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b'Russia is pumping nearly 10% less oil than before it invaded Ukraine, satellite imagery suggests
https://www.businessinsider.com/russia-pumping-less-oil-since-ukraine-war-began-satellite-data-2022-4
- Russian oil production
- China planning to cut refinery runs significantly due to lower demand (lockdowns) - could this bring global prices down?
- Will Russia have to continue to cut production if China doesn\'t buy and it has no more storage capacity?
- could China be locking down in order to get oil prices to drop for their economy?

Putin Sets Energy Goals to Reflect New Reality
https://www.energyintel.com/00000180-4396-d58f-a7cd-ebf7eb490000

Making Sense of India\\u2019s Newfound Love for Russian Oil
https://www.fairobserver.com/politics/making-sense-of-indias-newfound-love-for-russian-oil
- India has always been going the "Third Way"
- It has always been friendly to Russia/USSR AND the west in a bipolar world.
- India can\'t be expected to pay a premium for fuel because of their economy, if it\'s available for a discount.

Abu Dhabi crude to head to Europe, replace Russian oil
https://www.reuters.com/business/energy/frances-totalenergies-ship-abu-dhabi-crude-europe-rare-move-sources-2022-04-25/
- predictable but will these new patterns last and for how long?
- How will american producers react? Will they try to lock in new international customers?

A Persian Gulf Stock Boom Draws Foreign Investors
https://www.wsj.com/articles/a-persian-gulf-stock-boom-draws-foreign-investors-11650884401

Dean Foreman
- February was the highest demand for any single month going back to August 2005
- March demand was down but still relatively strong
- Supply needs to step up!
- Massive pull for crude oil and refined products out of the United States because international prices higher than domestic prices.
- Rigs in the 500s now as opposed to pre-Covid rigs in the 800s
- Production down from December - down by 100,000 bpd until March. Back up in March and in April 100,000 bpd more.
- March 2022 vs. March 2019, global oil drilling down 22%, down 29% in US
- productively of oil producers in US is backsliding
- cost escalation
- spending on drilling went up by 1/3 between quarters but doesn\'t necessarily contribute to higher productivity.
- DUCs - 1 in 3 in US last year. This year more like 1 in 5. Industry isn\'t relying on DUCs to same extent as last year. Means need more production to sustain current production. Need more investment and more drilling.
- Prices redetermine costs.
- trucking markets MAY HAVE reached a pause
- jet fuel is up
- more urban commuting but motor gasoline still back to usual but not higher than 2019 levels
- intermediate products demand has pulled back in March. Not a trend but could be.
- Is petroleum demand normalizing as economy returns to "normal"?
- SPR release: will it help with prices since we aren\'t seeing a supply dislocation?
- Dr. Foreman says that if they\'d just released heavy crude it would have had more of an impact on prices in the US than light crude releases do. 700,000 barrels of the SPr release went to exports. Not all of it, but a significant amount.
- SPR inventories at their lowest point since 2002. If this continues, we will have lowest SPR reserves since 1984

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