Prompt Brent futures flat price has witnessed a strong, yet volatile, afternoon period with prices supported from lows of $85.47/bbl at 12:50 GMT to print at $86.59/bbl at 16:50 GMT. Saudi Aramco CEO, Amin Nasser, stated that global oil demand is to reach an all time high in H2’24, although peak worldwide oil demand is unlikely for “some time to come”. US Energy Secretary Jennifer Granholm announced that the US SPR at year-end will be at or exceeding the level that existed prior to sales a couple years ago. The reserve currently holds around 362mbbls, almost half of the value seen at the heights of 2020. China is on track to import 1.7mbbls/d of Russian crude oil, with Sokol flows projected to triple from a month earlier and reach an all-time high of 379kbbls/d. Moreover, Iraq has proclaimed that it will reduce oil exports to 3.3mbbls/d, from 3.43mbbls/d in Feb, for the coming months in order to compensate for producing above its OPEC+ limits in Jan and Feb. The front and 6-month Brent futures spreads are at $0.62/bbl and $4.16/bbl, respectively.
