- Oil is trading lower on Tuesday (7:45 CT), with the WTI April contract falling to $67.59/Bbl
- Traders are facing the double whammy of OPEC+ increased production and new tariffs going into effect on Tuesday
- A potential trade war could have a negative impact on energy demand, meanwhile we are also seeing increases in production affecting the supply side
- OPEC+ plans to increase production by 138 MBbl/d in April, despite the International Energy Agency predicting a supply surplus in 2025
- Traders are facing the double whammy of OPEC+ increased production and new tariffs going into effect on Tuesday
- Seaborne oil flows increased sharply in February (Bloomberg)
- Kazakhstan’s CPC Terminal in Russia’s Black Sea saw shipments increase by 373 MBbl/d to reach 1.7 MMBbl/d, the highest observed flows since 2008
- The increase in shipments seem to contradict Kazakhstan’s commitment to OPEC+ output quota
- The country has ramped up production after Chevron completed an expansion project in the Tengiz field, the plan is to raise oil output by almost 10% in 2025 to about 1.93 MMBbl/d
- There is also a risk Iraq will increase production from the Kurdistan region
- Kazakhstan’s CPC Terminal in Russia’s Black Sea saw shipments increase by 373 MBbl/d to reach 1.7 MMBbl/d, the highest observed flows since 2008
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