Commercials building
Biggest players get longer
In this report: Russia under continued counteroffensive on its refineries, OPEC Monthly report highlights, EV demand dampens, Commitment Of Traders analysis and trade.
‘Near the Georgian border there is a spring from which gushes a stream of oil in such abundance that a hundred ships may load there at once. This oil is not good to eat; but it is good for burning and as a salve for men and camels affected with itch or scab’’- Marco Polo Circa 1271
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In 1846, the first commercially drilled oil well in history commenced drilling in Bibi-Heybat, Baku, Russia (Now Azerbaijan). Edwin Drakes well in Titusville, Pennsylvania, USA was not to spud in (start drilling) for another 14 years. Read more on The Great Baku Oil Rush.
An old well in Baku still stands as a monument to the great energy transformation, one small step for power. Fast-forward to today, and there is new chapter in the pages of history. The giant leap of compute power for mankind. This will be powered by electricity, stemming from oil, natural gas and a host of renewables. But underpinning all of this, the fight for energy dominance, control and security remains the same old game. A.I models currently require new heights of power generation, and with this requirement, the focus on power creation and control has never been so important.
Over the last 6 months, Russian oil infrastructure, mainly refineries, have continued to come under attack from Ukrainian drones. A smart strategic set of targets for Ukraine’s counteroffensive. The oil market focus will now shift away from OPEC+, back to geopolitical risks in The Heartland
