- Oil futures climb ahead of European Union and NATO leaders meeting on Thursday
- White House National Security Advisor Jake Sullivan said that the U.S. and its allies will impose further sanctions on Moscow
- Many EU members are mulling a possible ban on Russian crude imports, though some including Germany have opposed such a move
- Prices also found support Wednesday as a key Kazakh-Russian oil pipeline may be forced to reduce shipments via the Caspian Pipeline Consortium's terminal in the Black Sea (Bloomberg)
- As much as 1 MMBbl/d could be removed due to storm damage
- Russian Deputy Prime Minister Alexander Novak said the repairs could take up to two months
- Russian oil is still finding a way to buyers (BBG)
- India’s oil refiners took multiple cargoes of Russia’s flagship Urals crude this month. Middle Eastern varieties they normally purchase from Abu Dhabi and Iraq were potential supplanted
- China’s private oil processors are still believed to be purchasing their preferred cargoes from the east of Russia, likely at a steep discount