Oil news and market movers: Russia faces weather issues
- Chinese Customs figures show that China has imported Oil from Venezuela in February for the first time since 2019, Bloomberg reports.
- Russian crude exports have dropped because of maintenance work at the Baltic port of Primorsk and severe weather conditions (strong winds) around Kozmino on the Pacific Coast have hit shipments from the two most important oil ports. This translates into a three-day delay in loading and shipping.
- China secured another lot of 2 million barrels from Abu Dhabi, bought by Cnooc.
- Overnight, the American Petroleum Institute released that the US Crude stockpile is facing more drawdowns. Last week it saw a drawdown of 5.521 million barrels, against 1.519 million for this week.
- This Wednesday at 14:30 GMT, the Energy Information Administration will release its US stockpile numbers. Expectations are for a small build of 13,000 barrels against the draw last week of 1.536 million barrels.
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