- OPEC expects the global stocks surplus to be mostly depleted in the next three month -Bloomberg
- The group expects oil inventories will stand 3 MMBbl/d above their five-year average by the end of June
- According to OPEC's calculations, stockpiles will be 35 MMBbl/d below the five-year average by July
- Those estimates assume the OPEC+ alliance increases production by 1.4 MMBbl/d in May. Still, the group is widely expected to maintain its output limits for another month
- Traffic resumed through the Suez Canal on Monday, March 29, after the Ever Given vessel was successfully refloated
- It may take four days for traffic to return to normal, according to Suez Canal authority officials
- Around 90 tankers carrying oil, LNG, LPG, and other fuels are still stuck or delayed, according to Vortexa
- AEGIS notes oil prices have retreated this morning as traffic has resumed. The closure was the longest since 1967
- Iran exports to China reached a new high in March (Reuters)
- Nearly 1 MMBbl/d of Iranian crude could arrive in China this month, in contrast with previous monthly import rates of 490 MBbl/d in February and a record 797 MBbl/d in January
- AEGIS notes the increase comes at a peculiar time when demand worries are mounting, and OPEC members are vying for output increases. OPEC+ will meet to discuss its policy moving forward, and Iran will likely be a topic of discussion