Oil Prices Steady as Markets Await OPEC+ Output Decision

Oil prices were largely unchanged on Monday, with Brent crude settling at $64.74 per barrel and WTI flat at $61.53, amid light trading due to the U.S. Memorial Day holiday. The market is awaiting clarity on OPEC+ production strategy as eight member countries moved their voluntary cuts meeting up to May 31, ahead of a broader online ministerial session on May 28. Analysts say investor sentiment remains cautious until concrete decisions emerge, especially with April output slipping despite planned increases. Earlier gains were tempered after U.S. President Trump delayed EU trade tariffs to July 9 and hinted at new sanctions on Russia following heightened military actions in Ukraine. Analysts suggest geopolitical developments and uncertainty around OPEC+ policy are keeping oil prices in a holding pattern.

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Trump Blasts Putin as "Absolutely CRAZY" Amid Record Russian Assaults on Ukraine

U.S. President Donald Trump sharply criticized Russian President Vladimir Putin for launching what Ukraine called the war’s largest aerial attack, calling Putin "absolutely CRAZY" and suggesting new sanctions could follow. Trump also rebuked Ukrainian President Zelenskiy for rhetoric he claimed was unhelpful. Over three nights, Russia fired more than 900 drones and missiles, injuring civilians and damaging infrastructure, especially near the Starokostiantyniv air base. Ukraine’s Zelenskiy accused Russia of using military force to sabotage diplomacy and urged full-scale international pressure. Meanwhile, Trump’s remarks stirred reactions from the Kremlin and European leaders, with France's Macron urging Trump to back stronger sanctions to curb Russia’s actions. The Kremlin dismissed Trump’s words as emotionally driven and reiterated its stance that the war is a defensive "special military operation."

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Tanker Owners Eye OPEC+ Decisions Amid Hopes for Volume Increases Despite Oil Price Drop

Tanker owners are hopeful that OPEC+ will continue unwinding production cuts made in 2022, potentially boosting crude volumes further by October or November. So far, 960,000 barrels per day (bpd) of production increases have been announced for April to June, recovering 44% of the original 2.2 million bpd cut. Executives like Imperial Petroleum’s Harry Vafias note that these increases have already helped improve dirty tanker rates, especially amid continued sanctions on Russian oil. Frontline’s Lars Barstad said OPEC appears "eager" to return oil to the market, which could significantly aid compliant tanker markets. However, he noted that some of the increases may just reflect production already underway, with tangible new supply likely to appear from June onward. CMB.Tech CEO Alexander Saverys added that after a slow start, volume hikes accelerated from December and may extend through November. The sector remains sensitive to external risks, including Trump-era sanctions, Chinese shipping tensions, and unrest in the Red Sea. Despite the optimism, falling oil prices remain a concern, as forward curves suggest further declines that could limit profitability.

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VLCC Delivers First Brazilian Mero Crude to Africa’s Largest Refinery in Pioneering Shipment

A Hong Kong-flagged VLCC, Union Peace, has delivered the first cargo of Brazilian Mero crude to Nigeria’s Dangote refinery, Africa’s largest, in a milestone voyage. The crude was initially loaded onto the Eagle Canoas, a suezmax shuttle tanker, from the FPSO Sepetiba on May 9 and later transferred to the Union Peace, which also carried Iracema crude. The shipment signals Dangote’s growing operational confidence in its residue fluid catalytic cracker (RFCC) unit, which recently restarted after extended shutdowns due to technical issues. The refinery had previously imported Brazil’s Buzios crude and has begun accepting more domestic Nigerian grades, such as Egina. Nigeria’s oil production in April rose to 1.486 million bpd, nearing its OPEC+ quota. The latest developments suggest Dangote is ramping up its processing capabilities and diversifying its crude slate.

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Egypt Seeks 40–60 LNG Cargoes as Gas Crisis Deepens Ahead of Summer Demand

Egypt is in urgent talks with global energy firms and trading houses to import 40 to 60LNG cargoes, possibly costing up to $3 billion, as it battles a worsening energy crisis before peak summer demand. Declining domestic gas output — now at a nine-year low — has forced the country to revert to being a net gas importer and halt supplies to key fertilizer factories. Talks include suppliers like Qatar, Algeria, and Saudi Aramco, while fuel oil imports are also under consideration. Compounding the issue, Egypt is receiving less gas from Israel’s Leviathan field due to maintenance, while Israel is reportedly seeking a 25% price hike on gas exports. Egypt may need up to 150 LNG cargoes long term to meet demand, but currency shortages and delayed payments to oil companies are further straining the situation.