- Total Urals arrivals in northwest European and Baltic ports drop by around 460,000 barrels per day, around 620,000 in March and down to 370,000 in April
- Conflict in Ukraine, OPEC+ output decisions, rate at which US oil and natural gas producers increase drilling are main drivers of price uncertainties in 2022
- Move is part of US initiative to release 50M oil barrels from Strategic Petroleum Reserves, a move supported by China, India, Japan, South Korea and UK
- OPEC+ spare capacity is not enough to compensate for supply disruptions, and exposes oil markets to more vulnerabilities while underpinning higher prices: IEA
-Supply concerns driven by unrest in OPEC member Kazakhstan, outages in Libya as well as OPEC+ production decision have lion’s share in upward price movements