- Oil is trading up more than $1, as WTI moves back above $70/Bbl
- Geopolitical risk from the Ukraine-Russia conflict has increased lately, with Russia launching a ballistic missile last night in the first usage of such a weapon
- US Gulf Coast crack spreads have strengthened lately, a potentially supportive sign for crude demand
- Kuwait to spend over $30 billion to boost oil production (BBG)
- Kuwait Petroleum Corp plans to spend about $33 billion over the next five years ramping up oil production capacity, in a bet on higher demand
- The company said, “were looking to make massive investments” and that “not only to maintain our production capacity, but ultimately grow it like our strategy calls for us to do”
- Kuwait is currently one of the worlds largest producers, with output currently around 2.5 MMBbl/d
- Malaysia regains position as China’s second-largest crude supplier (PGJ)
- Malaysia's crude oil supplies to China rose 28% as refiners sought cheaper sanctioned oil
- While Malaysia does not produce much crude, it is a key transfer point for sanctioned oil
- Russia remained the top supplier with imports increasing 15%
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
