- Oil trades higher amid persisting supply concerns
- May ’23 WTI gained 39c this morning to trade around $80.13/Bbl
- The U.S. dollar trades lower today, making oil more affordable for holders of other currencies
- Russia's crude oil shipments fell last week, indicating compliance with the output cut (BBG)
- China's consumer inflation slowed in March, signaling weak demand amid an uneven economic recovery (Reuters)
- Kurdistan’s 0.45 MMBbl/d crude supply halt enters the third week; more talks are needed with Turkey before exports can resume
- The market awaits tomorrow’s March CPI report in addition to OPEC and IEA’s monthly reports this week
- Operations at some French oil terminals restarted yesterday as strikes came to an end. Tankers were able to deliver crude oil after weeks of delays (Argus)
- Russia's oil exports fall, signaling that output cuts are taking effect (BBG)
- Russia's seaborne crude exports plunged last week, falling by 1.24 MMBbl/d to below 3 MMBbl/d for the first time in eight weeks
- The decline in Russia's oil exports could be an indication that the country is complying with its commitment to cut production by 0.5 MMBbl/d as part of the OPEC+ agreement
- However, the weekly data is volatile, and weather affected some ports last week, but four-week shipments were still above average