Oil Markets

The European Union's decision on 24 June to target Russian shipping company Sovcomflot in its latest round of sanctions comes as ship tracking data shows a 5% monthly increase in seaborne crude oil exports through June. With changes to Russian crude and oil product exports in firm view for market participants, S&P Global Commodity Insights' Francesco Di Salvo is joined by editors Robert Perkins, Elza Turner and Luke Stuart to discuss the latest flows and refinery news, as well as price sentiment for Russia's flagship Urals export grade. Links:Russia's seaborne crude exports rise in June despite OPEC+ pledges Urals Primorsk vs Med Dtd Strip - AAWVI00 Urals FOB Novo Suez vs Med Dtd Strip - AAHPH00 Urals DAP West Coast India vs Forward Dated Brent - DWCUB00

The aviation sector post-pandemic recovery was seen as a bright spot for regional oil demand this year. However, with uneven recovery within the industry and underwhelming performance in key markets such as China, the growth in demand is expected to ease in the coming months. This demand slowdown could potentially send the jet fuel market into turbulent skies ahead. S&P Global Commodity Insights' Asia oil news editor Neo Rong Wei discusses Asia's aviation recovery and its impact on jet fuel demand and cracks with associate editor Lee Shu Ling, who covers Asia jet fuel/kerosene markets and Platts Forward Curve associate editor Ernest Puey.

The Northern Hemisphere summer's regular star of the oil barrel, gasoline, has entered its traditional season of price strength with the market structure in contango and cracks far softer than usual for this time of year. With strong refinery production, rising inventories and a modest demand picture, Joel Hanley and frontline reporters Matthew Tracey-Cook and Kelly Norways examine the key variables currently affecting gasoline markets and discuss the impact of returning refinery utilization on the wider oil product spectrum. Links: European gasoline crack hits multi-month low amid dull start to summer driving season (subscriber content) Gasoline Prem Unleaded 10ppmS FOB Med Cargo - AAWZA00Gasoline Eurobob 10ppm FOB ARA Barge Brent Crack Financial Mo01 (NextGen MOC) - ABWFL00 Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00

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. Links: Register for APPEC 2024

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. Links: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. Links: 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

In May 2023, the world's most important oil price benchmark, Platts Dated Brent, which is used to underpin the price of significant volumes of traded crude oil, saw the addition of the first non-North Sea crude stream into its deliverable basket of grades: WTI Midland. Since then, the benchmark has seen liquidity skyrocket, the addition of new faces into the Brent complex's long list of established market participants and, most importantly, the further strengthening of Dated Brent as a price indicator for commodity markets globally. In this episode of the Oil Markets Podcast, Joel Hanley is joined by Emma Kettley, Managing Crude Editor, and Sam Angell, Senior Crude Editor to discuss the one-year anniversary of Midland's successful inclusion into the Dated Brent benchmark. Related content: Infographic: Dated Brent April update Related story: April 2024 breaks trade liquidity records in Platts North Sea physical, Cash BFOE partials MOC Mentioned price assessments: PCAAS00 - Dated Brent WMCRB00 - WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl

The spotlight on India's oil sector has never been stronger. India's role in global oil markets is set to expand at a fast pace until the end of the decade, making it the biggest center for demand growth, according to the IEA. Refining expansion remains a key priority, but with a tilt towards petrochemicals, and the country's upstream strategy aims to realize the hydrocarbon potential of offshore regions. While rising Russian oil flows and its impact on purchases from the Middle East is dominating the discussion on trade flows, rising oil prices is throwing up new challenges for the economy. In a wide-ranging discussion with Sambit Mohanty, Asia Energy Editor, Atul Arya, Chief Energy Strategist at S&P Global Commodity Insights, and Dharmakirti Joshi, Chief India Economist at CRISIL -- a unit of S&P Global -- share their views on the roadmap ahead for India's oil sector as the country is set to elect a new federal government.

Ahead of ARDA Week 2024 in Cape Town, South Africa, S&P Global Commodity Insights reporters Matthew Tracey-Cook, Kelly Norways and Elza Turner join Joel Hanley to discuss the changing dynamics of oil products markets in West Africa following the fresh development that Nigeria's giant Dangote refinery has exported its first refined product cargo destined for Europe. In this episode of the Oil Markets podcast, our experts delve into the light and middle-distillate dynamic in West Africa and provide the latest refinery news from the region. Related price assessments: AGNWC00 - Gasoline CIF West Africa Cargo $/mt AGNWD00 - Gasoil FOB STS Lome West Africa Cargo $/mt (NextGen MOC) Related subscriber content: First oil products from Nigeria's giant Dangote refinery head to Western Europe Dangote refinery starts supplying diesel to Nigerian market Nigeria's Dangote gasoline production plans delayed, analysts eye fourth quarter Events: Middle East Petroleum and Gas Conference (MPGC): Evolving core energy markets within a sustainable landscape

The Biden administration recently said it was no longer looking to buy up to 3 million barrels of crude for August and September to refill the Strategic Petroleum Reserve, which was drawn down to prevent oil price spikes following Russia's invasion of Ukraine. With oil prices lingering at $85/b to $90/b, what are the chances the Department of Energy will continue refilling US reserves? How important are those reserves as the US heads into what is expected to be an active Atlantic hurricane season? What other tools does Biden have to keep a lid on prices ahead of the November presidential election? In this Oil Markets episode, Jeff Mower is joined by senior policy reporter Eamonn Brennan and oil futures reporter Chris van Moessner to discuss these developments and more. 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

A sharp increase in Ukrainian drone attacks on Russian energy infrastructure has those in the refined products markets looking at the near-term implications for export volumes, trade flows, freight rates and commodity prices. S&P Global estimates that Russian refineries with a combined nameplate capacity of over 1.6 million b/d nationwide have now been affected to some degree by Ukrainian attacks. In this episode of the Platts Oil Markets podcast, Joel Hanley is joined by Tom Washington, Senior Writer, Rebeka Foley, Senior Oil Markets Analyst, and Nadia Bliznikova, Associate Editor, to discuss how the latest developments are impacting related diesel and tanker markets in the region and further afield. Related stories: Interactive: Global oil flow tracker Strike on Russia's Taneco refinery marks leap in Ukrainian drone radius REFINERY NEWS: Russia's Taneco attacked by drones: reports (subscriber content) Related price assessments: AAVBG00 - ULSD 10ppmS CIF NWE Cargo AAWYZ00 - ULSD 10ppmS CIF Med Cargo

The 2024 CERAWeek by S&P Global conference just wrapped up in Houston, where oil industry executives were talking up, often aggressively, the need for oil and gas to remain in the mix during the transition to cleaner energies. They also discussed environmental solutions which will be needed to keep that oil flowing, namely the need for large-scale carbon capture projects. Jeff Mower talks with upstream oil editor Starr Spencer and midstream oil editor Binish Azhar about the outlook for oil production in the US, as well a roadblocks for CCS projects that are hinging on lengthy regulatory approvals. For more about carbon capture and the energy transition, check out the Future Energy podcast

Oil industry executives at the CERAWeek by S&P Global conference were largely bullish on oil production growth, shedding recessionary concerns voiced the prior year. They were less enthusiastic about the pace of energy transition, citing the need for more certainty from governments on carbon pricing and other incentives. In this bonus episode of the Platts Oil Markets podcast, Jeff Mower is joined by Dave Ernsberger, S&P Global's head of Market Reporting and Trading Solutions, and Richard Swann, global director of clean refined products, to discuss these developments. Read more of S&P Global Commodity Insights' CERAWeek coverage Platts Connect

In the midst of Vladimir Putin's rubber-stamp re-election as Russian President through March 15-17, a tightening of G7 sanctions led by Washington has seen over 10 companies and dozens of vessels put on the sanctions list for price cap circumvention since October. In addition, the election coincided with a significant increase in Ukrainian attacks on Russian refineries, adding further uncertainty to the world of Russian crude and oil products. In this week's Platts Oil Markets podcast, Francesco Di Salvo is joined by Principal Journalist Max Lin, Senior Editor Elza Turner and Associate Editor Luke Stuart to discuss the impact of both the new sanctions campaign and the newly damaged Russian oil infrastructure on prices for Russia's flagship exports. Price assessments we talked about: AAWVH00 - Urals FOB Primorsk Related content: FACTBOX: Russian refining outages mount under surge of Ukrainian drone attacks (subscribers) Greek operators regain share in Russian crude exports despite tighter sanctions Interactive: Seaborne trade in Russian oil under G7 price cap

Economic power-house China has set out 10 targets for 2024, which is pro-growth for oil demand, keen on energy security, and prioritizing accelerated industry modernization and development of new productive forces. In this episode of Platts Oil Markets podcast, Managing Editor for refined oil products, Wanda Wang has invited China experts Grace Lee, Asia analyst from the AltView team, Sijia Sun, Associate Director, China Oil Market, and Oceana Zhou, Oil Market Specialist, to discuss the oil-market related highlights following China's "Two Session" meetings -- the biggest annual political gathering in the country, which happened over March 4-11.

Once a global powerhouse of crude production, the UK's North Sea region saw its oil output decline accelerate to 12% in 2023, according to official data from the UK's Department of Energy Security and Net Zero. The new figures come as the UAE's Taqa revealed to S&P Global Commodity Insights that it plans to cease production at the Cormorant oil fields in 2024, a key component of Brent grade. In this episode of the Platts Oil Markets podcast: Joel Hanley is joined by Nick Coleman, Senior Editor for Oil News, and Sam Angell, Senior Editor covering the North Sea crude market, to discuss the outlook for North Sea oil production and the latest developments surrounding the global oil benchmark Platts Dated Brent. Content mentioned in the podcast: Infographic: Dated Brent February update Continue viewing the infographics by subscribing to the S&P Global Platts Connect. Email [email protected] to learn more and subscribe.

Asian oil flows could witness drastic changes for the remainder of the decade amid growing belief that India will cater to the biggest share of incremental growth in demand in the region. The International Energy Agency has recently said that India's role in global oil markets will likely expand substantially, fueled by strong growth in its economy, population, and demographics, making the country the largest source of demand growth from now until 2030. And in the same period, oil demand growth in developed economies and China will initially slow down and then subsequently go into reverse. In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights senior market experts Kang Wu, global head of oil demand research, Pulkit Agarwal, head of India content, and Alice Niu, Head of China content, share their views on the potential drivers for the shift in demand that could redraw the oil map for Asia.

Latin American crude production is on the rise, with countries like Brazil, Guyana and Argentina leading the way. However, Latin American heavy sour crude output is expected to decline, and flows will be reshuffled as Canada's Trans Mountain crude pipeline expansion starts up and as operations begin at Pemex's Olmeca refinery. Why is heavy sour crude output declining, and what does the output decline and reshuffling of barrels mean for crude prices? SPGCI's Americas oil news director Jeff Mower discusses these questions and more with oil research analysts Stephanie Rivera and Nick Blanco and crude pricing director Beth Brown. Register for CERAWeek Register for World Petrochemical Conference Related content: Latin America Short-Term Outlook – Crude Oil (report) Liza FOB Guyana (price) Oriente FOB Esmeraldas (price) Western Canadian Select at Hardisty (price)

As the European ultra-low sulfur diesel complex rallies on concerns around Eastern resupply unable to pass through the Red Sea, gasoil – its high-sulfur counterpart – is under unusual pressure. In this episode of the Platts Oil Markets podcast, editors Natasha Tan and Nadia Bliznikova discuss recent trends with Francesco Di Salvo. Further reading: Med ULSD-gasoil spread at 14-month high on tight diesel, weak gasoil (subscribers) Related price assessments: AAVJJ00 - Gasoil .1%S (1000ppm) CIF Med Cargo (NextGen MOC) AAUQC00 - Gasoil .005%S (50ppm) FOB ARA Barge (NextGen MOC) AAWYZ00 - ULSD 10ppmS CIF Med Cargo

Following a 1 million b/d growth in US oil output in 2023, oil producers and service companies have been warning of slowing growth this year during their fourth quarter earnings calls. Will production surprise to the upside? And what would that mean for US refiners? In this episode of the Platts Oil Markets podcast, senior upstream editor Starr Spencer, senior refinery editor Janet McGurty and midstream editor Binish Azhar discuss these questions and more with host Jeff Mower, Americas Oil News Director. Further reading: ExxonMobil, Chevron tweak Permian operations while nearing 1 million boe/d output Volatile prices, slower growth seen tamping down Helmerich & Payne's 2024 rig count Valero sees wider coastal heavy crude differentials on heavy Q1 turnaround season

In the face of continued security issues in the Red Sea stemming from Houthi attacks on commercial vessels, European trade patterns for oil products across the barrel are changing. S&P Global Commodity Insights' Robert Perkins, Nadia Bliznikova and Takis Gounaris join Joel Hanley to discuss the impacts the Red Sea disruption are having on the European supply-demand balance for key oil products

Asia so far, has not witnessed any dramatic changes to near-term oil supplies amid the ongoing Red Sea crisis, but refiners are chalking out alternative plans to ensure steady feedstock flows in the event of an escalation -- a move that could inflate insurance costs and crimp refining margins. There has been a strategic push among Asia's top importers to massively diversify their import baskets over the years, as well as expand strategic storage capacities. The market is trying to find answers on whether these developments can come in handy to ensure smooth and uninterrupted supplies of feedstocks. Or are there enough reasons for Asian oil buyers to worry about supplies? In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights' Rahul Kapoor, Vice President for Shipping Research and Analytics, and Sameer Mohindru, Senior Editor for Asian Freight Markets, share their views on how some of the recent geopolitical developments could potentially affect Asian oil flows, tanker freight and shipping costs.

With OPEC suggesting in its monthly oil market report that global oil demand growth will outweigh an expected increase in non-OPEC supply across 2024 and 2025, market watchers will be keen to see how the group and its allies respond to still slumping oil prices. In this episode, S&P Global Commodity Insights' Jim Burkhard, Rosemary Griffin and Charlie Mitchell join Herman Wang to discuss the key points of the group's latest report, OPEC supply from a wider geopolitical and economic outlook, as well updates on Libyan output and Angola's decision to leave OPEC at the end of 2023. London Energy Forum 2024

For the first Oil Markets episode of 2024, S&P Global Commodity Insights' oil experts team up across pricing, news and research to provide a fresh look at the crudes everyone is talking about — the new grades from Guyana's Stabroek Block. Jeff Mower speaks with Ha Nguyen, Felipe Perez and Pat Harrington about how Liza, Unity Gold and Payara Gold are helping drive global production growth outside of OPEC. They discuss production forecasts, how action from Venezuela could affect growing exports, and where Guyana's crude is going. How are emerging refiner preferences affecting the price of the new Guyanese grades? And with turmoil in the Red Sea disrupting trade flows and boosting the price for some crudes in the Atlantic Basin, what is in store for Guyanan oil? Links: Register for CERAWeek by S&P Global Subscribe to Platts Connect

In the final episode of the Oil Markets podcast for 2023, S&P Global Commodity Insights crude and refined products directors Joel Hanley and Richard Swann round up the biggest events and trends of the year. They provide an across-the-barrel retrospective of the year in oil markets, including shifting trade flows, developing markets for Russian oil, the emergence of Guyana as a crude powerhouse and a landmark year for established benchmarks Dated Brent and Dubai. Related prices: ULSD DAP South Brazil (All-Origin) AULDA00 Payara Gold FOB Guyana AYARA00 Dated Brent PCAAS00 Dubai Mo1 PCAAT00 Further reading: Guyana calls for UN sanctions on Venezuela over disputed territory Midland's successful inclusion into Platts Dated Brent

The UK's Grangemouth refinery is set to cease operations in the coming years to be converted into a fuel import terminal, owner Petroineos has said, with current operations to continue into at least early 2025. The refinery supplies close to 86,000 b/d of transport and heating fuels to the UK market and has a direct pipeline of supply from Forties crude, though has in recent years it has seen its reliance on the North Sea grade wane. The news marks a continuing theme of refinery closures in Europe, with the International Energy Agency estimating close to 610,000 b/d of production capacity being taken offline between 2020 and 2022. In this podcast, S&P Global Commodity Insights' Global Director of Crude and Fuel Oil markets, Joel Hanley, speaks with Kelly Norways, reporter for downstream oil, Elza Turner, senior editor covering oil markets and Matthew Tracey-cook, associate editor, EMEA Light Ends to discuss the knock-on effects of Grangemouth's coming closure, and casts an eye on the latest developments in the refining sector in the UK, across Europe and more globally.

A reduction in daily transits at both the Neopanamax and Panamax lock systems have resulted in longer wait times to transit the Panama Canal. These limits to daily transits are expected to continue into 2024, leading shipowners to raise freight costs as they look for reimbursement for higher transit and demurrage fees. As the price of auction slots continues to rise, owners are looking at alternative routes to circumvent the canal altogether. The uncertainty may also affect bunkering demand at what has become one of the biggest hubs in the world. Commodity Insights' Americas dirty products manager Patrick Burns sits down with Americas tankers reporter Catherine Rogers to discuss how shipping markets have been impacted by the continued conservation measures taken by the ACP, what upcoming restrictions mean for shipowners, and how shippers plan to navigate the logistical bottleneck heading into 2024.

The new year looks set to see a seismic shift in China's oil industry, as concerns grow about the future of crude oil imports and by extension product exports from the country, amid headwinds in the country's refining sector. Questions abound about the impact of China's reduction in crude imports and the knock-on effect it might have on product exports from the swing exporter. In this podcast, S&P Global Commodity Insights' Oceana Zhou and Daisy Xu, our China market specialist for oil join Jonathan Nonis, our Associate Editorial Director to discuss some of these questions.

The West African Gasoline market is about to undergo major transformations. Belgium has proposed new environmental measures to suspend low-quality motor fuel exports, following similar move by the Netherlands. Will consumers like Nigeria turn to alternative blending hubs, or resign themselves to higher prices at the pump? In this episode of the Platts Oil Markets podcast, London-based downstream reporter Kelly Norways and gasoline editor Matthew Tracey-Cook join Joel Hanley to discuss the impacts of these new regulations and how the markets have reacted so far. Related price assessments: AAKUV00 – Platts Gasoline FOB NWE West Africa Cargo PGABM00 – Platts Gasoline Prem Unleaded 10ppm FOB ARA Barge Further reading: Belgium moves to prohibit export of low-quality motor fuels to Africa Imports of gasoline into Nigeria to meet 200 ppm sulfur cap: sources

The lifting of Venezuelan oil sanctions by the US has sparked a series of reactions in the upstream market. S&P Global expects an increase of roughly 100,000 b/d in crude exports from Venezuela to 850,000 b/d. Jeff Mower, director of Americas oil news, sits down with Americas crude markets editor Patrick Harrington and Mexico energy editor Sheky Espejo to discuss the sanctions and the impact their lifting will have on competing Mexican and Canadian crude grades.

European fuel oil sulfur spreads surged in October as events further afield spurred opposing price movements for low- and high-sulfur fuel grades. A sudden easing of US oil and gas sanctions on Venezuela has sent high sulfur markets tumbling, while a mysterious shift in exports from Kuwait hit low sulfur markets in the Middle East and Asia, all against the backdrop of a gentle wind-down to an unusual European summer. In this episode of the Platts Oil Markets podcast, Francesco Di Salvo is joined by Managing Editor for fuel oil Rowan Staden-Coats. Related price assessments: PUABC00 - FO 3.5%S FOB Rdam Barge PUMFD00 - Marine Fuel 0.5% FOB Rdam Barge $/mt

Oil market volatility amid the conflict in the Middle East has started to ring alarm bells for Asian refiners. Hamas' surprise attack on Israel has fanned worries of a long-drawn period of geopolitical turbulence at a time when global oil markets are already been facing a squeeze in supplies, while demand continues to grow. This has rekindled the debate on oil crossing the $100/b threshold again. S&P Global Commodity Insights' Asia energy editor Sambit Mohanty speaks with Kang Wu, head of global demand and Asia analytics, and Daniel Colover, head of market engagement for the Middle East, on how some of the recent geopolitical developments, including the removal of sanctions on Venezuela, could potentially affect Asian oil markets.

Geopolitical tensions are, once again, spooking oil markets, with the Israel-Hamas war dominating all discussions. Even with the impact of the armed conflict so far restricted to the Mediterranean, market players are increasingly concerned about the potential for escalation, which is being reflected in rising insurance premiums. In this episode of the Platts Oil Markets podcast, Andy Critchlow, the London-based head of the S&P Global Commodity Insights news team, and oil and freight reporters Nadia Bliznikova and Lei Zhong join Joel Hanley to discuss the impact of a conflict that evokes memories of major oil crises in the past. Related price assessments: AAWYZ00 - ULSD 10ppmS CIF Med Cargo PFADB10 - Clean Med-Med 30kt MR Wsc As mentioned in the episode, explore our Energy Security Sentinel™ and see how disruptions affect energy flows in the region.

After sanctions on Russia in the aftermath of the invasion of Ukraine, Brazil started sourcing 78% of its imports from Russia. But in mid-September, Russia announced a ban on refined product exports to ease its own domestic fuel prices. It quickly changed course, however, partially lifting the ban in early October to free up storage for winter grade diesel and to offload remaining summer product. Now, the Brazilian market must decide whether to trust Russia as a steady source of fuel or to to return to the more reliable US Gulf Coast for diesel supply. S&P Global Commodity Insights' light ends pricing manager Sarah Hernandez, middle distillates manager Jordan Daniel, and Latin America refined products reporter Maria Jimenez Moya discuss how Russia lifting its diesel ban is affecting trade flows in Brazil. Links: (NEW) AULDA00 - ULSD DAP South Brazil (All-Origin) $/bbl Join us on Platts Connect

Global fuel markets were set to receive another shockwave when Russia announced a ban on diesel and gasoline exports amid tight domestic supplies. Brazil and other importers of Russian diesel were expected to suffer the most. But judging by the falling prices, things are not going quite as some had expected. In this episode of the Platts Oil Markets podcast, London-based oil news reporter Elza Turner and oil price reporters Matthew Tracey-Cook and Sasha Foss join Francesco Di Salvo to discuss the market's reaction to a ban that many traders doubt Russia can stick to for much longer. Related price assessments: AAVBG00 - ULSD 10ppmS CIF NWE Cargo AULDA00 - ULSD DAP South Brazil (All-Origin) AAQZV00 - Gasoline Eurobob FOB AR Barge Read more: Russian authorities discussing easing diesel export ban: energy minister

As crude prices have recently inched up past the $90/b level, they are on pace to end the third quarter nearly 35% higher than they started, fundamentally altering the landscape for both upstream and downstream players. Drillers and producers are ramping up output as they look to capitalize on high prices, while refiners are more cautious as they expect tight supply, low inventory and rising demand through year-end. S&P Global Commodity Insights' oil futures editor Chris van Moessner chats with upstream editor Starr Spencer and senior refinery writer Janet McGurty about the industry is adapting to the new price environment and how that could impact Q3 results. Join us on our new comprehensive platform, Platts Connect

The OPEC+ production cuts continue to impact both crude oil and refined products. Dated Brent has reached a 10-month high. Prices in the diesel market are also rising amid supply constraints. Meanwhile, the latest report from the IEA has warned investors of strong demand in Q4. In this episode of the Platts Oil Markets podcast, London-based oil news reporter Robert Perkins and oil price reporters Sam Angell and Sasha Foss join Francesco Di Salvo to discuss the current bullish sentiment supporting prices as market participants react to the latest developments in the oil markets. Price assessments discussed: PCAAS00 - Dated Brent AJSVB00 - Johan Sverdrup FOB North Sea vs North Sea Dtd Strip AAVBG00 - ULSD 10ppmS CIF NWE Cargo

The 39th annual Asia Pacific Petroleum Conference in Singapore captured the tone of Eastern oil markets in early September, catapulting the energy transition back into focus after the distraction of recent world events. Richard Swann, Dave Ernsberger and Joel Hanley share their views on what was a lively week, packed with information on oil, carbon, shipping, biofuels and more. They also reveal the conference's oil price prediction for the end of the year. Related: Interactive: Platts Periodic Table of Oil - 6th edition sees new technology, carbon intensity data Check out our coverage of APPEC 2023 on our website.

The European bionaphtha market is starting to gain traction as the number of available feedstocks increases and demand for cleaner alternatives grows. Limited supply capacity has kept prices high, but production is set to increase amid a boom in biorefinery construction in the region. As a result, more trading opportunities will become available, along with the potential for a liberalized and transparently priced market. In this episode of the Platts Oil Markets podcast, London-based oil price reporters Vinicius Maffei, Simone Burgin and Aly Blakeway join Francesco Di Salvo to discuss the development of bionaphtha, as well as SAF and biopropane markets, as Europe leads the way in alternative fuels. PAADU00 - Bio-Naphtha FOB NWE Premium $/mt ABPRB00 - Bio-Propane FCA NWE Premium $/mt AJNWF00 - Sustainable Aviation Fuel CIF ARA Premium $/mt

Americas refined products markets are adjusting to altered trade flows more than a year after Russia's invasion of Ukraine. Refined products that were once supplied to Brazil from the US Gulf Coast have now been replaced by Russian barrels, while other markets in Latin America are still being wary of touching Russian product out of fear of repercussions from the US. Oversupply has caused naphtha in particular to deal with volatility and low export demand. S&P Global Commodity Insights' Maria Jimenez Moya, Latin America refined products price reporter, sits down with Sarah Hernandez, managing editor for Americas light ends pricing, to discuss the changes arising in North and Latin American markets of naphtha and refined products as a result of Russian inflows. Related prices: NEW: AULDA00 - ULSD DAP South Brazil (All-Origin) $/bbl AGSUA00 - Gasoline CFR Suape Cargo Differential USC/Gal

Asia's oil demand revival, China's much anticipating role in aiding that recovery, heightened concerns around managing legal, regulatory and sanctions risks , as well as the region's affinity for embracing new energy will be some of the key themes in focus at the Asia Pacific Petroleum Conference -- or APPEC 2023 -- organized by S&P Global Commodity Insights and scheduled to take place in Singapore from September 4 to 6 of 2023. In a wide-ranging discussion with Asia Editorial Lead Sambit Mohanty, three senior market experts at S&P Global Commodity Insights -- Calvin Lee, Asia Head of Content, Mriganka Jaipuriyar, Asia Head of News, and Kang Wu, Head of Global Demand and Asia Analytics -- share their insights on the key themes that could potentially dominate the discussions at APPEC, we well as how Asian energy companies and policy makers are crafting out their future energy strategies in a region heavily dependent on fossil fuel imports. S&P Commodity Insights APPEC is returning to Singapore this September 4-6. Save the date! Stay on top of our coverage of APPEC 2023 on our website. More listening options: We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

For many years, Russia was Europe's main supplier of key refined oil products until Western sanctions were imposed in February 2023. Six months into the embargo on Russian refined products, markets across the continent continue to adjust. Prices appear to be rising and shipping times have lengthened as European buyers find products further afield in India, the Middle East and the US Gulf Coast. In the second of a special two-part Platts Oil Markets podcast retrospective, OPEC+ Oil News reporter Rosemary Griffin and Refined Oil Products Managers Gary Clark and Kieran Hess join Francesco Di Salvo to discuss how European oil markets have adapted to a "new normal" following one of the most consequential events in the geopolitics of oil in decades. Click here to listen to part 1 of this special retrospective. Related price assessments: AAVBG00 – ULSD 10ppm CIF NWE Cargo PAAAL00 – Naphtha CIF NWE Cargo PMAAS00 – Propane FOB ARA S&P Commodity Insights APPEC is returning to Singapore this September 4-6. Save the date! Stay on top of our coverage of APPEC 2023 on our website. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

Trade disruptions. Refinery adjustments. New arbitrage flows. These are some of the consequences Europe faced as the continent had to wean itself off Russian crude following the embargo, which came into effect in December 2022. Russia has since managed to find new customers in Asia, but military attacks on oil infrastructure in the Black Sea could jeopardize such a strategy. In the first of a special two-part Platts Oil Markets podcast retrospective, OPEC+ Oil News reporter Rosemary Griffin and Crude Oil Managers Emma Kettley and John Morley join Joel Hanley to discuss how European oil markets have adapted to a "new normal" following one of the most consequential events in the geopolitics of oil in decades. KBCOB00 – KEBCO CIF Med vs Med Dtd Strip KBCOD00 – KEBCO CIF R'dam vs Med Dtd Stri AURLA00 – Urals DAP India vs Dubai DWCUB00 – Urals DAP India vs Forward Dated Brent S&P Commodity Insights APPEC is returning to Singapore this September 4-6. Save the date! Stay on top of our coverage of APPEC 2023 on our website. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

The small South American country of Guyana has experienced a quick transformation within the past decade, going from zero oil production in 2019 to nearly 400,000 b/d in 2023 and that is expected to reach around 600,000 by the end of 2024. That will position Guyana as one of the world's top oil producing countries in the world and a rare exception in the market where exploration and production is expanding. S&P Global Commodity Insights' oil pricing and news experts Laura Huchzermeyer, Patrick Harrington, and Starr Spencer discuss investment and pricing trends in Guyana, as well as new price assessments for Guyana's Unity Gold. Prices in this episode: Liza FOB Guyana ALIZA00> Unity Gold FOB Guyana AUNIA00> We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

Refiners in Asia are crafting out expansion strategies and pumping billions of dollars to diversify their portfolio and adapt to the changing energy landscape. Renewables, hydrogen and solar energy are starting to figure in their ambitions. But a key area of focus for refiners is to raise their petrochemicals intensity to ensure business models remain profitable in the event electric vehicles and other cleaner forms of energy take a toll on demand for transport fuels. In a wide-ranging discussion with Asia Energy Editor, Sambit Mohanty, three senior market experts at S&P Global Commodity Insights -- Maria Tsay, Global Head of Petrochemicals Pricing, Zhuwei Wang, Asian Oil Analytics Manager, and Pulkit Agarwal, India Content Head -- share their insights on whether going further downstream would be the only option for refiners to remain profitable and over the longer term. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: SPGCI Podcast Survey More listening options:

Nigeria, Africa's largest crude oil producer, is struggling to keep oil flowing amid leaks at the Forcados oil terminal port. The ill-fated facility has been offline for much of 2022 due to sabotage, and now faces the prospect of another force majeure that could affect European markets. In this episode of the Platts Oil Markets podcast, oil news reporter Charlie Mitchell and oil price reporters Luke Stuart and George Delaney join Francesco di Salvo to discuss what is happening in Nigeria and how traders have reacted so far. Related price assessments: AAGXP00 - Forcados FOB Nigeria vs WAF Dtd Strip AAGXL00 - Bonny Light FOB Nigeria London vs WAF Dtd Strip AAHPM00 - Azeri Light CIF Augusta vs BTC Dtd Strip We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

North American heavy and sour crude price differentials have reached multiyear highs in recent weeks. These are prices that are typically seen only after major production disruptions like hurricanes. But there are no clouds in sight in the Gulf of Mexico. Sour crude prices are supported by a myriad of factors including global supply tightness, Strategic Petroleum Reserve buybacks and very strong values for high sulfur fuel oil. S&P Global Commodity Insights' Laura Huchzermeyer, Americas crude pricing manager, discusses current pricing trends with USGC crude reporter Kristian Tialios and residual and marine fuel manager Patrick Burns. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz