The Brent futures flat price for the prompt contract has witnessed a weaker morning. Price action initially strengthened to reach a peak of $84.13/bbl at 08:25 BST. However, since then prices have witnessed a downtick to back beneath the $84/bbl mark, reaching $83.61/bbl at 10:50 BST. ConocoPhillips have announced that new large projects coming online in H2 could increase its Permian Basin output in 2024, with 736kbbls/d of equivalent oil in Q1’24, up 6% y-o-y. Moreover, India’s crude imports for February fell by 506kbbls/d, whilst India’s total product demand rose by 265kbbls/d to an all-time high. Asia is seeking to benefit from rising output in Angola, as the nation’s crude production rebounded from 4-month lows to pump just under 1.13mbbls/d in March. Finally, it has been reported that Pemex exported 20kbbls/d of crude and refined products to Cuba in H2’23. The front and 6-month Brent futures spreads are at $0.59/bbl and $3.29/bbl, respectively.
