Total oil and gas seaborne departures rose to record highs in November. We investigate the main contributors and drivers behind the rise.
Within a month the oil market has been turned upside down. A wave of seaborne oil & gas supplies emerged in November, helping to cool prices already ahead of Omicron's appearance.
The Biden administration announced today a historical Strategic Petroleum Reserve (SPR) release, but rather than cooling oil prices it led to a spike, at least in the short term.