- Brent fell $1.24 to $104.59 and WTI dropped $1.14 to $101.29 as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of Middle East supply disruptions.
- Saudi Arabia suspended loading at Yanbu and rerouted crude via Oman, the operational shift that eased the supply-disruption premium in oil prices.
- US crude stocks fell less than expected last week, adding to the bearish tone in crude.
- Thailand reduced its reliance on Middle Eastern oil suppliers to less than 30% from about 60% before the crisis, accelerating its energy transition as supply disruptions persist.
- Oil prices had risen earlier in the week as Middle East supply concerns persisted before the Thursday reversal.
Quotes
“oil supply disruptions are prompting Thailand, like many other countries, to accelerate its energy transition”
“Thailand has diversified its oil supplies since the war began, reducing its reliance on Middle Eastern suppliers to less than 30% from about 60% before the crisis”