Crude oil finds support; US shale growth limited Crude Oil Prices Buoyed By Prospects of Further Disruptions to Russian Supply, ANZ Bank Says
05:37 AM EST, 03/01/2023 (MT Newswires) -- Crude oil prices found support from concerns about further disruptions to Russian supply as demands from prospective buyers wary of breaching sanctions slow down transactions, Australia's ANZ Bank said in a Wednesday note.
Poland reportedly said it is winding down purchases of Russian oil in February and March, while India is facing more headwinds to trade flows after having ramped up on Russian oil purchases in the past 12 months, the bank noted.
ANZ Bank said about 1.9 million barrels of Russian processed diesel is in floating storage as more buyers reject the supply amid sanctions.
Meanwhile, growth in shale oil output in the US could also disappoint as the Federal Reserve Bank of Dallas said growth could be as low as 300,000 barrels per day this year due to labor shortages and supply chain bottlenecks, the bank said.