Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.

• Brent prices have been volatile, is trading c. $81/bbl, loosing gains since OPEC+ announced a cut at beginning of April. Concerns over weaker US demand, possible Fed interest rates increase, higher than expected Russian exports, all added downward pressure on prices.

• US inventory shows a crude draw of 4.6 million bbls, but a 1.3 million bbl gasoline build suggest slow summer season demand growth.

• China’s economy is picking up with GDP at 4.5% in 1Q23, oil demand in March up with both crude run through and imports up 13% and 22% y-o-y respectively

• ExxonMobil has declared force majeure on crude lifting from its Nigerian terminals of Erha, Qua Iboe, Usan and Yoho which combined handle almost 550,000 b/d.

• Oil majors are active in deepwater E&P. BP has started production from Argos platform of Mad Dog II project and is going to drill a wildcat at offshore eastern Canada within weeks. Shell is active in Brazil and Namibia with exploration drilling lined up. ExxonMobil is on track to boost Guyana’s oil production to near 600,000 b/d in 2024. Equinor is to launch another exploration campaign in the east Canadian Flemish Pass basin in 2024. Chevron is tendering for a drillship for work in the Mediterranean Sea in 2024. Eni is busy drilling in US GoM with E&P drilling requirements also lined up in Mexico.