The EU has banned seaborne imports of Russian crude
Crude stocks rise despite perception of tightness
Analysts warn of economic headwinds for the crude and product markets
Global crude inventories are rising, suggesting the market is not short of supply and that capacity constraints are on the refining side, says energy analytics firm Vortexa, on the same day an EU agreement on a ban on Russian seaborne imports helped spur crude prices to even higher levels. Seaborne crude exports from Opec+ countries have broadly trended downwards since the start of 2018, says Vortexa chief economist David Wech. Of those states, only Saudi Arabia and the UAE still have some spare production capacity, but they have not increased their recent exports. And both of those countries “probably have less spare capacity than most of the market believes”, Wech continues. Nevertheless,
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
