Oil Markets S&P Global Commodity Insights

Canada’s Newfoundland and Labrador province is sitting on an estimated 124 billion barrels in offshore crude reserves with access to global export markets, but needs investors to bolster output. Pulling in investors will likely be difficult considering other offshore opportunities in the Americas, including Guyana and Brazil. Will Equinor Canada take an FID on its delayed Bay du Nord project? What is the potential of ExxonMobil’s Persephone prospect?
Americas oil news director Jeff Mower and Canadian energy reporter Ashok Dutta discuss these questions and examine the potential of Canada’s offshore.
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Oil prices slumped after OPEC+ announced deals to ease voluntary crude output cuts in the last quarter of 2024 and extend group-wide production quotas into 2025. Market watchers are now closely monitoring quota compliance, global oil demand forecasts and non-OPEC+ supply growth.
In this episode of the Oil Markets podcast, S&P Global Commodity Insights’ Rosemary Griffin, Payam Hashempour and Charlie Mitchell join Herman Wang to run through the key points of the group’s latest deals and the market reaction.  
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Energy Security Sentinel™
Steady oil prices indicate uncertainty around OPEC+ plan to increase output in Q4 (subscriber content)
OPEC+ extends voluntary cuts to September, sets phase-out schedule (subscriber content)
Dated Brent - PCAAS00
Dubai Mo01 - PCAAT00

Mexico's presidential election on 2 June comes at a time of declining crude and natural gas production and uncertainty over the country's transition to cleaner fuels and more reliable power generation. If Claudia Sheinbaum wins, as is widely expected, will she continue Lopez Obrador's policy of restricting private sector involvement in Mexico's energy industry? Why has Mexico's crude oil production fallen to its lowest level in 40 years? Will Mexico continue to push to reduce its dependence on refined product imports?
In this Oil Markets podcast episode, Jeff Mower, director of Americas oil news, is joined by energy reporter Sheky Espejo for a wide-ranging discussion on these topics and more.
 

Nigeria's Dangote refinery, built at a cost of $20 billion and is Africa's largest, has started exporting naphtha to North Asian markets at a time when the clean tanker market is witnessing prolonged firmness. The naphtha flow from Dangote is adding to the ton-mile demand in the clean tanker sector and this could be boosting the clean tanker market in the short- to medium term.
 
Associate editorial director for Asia Freight, Pradeep Rajan, discusses about West African naphtha flow and its impact on the clean tanker market with Sameer Mohindru, senior editor, Asia clean tanker market, and associate editor Zoey Ng, who covers Asia naphtha market.

As European refineries return from seasonal maintenance, ample prompt supply in the North Sea, Mediterranean and West African crude markets suggests that the demand side of the equation remains firmly in the red.
Joel Hanley is joined by crude editors Sam Angell, George Delaney and Joey Daly to discuss the implications of a crude-saturated Atlantic basin for prices in the major oil markets west of Suez.
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Dated Brent PCAAS00
WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl WMCRB00
Bonny Light FOB Nigeria London vs WAF Dtd Strip AAGXL00
Azeri Light CIF Augusta vs BTC Dtd Strip AAHPM00
WTI Midland CIF Rotterdam crude differentials plunge to weakest value since October 2021
Nigeria Bonny Light crude value falls to 5-month low: Platts assessment

Diesel imports into Brazil have risen in recent months, but remains below a recent peak seen in January as the South American country deals with new payment terms for Russian barrels. Not only that, but Russian diesel supplies have tightened following drone attacks on Russian refineries by Ukraine. Will USGC refiners return to the #1 spot in supplying Brazilian diesel imports? What impact has this shift had on US diesel exports? 
Jeff Mower, director of Americas oil news, discusses these topics and more with senior refinery editor Janet McGurty, Latin American refined products editor Maria Jimenez Moya, and US refined products editor Ben Peyton.
Episode links: NEW Port Everglades CBOB differential to NYMEX RBOB APPNB00
NEW Port Everglades premium CBOB differential to NYMEX RBOB APPNJ00
NEW Tampa ULSD differential to NYMEX ULSD APPOI00
NEW Tampa Jet Fuel differential to NYMEX ULSD APPNU00