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OIL: Russian Sanctions Impact Likely Offset by OPEC+ Increase.

OIL
BulletEnergy BulletsCommodities
  • Oil came off near term highs overnight as speculation that the potential drop in supply from further Russian sanctions could see the release of up to 1.2m b/d of supply from OPEC+.
  • As markets adjust to the news of Russian sanctions and seek to understand the new administration’s stance on them, what is clear is the incoming President’s focus on Canada and that raises the potential for tariffs on Canadian oil.
  • News of a potential ceasefire between Israel and Hamas appears to be lacking support by key ministers in Israel yet at this stage is set to begin this coming Sunday.
  • Oil’s ascent on Russian sanctions took a breather in overnight price action with WTI coming off the highs yesterday of US$80.77 to fall throughout the session to close at $78.77.
  • Brent saw highs yesterday of US$82.63 and fell gradually throughout the day to  at $81.35 into the close.
  • BP PLC announced that it will shed about 5% of its workforce and that it has stopped or paused up to 30 new projects to focus on existing ones that provide the most value add as its share price flounders relative to peers.
  • Incoming nominee for Treasury secretary Scott Bessent said he would support the increased sanctions against Russia in a bid to end the Ukraine conflict.
  • The increase in sanctions announced this week has seen evidence of a shift in demand dynamics with Saudi Aramaco receiving inquiries from Indian and Chinese buyers for their product whereas South Korean buyers are turning to the US.
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  • Oil came off near term highs overnight as speculation that the potential drop in supply from further Russian sanctions could see the release of up to 1.2m b/d of supply from OPEC+.
  • As markets adjust to the news of Russian sanctions and seek to understand the new administration’s stance on them, what is clear is the incoming President’s focus on Canada and that raises the potential for tariffs on Canadian oil.
  • News of a potential ceasefire between Israel and Hamas appears to be lacking support by key ministers in Israel yet at this stage is set to begin this coming Sunday.
  • Oil’s ascent on Russian sanctions took a breather in overnight price action with WTI coming off the highs yesterday of US$80.77 to fall throughout the session to close at $78.77.
  • Brent saw highs yesterday of US$82.63 and fell gradually throughout the day to  at $81.35 into the close.
  • BP PLC announced that it will shed about 5% of its workforce and that it has stopped or paused up to 30 new projects to focus on existing ones that provide the most value add as its share price flounders relative to peers.
  • Incoming nominee for Treasury secretary Scott Bessent said he would support the increased sanctions against Russia in a bid to end the Ukraine conflict.
  • The increase in sanctions announced this week has seen evidence of a shift in demand dynamics with Saudi Aramaco receiving inquiries from Indian and Chinese buyers for their product whereas South Korean buyers are turning to the US.