL GAINS TAX HIKE TO JAN 2026

MNI BRIEF: US Dec Core PCE Inflation In Line With Expectations

MNI BRIEF: Fed's Bowman Wants Inflation Progress Before Cuts

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: BAKER HUGHES US RIG COUNT 582; OIL RIGS 479; GAS RIGS 98

BAKER HUGHES CANADA RIG COUNT 258; OIL RIGS 186; GAS RIGS 72

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Oil Summary at European Close: Crude Loses Ground

OIL
BulletEnergy BulletsCommodities

Crude front month futures have extended the trend lower in place since Jan. 15 as President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ to halt the Ukraine war.

  • Brent MAR 25 down 1.8% at 77.11$/bbl
  • WTI MAR 25 down 2% at 73.18$/bbl
  • The EU is set to agree to extend its current sanctions package against Russia on Monday, Bloomberg said.
  • Global crude held on stationary tankers for longer than seven days rose 13% to 66.26mbbl as of Jan. 24, according to Vortexa.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Kazakhstan’s oil production reached a daily record high of 278,499 mt on Sunday.
  • Kazakhstan’s Kashagan oil field has sent its first oil shipment to Azerbaijan’s Baku.
  • Shandong’s sanctioned tanker ban has temporarily slowed Iranian crude discharges and diverted vessels to other sanctioned ports Vortexa tracking shows.
  • A big drop in Russian production due to sanctions is not expected as higher freight rates incentivize non-sanctioned ships to move Russian oil and with a deepening discount on ESPO crude: Goldman Sachs
  • Russian ESPO has been offered at two different levels for a single destination for the first time: Bloomberg.
  • Libyan crude oil output stands at 1.41 mb/d on Jan. 26.
  • Aramco's OSP for Asian buyers of Arab Light in March is expected to rise to a 14-month high: Reuters survey.
  • Sonatrach set the OSP for its Saharan Blend for February at a 95 cents/b premium to Dated Brent.
  • An Iraqi Kurdish delegation will meet the Iraqi finance minister on Jan. 27 to discuss the ongoing budget law, critical for resuming crude exports through the Ceyhan pipeline.
273 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude front month futures have extended the trend lower in place since Jan. 15 as President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ to halt the Ukraine war.

  • Brent MAR 25 down 1.8% at 77.11$/bbl
  • WTI MAR 25 down 2% at 73.18$/bbl
  • The EU is set to agree to extend its current sanctions package against Russia on Monday, Bloomberg said.
  • Global crude held on stationary tankers for longer than seven days rose 13% to 66.26mbbl as of Jan. 24, according to Vortexa.
  • Wall Street expects US oil and gas companies to limit spending in 2025, despite Trump’s calls for “drill, baby, drill,” Reuters said.
  • Kazakhstan’s oil production reached a daily record high of 278,499 mt on Sunday.
  • Kazakhstan’s Kashagan oil field has sent its first oil shipment to Azerbaijan’s Baku.
  • Shandong’s sanctioned tanker ban has temporarily slowed Iranian crude discharges and diverted vessels to other sanctioned ports Vortexa tracking shows.
  • A big drop in Russian production due to sanctions is not expected as higher freight rates incentivize non-sanctioned ships to move Russian oil and with a deepening discount on ESPO crude: Goldman Sachs
  • Russian ESPO has been offered at two different levels for a single destination for the first time: Bloomberg.
  • Libyan crude oil output stands at 1.41 mb/d on Jan. 26.
  • Aramco's OSP for Asian buyers of Arab Light in March is expected to rise to a 14-month high: Reuters survey.
  • Sonatrach set the OSP for its Saharan Blend for February at a 95 cents/b premium to Dated Brent.
  • An Iraqi Kurdish delegation will meet the Iraqi finance minister on Jan. 27 to discuss the ongoing budget law, critical for resuming crude exports through the Ceyhan pipeline.