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OIL: Oil Summary at European Close: Crude Slides

OIL
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Oil has faced additional downward pressure on comments by the Libya’s NOC confirming protestors were allowing operations to resume. Concerns over Libyan production had helped buoy prices earlier.

  • Brent MAR 25 down 0.3% at 76.86$/bbl
  • WTI MAR 25 down 0.3% at 72.97$/bbl
  • The protest group holding up Ras Lunaf and Es Sider ports in Libya has decided to allow eastern oil ports to operate for two more weeks to give National Oil Corp. time to respond to demands a Bloomberg sources say
  • US crude oil inventories are expected to have risen by 4.8m bbl in the week to Jan. 24, according to a note by Macquarie .
  • Indian Oil Corp Chairman Arvinder Singh Sahney says US sanctions on Russia will not impact India’s oil supply, the Times of India reports.
  • Indian Oil is facing a potential drop in Russian oil imports this fiscal year ending March 31 due to the latest sanctions its head of finance Anuj Jain said.
  • Millions of barrels of North Sea and Kazakh oil normally consumed by oil refineries in Europe are instead heading to Asia, as US sanctions on Russia revive arbitrage opportunity, Bloomberg reports.
  • Kazakhstan plans to start producing shale oil in 2025, Interfax reports.
  • China’s oil & gas output exceeded 400 million tonnes for the first time in 2024, Xinhua reports.
  • With Brent trading back around $80/b and Trump calling for OPEC to bring down prices, this in theory gives OPEC the window it needs to boost production, according to Energy Intelligence’s Amena Bakr.
  • No OFAC sanctioned vessels carrying Iranian oil have successfully offloaded oil at state-owned Shandong Port Group’s major terminals, Kpler reports.
  • Russia is sending oil to India on tankers that are designated by the latest U.S. sanctions according to Bloomberg vessel tracking.
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Oil has faced additional downward pressure on comments by the Libya’s NOC confirming protestors were allowing operations to resume. Concerns over Libyan production had helped buoy prices earlier.

  • Brent MAR 25 down 0.3% at 76.86$/bbl
  • WTI MAR 25 down 0.3% at 72.97$/bbl
  • The protest group holding up Ras Lunaf and Es Sider ports in Libya has decided to allow eastern oil ports to operate for two more weeks to give National Oil Corp. time to respond to demands a Bloomberg sources say
  • US crude oil inventories are expected to have risen by 4.8m bbl in the week to Jan. 24, according to a note by Macquarie .
  • Indian Oil Corp Chairman Arvinder Singh Sahney says US sanctions on Russia will not impact India’s oil supply, the Times of India reports.
  • Indian Oil is facing a potential drop in Russian oil imports this fiscal year ending March 31 due to the latest sanctions its head of finance Anuj Jain said.
  • Millions of barrels of North Sea and Kazakh oil normally consumed by oil refineries in Europe are instead heading to Asia, as US sanctions on Russia revive arbitrage opportunity, Bloomberg reports.
  • Kazakhstan plans to start producing shale oil in 2025, Interfax reports.
  • China’s oil & gas output exceeded 400 million tonnes for the first time in 2024, Xinhua reports.
  • With Brent trading back around $80/b and Trump calling for OPEC to bring down prices, this in theory gives OPEC the window it needs to boost production, according to Energy Intelligence’s Amena Bakr.
  • No OFAC sanctioned vessels carrying Iranian oil have successfully offloaded oil at state-owned Shandong Port Group’s major terminals, Kpler reports.
  • Russia is sending oil to India on tankers that are designated by the latest U.S. sanctions according to Bloomberg vessel tracking.