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IEA: Oil Market Shifting Stands Benchmark crude oil prices experienced a decline in February and early March, primarily due to growing concerns regarding the economy and global oil demand amid escalating trade tensions. This decline has been further exacerbated by OPEC+'s plans to reverse production cuts in April. ICE Brent futures fell by $11 per barrel, approaching three-year lows of around $70 per barrel. The macroeconomic environment influencing oil demand has deteriorated, with newly implemented U.S. tariffs and corresponding retaliatory measures introducing additional downside risks. Estimates for oil demand growth in the fourth quarter of 2024 and the first quarter of 2025 have been slightly revised downward to approximately 1.2 million barrels per day (mb/d), while global demand growth is projected to average just over 1 mb/d this year, largely driven by developments in China. The United States is producing oil at record levels and is anticipated to lead supply growth in 2025. However, proposed tariffs on Canada and Mexico may impact imports, which constituted about 70% of U.S. crude last year. Current projections suggest that global oil supply may exceed demand by roughly 600,000 barrels per day (kb/d), and if OPEC+ extends output cuts, an additional 400 kb/d could potentially enter the market. The effects of ongoing trade negotiations and tariffs remain uncertain. Source: IEA, Oil Market Report, March 2025 Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #crudeoil #markettrends #demand 

OPEC's Analysis: Trends in Investment Flows within the Commodities Sector In February, the combined net length of money managers experienced a decrease of 13.4% month-on-month, following two consecutive months of increases. This decline in net length was primarily attributed to reductions in positions in crude oil and gold, although these losses were partially mitigated by increases in natural gas and copper positions. Compared to the previous year, the combined net length rose by over 100%. Additionally, the combined OI decreased by 0.8% month-on-month in February, predominantly due to reductions in crude oil and natural gas positions. However, gains in positions in gold and copper during the same period served to partially offset these losses. Year-on-year, the combined open interest increased by 7.6%. Source: OPEC MOMR, March 2025 Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #investment #crudeoil #copper

Oil Demand for Fuels in China Has Reached a Plateau ·        China’s era of rapid oil fuels growth appears to be at an end As the Chinese economy and domestic transport sector undergo significant transformations, the demand for the most widely consumed oil-based fuels—including gasoline, jet fuel, and diesel—experienced a marginal decline in 2024. Moreover, China's total consumption of these fuels, amounting to nearly 8.1 million barrels per day (mb/d), was 2.5% lower than the levels observed in 2021 and only slightly above those recorded in 2019. With the overarching Chinese economy transitioning from a manufacturing-oriented model to one focused on service-based growth, coupled with the increasing adoption of electric vehicles within the transport sector, the data strongly indicate that the combustion uses of petroleum fuels in China have likely reached a plateau, suggesting limited potential for future growth. Overall, Chinese oil demand continues to rise, driven primarily by the consumption of petrochemical feedstocks, which are utilized in the production of plastics and fibers rather than being burned as fuels. In 2024, oil demand for petrochemicals in China increased by nearly 5% as new production facilities became operational, a trend anticipated to persist in the coming years. However, while China accounted for over 60% of the global increase in overall oil demand from 2013 to 2023, it represented less than 20% of the rise observed in the previous year, largely attributable to a slowdown in fuel consumption. Source: IEA Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #crudeoil #fuels #China

Platts Middle Eastern LPG Daily Commentary ·        More shipping fixtures for FOB Persian Gulf April loading ·        March/April CP swap assessed at $32/mt On March 10, Platts assessed the front-month April Aramco propane CP swap at $584.00 per metric ton, reflecting an increase from $582.50 per metric ton on March 7. Similarly, the front-month Brent crude price rose to $70.30 per barrel, up from $70.24 per barrel during the same timeframe. The April CP swap was valued at $584.00 per metric ton following the trading of the April FEI swaps at $576 per metric ton during the end-of-day trading session. Furthermore, the spread between the March and April CP swaps narrowed slightly to $32.00 per metric ton on March 10, down from $32.50 per metric ton on March 7. The assessment of the Persian Gulf-Japan LPG freight remained stable at $46 per metric ton since March 7. However, the Free on Board (FOB) Middle East market is expected to remain soft as OPEC+ has decided to increase oil production by 138,000 barrels per day in April. This decision is part of the gradual unwinding of OPEC+’s 2.2 million barrels per day voluntary cuts, which will commence on April 1. It is noteworthy that over half of the liquefied petroleum gas (LPG) in the Middle East is derived from associated gas production; thus, OPEC+’s decision is anticipated to contribute to the supply in an already well-supplied region. Platts assessed the FOB Persian Gulf spot cargo differentials against the April CP swap at minus $13 per metric ton on March 10, unchanged since March 7. Source: Platts - S&P Global Commodity Insights Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #lpg #prices #oilandgas

Saudi Arabia Reduces Oil Prices for Asia After Three-Month Hiatus March 7 (Reuters) - On Friday, Saudi Arabia, the world's leading oil exporter, announced a reduction in crude oil prices for Asian purchasers in April, marking the first decrease in three months. This decision aligns with market expectations and follows OPEC+'s agreement to increase supply in the same month gradually. The state-owned oil company, Saudi Aramco, has adjusted the April official selling price (OSP) for its flagship Arab Light crude, lowering it by 40 cents to $3.50 per barrel above the average prices of Oman and Dubai, as indicated in a pricing document from the producer. In the previous month, Arab Light's OSP reached its highest level in over a year at $3.90 above the Oman and Dubai average, triggered by intensified U.S. sanctions on Russian oil that disrupted global trade and led to significant increases in oil prices and freight rates. OPEC+, which accounts for approximately half of the world's oil production, has decided this week to implement a planned increase in oil output of 138,000 barrels per day in April, marking the group's first adjustment to production levels since 2022. Source: Reuters Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #crudeoil #export #Asia

Crude Steel Production Report, January 2025 World crude steel production for the 69 countries reporting to the World Steel Association (worldsteel) was 151.4 million tons (Mt) in January 2025, a 4.4% decrease compared to January 2024. Crude steel production by region ·        Africa produced 1.9 Mt in January 2025, down 3.5% on January 2024. ·        Asia and Oceania produced 112.3 Mt, down 4.5%. ·        The EU (27) produced 10.3 Mt, down 3.3%. ·        Europe, Other produced 3.5 Mt, down 6.8%. ·        The Middle East produced 4.2 Mt, down 15.3%. ·        North America produced 9.0 Mt, down 0.5%. ·        Russia & other CIS + Ukraine produced 7.0 Mt, up 1.4%. ·        South America produced 3.2 Mt, down 9.8%. Top 10 steel-producing countries ·        China is estimated to have produced 81.9 Mt in January 2025, down 5.6% on January 2024. ·        India produced 13.6 Mt, up 6.8%. ·        Japan produced 6.8 Mt, down 6.6%. ·        The United States produced 6.6 Mt, up 1.2%. ·        Russia is estimated to have produced 6.0 Mt, down 0.6%. ·        South Korea produced 5.2 Mt, down 8.8%. ·        Türkiye produced 3.2 Mt, down 1.4%. ·        Germany is estimated to have produced 2.8 Mt, down 8.8%. ·        Brazil is estimated to have produced 2.6 Mt, down 4.5%. ·        Iran produced 2.2 Mt, down 24.1%. Source: World Steel Association Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #steel       #production         #report

OPEC Releases: Crude Oil Price Movement and World Economy Insights OPEC has released its analysis of crude oil price trends and the global economy in the latest monthly report: Crude Oil Price Movements In January, the OPEC Reference Basket (ORB) increased by $6.31, or 8.6%, m-o-m, to average $79.38/b. The ICE Brent front-month contract rose $5.22, or 7.1%, to average $78.35/b, while the NYMEX WTI front-month contract gained $5.40, or 7.7%, to average $75.10/b. The GME Oman front-month contract increased by $7.14, or 9.8%, m-o-m, to average $80.22/b. The ICE Brent-NYMEX WTI first-month spread contracted by 18¢, m-o-m, to average $3.25/b. Among major crude benchmarks, Dubai and GME Oman showed the most significant strengthening in price structure, outpacing Brent and WTI. Hedge funds and other money managers sharply increased their net long positions in ICE Brent along with substantial financial flows. World Economy The world economic growth forecasts remain unchanged at 3.1% for 2025 and 3.2% for 2026. The US growth forecast is unchanged at 2.4% for 2025 and 2.3% for 2026. Japan’s growth forecasts stand at 1.0% for both 2025 and 2026, unchanged from the previous month’s assessment. Eurozone economic growth for 2025 is revised down slightly and projected at 0.9% and is forecast to rise to 1.1% in 2026. China’s economic growth forecast for 2025 remains at 4.7% with a slight deceleration to 4.6% in 2026. India’s economic growth forecasts remain at 6.5% for both 2025 and 2026. Brazil’s economic growth forecasts remain at 2.3% in 2025 and 2.5% in 2026. Russia’s economic growth forecasts for 2025 and 2026 are unchanged at 1.9% and 1.5%, respectively. Source: OPEC MOMR Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #crudeoil #worldeconomy #forecast

Rising Oil Demand: Natural Gas Prices Edge Closer to the Equivalent of $100 per Barrel in Europe Amidst frigid winter conditions and rapidly diminishing inventories, natural gas prices in Europe experienced a significant escalation on Monday, reaching a two-year high of over $100 per barrel oil equivalent. This development has resulted in burning oil for industrial applications becoming a more economical option. The Dutch TTF Natural Gas Futures, which serve as the benchmark for gas trading in Europe, increased by 4% in Amsterdam on Monday, attaining the highest level since February 2023. The current winter in Europe, marked by extended periods of cold weather, is contributing to a depletion of the European Union's natural gas stockpiles, which have now reached their lowest levels for this time of year since the 2022 energy crisis. Consequently, European prices are on the rise, and with an increasing reliance on liquefied natural gas (LNG) imports for natural gas supply, it has become more expedient for industries to utilize oil and coal when feasible, as these alternatives currently represent more cost-effective feedstocks than natural gas. This shift from gas to oil may lead to an increase in oil demand in Europe and Asia during the first quarter, potentially providing OPEC+ with additional motivation to augment market supply. Moreover, even diesel rated at 10 parts per million (ppm) is now available at a lower cost than natural gas. Consumers of natural gas globally are likely to favor various oil products over gas if their natural gas prices are aligned with the LNG market. The recent surge in European natural gas prices occurs as storage levels are declining at a faster rate than observed in the previous two years. Current inventories are reported to be only 49% full, in contrast to 67% at the same period last year, as per analysts at ING. Source: oilprice.com Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #oil #naturalgas #Europe 

Copper Crisis: the EU's Dependence on External Concentrate Sources Despite the European Union's robust capabilities in refining and recycling, it remains heavily reliant on external sources for its copper concentrate needs. Currently, approximately 50% of this essential supply is sourced from mines located outside the EU. Copper concentrate is a semi-processed material obtained from the extraction of copper ore. It typically consists of around 30% copper metal, with the remaining 70% comprising impurities and waste. Notably, for every 1,000 kilotons of copper concentrate imported into the EU, only 300 kilotons represent recoverable copper metal. Credit: Mining Visuals Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #copper   #EU        #imports

Monthly Update: Base Oils Market Insights - January 2025 In January, the base oil markets in Asia, Europe, and the Americas experienced varied trends influenced by seasonal factors, supply dynamics, and demand fluctuations. In Asia, the base oil market witnessed mixed price changes, largely shaped by preparations for the Lunar New Year, plant turnarounds, and supply shifts. As the Lunar New Year neared, prices stabilized due to a robust supply. By month's end, while Group II prices experienced an uptick attributed to tightened supply conditions, Group I prices faced a decline due to a notable surplus, with FOB Asia prices decreasing from $685/mt to $670/mt. Conversely, Group III prices increased, buoyed by stable demand. Looking ahead to February, market participants will focus on post-holiday restocking and refinery maintenance activities. In Europe, the base oil market confronted weak demand and considerable oversupply, particularly within the Group III segment. By January 29, market sentiment had deteriorated further, as demand continued to fall short of expectations. Group I grades remained adequately stocked, whereas bright stock encountered tight supply. The Group III sector saw oversupply stemming from elevated refinery run rates, which resulted in price discounts for lower-priced grades. Overall prices fell, with only 50% of the typical January volumes sold. Moving forward, the market will closely monitor the potential return of Russian suppliers and the effects of refinery turnarounds as seasonal demand is anticipated to rise in February. In the Americas, the U.S. base oil market experienced subdued demand in January, which restricted spot market activity, although suppliers were optimistic about a rebound by the end of 2024. Prices increased in the final week of January owing to heightened demand and tighter supply of heavier grades. The demand slowdown was influenced by external factors, including uncertainties related to tariffs under the Trump administration and severe winter weather impacting lubricant requirements. Group I and Bright Stock maintained a premium, while supplies of Group II remained tight. Although the supply of Group III's 4cSt was sufficient, both 6cSt and 8cSt were in short supply. Exports were primarily directed toward Latin America, notably Mexico. Proposed tariffs could affect flows from Canada and Mexico, while Group III exporters to the U.S. remain optimistic about future prospects. Credit: S&P Global Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #baseoil #demand #prices