Oil prices have been buoyed this week by promising inflation data in the U.S., although the uncertainty surrounding China’s oil demand will keep oil markets on edge, OilPrice reports.
There is plenty of uncertainty in oil markets at the moment, particularly regarding the timing of China’s demand recovery as it moves away from its zero-Covid policy. Despite that uncertainty, oil prices have been buoyed by promising US inflation data, with consumer prices falling for the first time in more than two and a half years. WTI is now flirting with the $80 per barrel threshold again while Brent is nearing $85.
Congress to ban SPR sales to China.The US House of Representatives passed a bill, broadly supported by the two main parties in a 331-97 vote, that would limit direct sales of oil from the Strategic Petroleum Reserve to China, such as we’ve seen last year in the 180-million-barrel emergency release.
New US fuel economy standards coming soon.The US National Highway Traffic Safety Administration plans to propose new fuel economy standards for 2027 and beyond this April, most probably reflecting the White House’s goal of seeing 50% of all new vehicles sold in 2030 be EVs or PHEVs.
Trafigura backs out of Indian refinery. Having participated in the purchase of the Italian ISAB refinery, global trading house Trafigura sold its 24.5% stake in India’s second-largest refinery Nayara to a relatively unknown Italian investment firm called Mareterra Group.
Guyana invites India to join oil bonanza.With the Indo-Guyanese making up a majority of the population of oil-rich Guyana, the government in Georgetown is seeking to award new exploration blocks to Indian companies as part of a broader cooperation strategy between the two nations.