The International Energy Agency stated in its monthly report that a significant influx of US crude into the Atlantic basin last month has pressured and weakened the price differentials for Mediterranean and Caspian Sea crudes. Concurrently, due to cooling demand, the premium for Angolan crude has experienced a substantial decline.
Despite favorable refining margins, lower freight rates, and refineries increasing processing volumes ahead of the summer travel season, prices for Mediterranean and Caspian crude grades remain under pressure.
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