- Oil is trading higher, heading for the first weekly gain in seven weeks
- This week’s modest rally can be partially attributed to the weakening US Dolar following the Federal Reserve's decision to leave interest rates unchanged
- WTI is still down more than $20 from the September peak of $95.03
- This week’s modest rally can be partially attributed to the weakening US Dolar following the Federal Reserve's decision to leave interest rates unchanged
- Chinese refiners reduce processing rates to a nine-month low (BBG)
- Shrinking refinery margins have forced refineries in China to cut throughput rates to 14.55 MMBbl/d from 15.12 MMBbl/d in November
- China’s oil demand is expected to slow further next year as pent-up demand from the country's Covid-Zero policies fade
- Chinese refineries will receive about 40 MMBbls of oil from Saudi Arabia in January compared to 46 MMBbls in December
- Iraq budget change could lead to the resumption of exports from Kurdistan Pipeline (BBG)
- The Prime Minister of Iraq said that the country is looking to change its federal budget to allow Iraq to pay international oil companies working in Kurdistan
- This would eventually result in flows on the Iraq-Turkey pipeline resuming, which was shut earlier this year due to trade disagreements between the two countries
- Third ship attacked in the Red Sea in two days (BBG)
- Houthi Rebels operating out of Yemen have attacked a German-operated container ship in the Red Sea, marking the third of such attacks in the past two days
- Shipping attacks have led Maersk Tankers to indicate that their ships may avoid the area, and shipping rates have increased
- The US is seeking to create a multinational effort to protect shipping in the region