India's MRPL has reportedly shut a crude unit and some secondary units at its 300k BPD refinery due to crude shortages
Newsquawk Staff ·
India's MRPL has reportedly shut a crude unit and some secondary units at its 300k BPD refinery due to crude shortages.
What it means
India's MRPL shutting down a crude unit and some secondary units at its refinery due to crude shortages highlights supply-side pressures that could tighten the global oil market. This disruption may drive prices higher if it leads to decreased output, particularly affecting WTI and Brent benchmarks, and could have implications for inflation and energy-dependent sectors.
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
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