Venezuela reportedly readies larger crude cargoes for exports starting in March, according to sources; exports of Venezuelan oil to expand to India
Newsquawk Staff ·
Venezuela reportedly readies larger crude cargoes for exports starting in March, according to sources; exports of Venezuelan oil to expand to India.
What it means
Venezuela's move to prepare larger crude cargoes for export, particularly aimed at India, signals a strategic pivot that could enhance their market presence amid existing sanctions. This shift may disrupt global oil supply dynamics, impacting WTI and Brent prices, especially if Venezuela can significantly ramp up exports despite geopolitical challenges.
- 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
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
- Russian President Putin says Russia should avoid going too far with the green agenda and must consider ending the ongoing conflict and lifting sanctions
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