- Oil is trading higher, reversing some losses from yesterday’s decline of nearly $4/Bbl
- Oil is heading for its fourth consecutive weekly decline, down $3.40/Bbl this week and lower by $14.11/Bbl over the past four weeks
- Goldman Sachs says oil selloff driven by non-OPEC supply (BBG)
- The bank said in a note that the “key surprise has been much stronger than expected non-core OPEC production, partly offset by core OPEC supply cuts,” as well as output increases by some sanctioned countries such as Iran
- Demand is on track to surpass the bank's expectation of 2.5 MMBbl/d of growth by 500 MBbl/d this year
- Goldman Sachs expects Saudi Arabia to unwind its 1 MMBbl/d unilateral cut gradually from 3Q 2024 by 250 MBbl/d per month
- Russian oil sanctions failing to work (BBG)
- Budget data shows the country's revenues from oil are climbing as Russia has increased the size of its shadow fleet
- A study showed that nearly every cargo of Russian crude shipped last month was priced above the $60/Bbl price cap
- The US Treasury Department has begun to look at sanctioning shipping companies that transported Russian oil above the price cap, and is looking at ways to increase costs for Russia’s shadow fleet