Oil Summary at European Close: Crude Rises

Oil markets have extended today’s gains, boosted by a slightly weaker USD and expectations that OPEC+ will rollover voluntary cuts, keeping a lid on supply.

• Brent JUL 24 up 1.1% at 83.99$/bbl
• Brent JUL 24-AUG 24 unchanged at 0.22$/bbl
• Barak Ravid at Axios reporting that Israel has submitted to Qatar, Egypt, and the US, "an official, written, and updated proposal regarding the Gaza hostage deal."
• Saudi Aramco may cut prices for most of its crude it sells to Asia in July – the first in 5-months according to Reuters sources.
• Mexico’s Pemex exported 681,000 bpd of crude in April – 31% lower y/y.
• Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
• Libya has revised down its planned crude exports for May to 1.1m b/d, according to Bloomberg, citing a loading programme.
• Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.
• India’s Reliance, which operates one of the world's largest refining complexes, has signed a one-year deal with Russia’s Rosneft for at least 3m bbl/month of Urals crude to be paid in roubles, Reuters said.
• Nigeria plans to export 92k b/d of Amenam crude in July, near steady on the 95k b/d of exports for June, according to a loading programme seen by Bloomberg.