A couple of other tidbitsPEMEX (Mexican national oil co) is making preperations to stop marketing its oil on international markets , after 2023 Mexico will be using all PEMEX production domestically .
US refiners ready to double down on cheap Canadian heavy sour , most of the SPR oil released was that grade which has caused a $20 plus discount on WCS . The SPR is already running low on heavy crude and is releasing more light sweet which US refiners can't use exclusively . US refineries (and Canadian) are designed to strip sulphur (Amine unit) , upgrade heavier molecules through catalyst (Cat cracker) and Hydrogen with the final stop going through the Coker to squeeze the last of the volitiles out and an asphalt base remains . Refining strickly light sweet crude leaves half the complex with no product flow or function . If Canada had other customers , the US would be forced to bid for our oil giving us a price closer to world market prices .
Eight Baltic countries including Germany , Poland , Sweden , Finland and Denmark sign LNG agreement to replace Russian Nat gas permenantly . Germany alone has plans for 5 floating regasification platforms and 2 LNG terminals on land . Denmark , Estonia and Finland also have plans to rapidly deploy floating regasification units .
Russia is a pariah and has lost any chance of benefiting from O&G sales to Europe for years to come and shipping costs have taken away any discount advantage . Even India has stopped buying Russian oil because of the cost and delay due to shipping from eastern Russia .
The deniers keep denying , producers aren't producing more and the SPR is becoming less "stategic" and more "empty" , something has to break sooner or later .