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- Fatih Birol, the Executive Director of the International Energy Agency (IEA), said that the G7’s move to set a cap on energy prices is not expected to change the supply situation for oil and petroleum products.
- According to ship tracking data and sources, a batch of US oil will be shipped to South Africa for the first time in two years, destined for a refinery owned by Glencore in Cape Town that has restarted operations after an explosion shut it down in 2020.
- Nigeria’s Dangote Petroleum Refinery is set to receive authorization to begin production on Monday, potentially ending the country’s recurring fuel shortages, but a lack of crude oil supply poses a significant risk to achieving full capacity at the refinery.
- The US inland crude oil price spread strengthened last Friday with thin trading volume, as the decline in US oil rig count was the largest since September 2021.
- UBS has lowered its year-end Brent crude oil price forecast by $10 per barrel to $95 per barrel, citing oversupply and investor concerns about economic recession prompting a wait-and-see approach.
- Several countries, including the Netherlands, Chile, and New Zealand, called on the G7 to lead by example and phase out fossil fuels in a letter to the most industrialized group of countries.
- Iraq’s Oil Minister Hayan Abdel-Ghani reiterated the country’s commitment to fulfilling OPEC+ voluntary production cuts in a conversation with Russia’s Energy Minister, according to the Iraqi state news agency INA.
- The largest oil producer in the United Arab Emirates is exploring the idea of selling a new kind of heavy crude oil, as the company restructures its crude oil trading to maximize profits.
