The July Brent futures flat price had a rangebound night and early morning, bouncing between $82.65/bbl and $83.00/bbl from 05:00 BST to 10:30 BST. Since then however, it has seen a fairly sharp downturn, falling around $0.50/bbl in 45 minutes to its current level of $82.40/bbl as of 11:25 BST (time of writing). The IEA has slightly cut its global oil demand forecast to 1.1mbbls/d, down 100kbbls from last month, on weaker Q1 diesel and changes to previous years’ baselines, however on an absolute level, the 2024 consumption forecast remains unchanged at 103.2mbbls/d. ExxonMobil has made a new oil discovery at its Likembe-01 well on Angola’s Block 15, one of the country’s largest producing blocks, although output from its mature fields has fallen in recent years. Exxon operates the block with a 40% interest alongside partners Sonangol, Equinor and Azule Energy, a joint venture between BP and Eni. Russia’s oil revenue has taken a hit as its oil exports have fallen to a 5-month low, with the nation exporting 7.3mbbls/d in April, down 6.3% from March. TotalEnergies’ CEO Patrick Pouyanne has stated that it will continue to be listed in France, as the French major continues to consider an additional listing in the US. The front and 6-month spreads are $0.38/bbl and $2.84/bbl, respectively.
