- WTI price corrects after reaching a four-month high of $82.46 marked on Monday.
- Russia has increased its exports in reaction to Ukrainian attacks on the nation's oil infrastructure.
- Saudi Aramco CEO Amin Nasser rejected the idea of phasing out fossil fuels, describing it as a fantasy.
West Texas Intermediate (WTI) oil price slightly retreats to near $81.80 per barrel during European trading hours on Tuesday. This decline is attributed to increasing supply from Russia, coupled with moderating demand for jet fuel and cautious trading ahead of the Federal Reserve's (Fed) decision on interest rates. Russia has escalated its exports in response to Ukrainian attacks on the country's oil infrastructure, contributing to continued downward pressure on oil prices.
However, analysts highlighted Ukraine's drone strikes on three Russian oil refineries over the weekend, which account for at least 10% of Russia’s total oil processing capacity. Additionally, Ukraine announced on Sunday its intention not to extend a five-year agreement with Russia's Gazprom regarding the transit of Russian gas to Europe.
Iraq has announced plans to reduce its Crude exports to 3.3 million barrels per day (bpd) in the coming months to offset exceeding its OPEC+ quota since January. Additionally, Saudi Arabia's Crude exports have decreased for the second consecutive month, dropping to 6.297 million bpd in January compared to 6.308 million bpd in December.
Saudi Aramco CEO Amin Nasser stated on Monday that global oil demand is not expected to peak for some time. He emphasized the need for policymakers to ensure sufficient investment in oil and gas to meet consumption, dismissing the notion of phasing out fossil fuels as a fantasy.
Nasser projected that oil demand will reach a new record of 104 million bpd in 2024. Despite increasing investments, alternative energy sources have yet to significantly displace hydrocarbons on a large scale.
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