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29.04.26 - 19:18
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US influenced UAE′s decision to leave OPEC — expert (TASS)
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Miguel Jaimes argued that the US is actively seeking to undermine the cohesion of OPEC+, a coalition led by Russia and Saudi Arabia, by applying pressure on member countries - including Russia - over the Ukraine conflict...
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29.04.26 - 19:09
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US Oil Exports Soar To New Record High As Inventories Tumble, SPR Drained Most Since October 2022 (ZeroHedge)
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US Oil Exports Soar To New Record High As Inventories Tumble, SPR Drained Most Since October 2022
One week ago we lamented that the record oil inventory drawdown, which has seen over 250 million barrels drained from storage since the start of the war, has not led to higher oil prices (for those who missed it, Goldman forecast that global visible oil inventories are likely to reach record-low levels even in an optimistic scenario where Hormuz flows start to recover by the end of April).
Moments ago the already precarious inventory picture turned even more ominous after the DOE reported that Crude stocks tumbled by a whopping 6.234 million barrels, far more than the 190K draw expected. The huge decline on US crude stockpiles was the largest draw since early February. It took nationwide storage numbers to around 459.5 million barrels.
But it wasn't just crude: all other products drew as well:
Crude -6.234MM, Exp. -190K, and much bigger than the 1.8-million-barrel decrease seen by the API on...
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29.04.26 - 19:09
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OPEC +/- (ZeroHedge)
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OPEC +/-
By Bas van Geffen, Senior Macro Strategist at Rabobank
Brent futures topped $115/barrel, after news broke that US President Trump rejected Iran's proposal to reopen the Strait of Hormuz. According to CNN's sources, Iran is expected to submit a revised proposal in the next few days. However, it is unclear why Trump would accept this new version, unless Iran is suddenly willing to make concessions on its nuclear program.
Meanwhile, Reuters reports that US intelligence agencies are studying how Iran would respond if President Trump simply declared victory – suggesting that pressure on the president to end the war quickly is building. However, the White House states that they will “not be rushed into a bad deal.” Indeed, as the Wall Street Journal reports, the President prefers “decisive victories” and told his aides to prepare for an “extended blockade.” Military options remain on the table, but Reuters' sources note that the cost of a full-scale war is now higher than i...
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29.04.26 - 17:24
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U.S. Crude Oil Stockpiles Fall on Record Weekly Exports (WSJ EN)
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Commercial crude oil stocks fell by 6.2 million barrels, and were about 1% above the five-year average for the time of year, the EIA said. Crude inventories were seen down by 100,000 barrels in a survey of analysts by The Wall Street Journal....
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