From Yahoo Finance: 2025-06-06 06:03:00

Rising OPEC+ supplies and new global oil streams are increasing options for European and Asian refiners, leading to lower prices for light sweet U.S. crude. OPEC+ countries have announced increases totaling 1.37 million bpd since April. U.S. exports fell to 3.8 million bpd in May, impacting prices for crudes like WTI-Midland.

Increased OPEC+ exports primarily flow into Asia, impacting U.S. exports. OPEC+ is boosting output to punish over-producing allies like Kazakhstan. Competition with CPC Blend crude from Kazakhstan is affecting WTI-Midland exports to Europe. Other sweet grades from Guyana, Brazil, Libya, Algeria, and Norway are giving European refiners more choices.

Global petroleum consumption is expected to grow by 970,000 bpd in 2025 and 900,000 bpd in 2026. Demand growth is mainly fueled by oil products refined from heavier barrels, leading to increased throughput of medium sour barrels and discounting of light sweet grades. Demand for medium-sour grades has increased as Asian refiners resume production and European refiners ramp up fuel production for summer.



Read more at Yahoo Finance: Demand for US light sweet crude drops as OPEC+ ramps up output