- Oil is trading higher, near $72, reversing some of yesterday's losses
- Yesterday, prices fell more than $3/Bbl following news that Saudi Arabia had cut its official selling price to Asia by a significant margin, potentially signaling weakness in the spot market
- Russian exports start the year in line with OPEC+ cut (BBG)
- Russia’s seaborne oil exports have started 2024 in line with the country's pledge to reduce exports as part of the wider OPEC+ supply cuts
- 3.34 MMBbl/d were shipped from Russian ports in the four weeks leading up to January 7, down 120 MBbl/d from the prior four-week period
- Russia has said they will reduce exports by 500 MBbl/d below the May-June average during the first quarter of 2024
- Oil tanker rates surge following large booking (BBG)
- Following a large number of bookings by a South Korean shipowner Sinokor, the supply of available tankers has been reduced
- The ships were booked for long-haul voyages, but the reason behind the unusually large order is unknown
- Shipbroker Braemar said, “Sinokor continues to charter VLCCs in what appears to be a major punt on the VLCC freight market”
- Freight rates have already risen sharply this year following the Panama Canal constraints and the Red Sea shipping attacks
