Oil Markets on Edge Amid Supply Disruptions and Geopolitical Tensions
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An uncertain supply picture has oil markets on edge, with disruptions and geopolitical risks being counterbalanced by rising production in Norway and Libya.
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US and UK forces conducted strikes on eight Houthi targets late Monday, making it even more likely that Red Sea disruptions will be longer than expected.
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Libya’s largest oil field, the 300,000 b/d Sharara, has restarted production after a three-week shutdown that was prompted by large-scale protests demanding affordable fuel prices and better public services.
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Russia’s energy major Novatek has been forced to suspend operations at its Baltic Sea export terminal in Ust Luga due to a fire after a Ukrainian drone attack, shutting in a third of the country’s naphtha exports for at least several weeks of repairs.
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As Shell (LONSHEL) saw its strategic decision to sell all onshore assets in Nigeria approved by the government, an investigation into a pipeline leak along the Bonny Light-carrying Obolo-Ogale pipeline might derail that process again.