The market faces key OSP adjustments ahead amid geopolitical uncertainty

Atlantic Basin:

• Niger crude production increases, enabling a record high in Meleck exports in October
• Sudan is ready to restart exports of South Sudan's heavy sweet Dar Blend crude
• Nigeria's Dangote refinery sells first gasoline to domestic buyers

Europe and FSU:

• Kashagan field maintenance ends earlier than expected
• Russian exports to Turkey rise as 220 kbd Star refinery completes maintenance
• European medium-density crude differentials remain pressured

Middle East and Asia:

• The US election presidential outcome could impact Iranian oil exports by mid-2025
• Preliminary OPEC+ data shows a modest increase in exports, led by Saudi Arabia and Libya
• Next week’s OSPs are expected to maintain competitive pricing amid easing Dubai backwardation and pressured refining margins

‍