Crude Oil News

Iran's exports ⁠averaged about 209,000 bpd in May, Vortexa data shows, down sharply from 1.34 million bpd in ​April and nearly 1.9 million bpd in March.

IMF spokeswoman Julie Kozack said the fund expects global inventories to fall from their pre-war high of 8 billion barrels to about 7.5 billion barrels by July, which would be a five-year low.

In the meantime, other market participants foresee a longer timeline for recovery.

Kazakhstan's oil transit via the northern Druzhba branch to Germany has, meanwhile, been halted since May due to what ⁠Russia ​said was a lack of "technical possibilities".

Notably, U.S. crude production continued to climb, rising to 9.31 million bpd, from 9.29 million bpd the week earlier.

The Brent crude oil prices recorded a nearly 40% surge when compared with the pre-conflict levels.

The cargoes are available for delivery between June and September.

ANZ bank senior commodity strategist Daniel Hynes said any efforts to reopen the Strait of Hormuz face challenges as Iran has mined ​large portions of the ​vital waterway.

The transaction underlines SOCAR’s growing expertise in managing large-scale energy infrastructure, said market experts.

Exports to Caribbean terminals for storage fell to some 58,000 bpd from 187,000 bpd the previous month, a signal of larger demand from refiners for ​Venezuela's heavy crude grades and ​residual fuel.