- Oil is trading higher as risks in the Middle East remain elevated
- It has been reported that BP’s 435MBbl/d Whiting refinery in Indiana remains offline following a power outage last week
- Another cargo ship was attacked in the Red Sea last night, sustaining minor damage
- Venezuela fears oil industry could lose ground if sanctions return (BBG)
- Operators in Venezuela are concerned that their recent deals with US banks and equipment providers could be at risk due to a resumption of sanctions
- The US eased sanctions on the country in exchange for promises of free elections, but sanctions may resume in April following the banning of several opposition members from running for election
- Imports of Venezuelan crude into the US have risen, but the country lacks a lot of necessary infrastructure, impeding production growth
- Indian imports of Russian Sokol oil resume (BBG)
- A tanker transporting Russian Sokol crude unloaded in India, the first cargo to be imported in more than two months, as millions of barrels remain stranded across the region
- Since late 2023, India has had issues receiving cargoes of Russian oil, with 16 cargoes meant for the country idling near Singapore
- Some Sokol cargoes have instead been shipped to China, which historically has imported heavier Russian grades such as Urals and ESPO
