- Oil declines after three straight days of gains
- March ’23 WTI lost nearly 60c this morning to trade around $77/Bbl
- Russian deputy prime minister said yesterday that the nation had not faced any problems finding buyers for its fuel exports despite the February 5 sanctions
- Production disruption of 0.5 MMBbl/d at Norway’s largest oil field continues to persist
- Additionally, BP Azerbaijan issued a force majeure on loadings at the Ceyhan export hub yesterday after the two earthquakes
- The port exports about 0.65 MMBbl/d; BP expects flows to resume late next week
- This week, a number of Federal Reserve speakers reaffirmed the notion that rising interest rates are necessary to combat inflation
- Russian Deputy Prime Minister Novak stated yesterday that Russia found buyers for its fuel exports this month despite EU sanctions and a price cap (BBG)
- EU, in the latest guidance, said that the price cap “no longer applies when the blending operations in a third country involving Russia-origin petroleum products results in a tariff shift”
- The price cap exemptions, according to Novak, show that Russian refined oil products are necessary for the EU
- Additionally, Novak said that Russia would decide on its response to the embargo and price cap by March