- Reshuffling is attractive at current Urals discounts but refiners face challenges with contractual obligations with Middle Eastern producers, agency warns
- 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+ decisions, output disruptions due to cold snap in Texas, storms in Gulf of Mexico and crucial supply/demand fluctuations mark milestones in 2021