OPEC+ Bets on Summer Demand as Q4 Glut Looms

OPEC+ Bets on Summer Demand as Q4 Glut Looms

The OPEC+ group was likely betting on robust demand during the peak summer driving season when it decided to start accelerating the oil production hikes in May. The market proves it has been right. At the end of the second quarter and the start of the third quarter, demand growth will not lag supply growth materially, according to analysts. Oil Glut in Q4?   But come autumn and the fourth quarter, the market could find itself oversupplied, weigh…

Saudi Steps Up Refining Activity

Saudi refining activity spiked to the highest in at least two years in April as the tapering of Opec+ cuts began.

OPEC Crude Tanker Loadings Surge 24% as Production Cuts Unwind

OPEC countries have recorded their highest weekly crude tanker loadings since April 2023, with a significant 24% week-on-week increase to 2.281 million barrels per day (mbpd) in week 23, according...

OPEC Crude Tanker Vessel Loadings Soar

“In a possible sign that the unwinding of OPEC+ production cuts could increase seaborne volumes, the combined crude tanker loadings of OPEC countries has jumped 24% week-on-week to 2…