Oil Markets

The European crude oil market is entering the final stretch of 2026 with a ballooning supply glut. Elevated freight is limiting the economics of moving barrels out of the region, while refineries are unable to absorb more feedstock. S&P Global Energy's Emma Kettley, associate director, price reporting, and reporters Ernest Puey and Jan Kedzior discuss the outlook for the regional market and the factors shaping the closing weeks of the year.

Asian middle distillate markets are entering the remainder of the fourth quarter with competing forces pulling the supply balance in different directions. Additional Chinese refined product export quotas could increase gasoil and jet fuel availability, while changing Russian diesel trade flows are reshaping global supply routes. At the same time, uncertainty surrounding the Strait of Hormuz continues to raise questions over Middle Eastern exports, freight costs and regional supply security. In this episode of the Platts Oil Markets Podcast, Jonathan Nonis, associate editorial director for Asian oil products and market editors Mei Huey and Rachelle Teo from the Asia and Middle East pricing team discuss the outlook for gasoil and jet fuel in the fourth quarter. They examine whether additional Chinese exports could offset potential supply disruptions, how changing Russian diesel flows are influencing global trade patterns and whether physical supply, freight or geopolitical risk will ultimately prove the dominant force shaping middle distillate markets through the remainder of the quarter.

Could a shift in Congress reshape oil policy or just intensify the scrutiny? The US midterm elections are just around the corner, with all 435 House seats and 35 Senate seats on the ballot Nov. 3. At stake is whether Republicans retain control of Congress or Democrats win one or both chambers and gain new leverage over the Trump administration's energy agenda. On the Oil Markets Podcast by S&P Global Energy, host Jeff Mower joins policy editors Kate Winston and Eamonn Brennan to explore what the US midterms could mean for sanctions, investment and fuel prices.

The resumption of Russian diesel exports could bring some relief to a constrained European market, but uncertainty remains high. This episode unpacks how the lifting of Russia's diesel export ban and the return of supply could reshape market balances.  Join S&P Global Energy's Gary Clark, associate director, price reporting, and reporters Sophia Aung and Elza Turner as they dissect what is keeping European diesel tight and why prices remain particularly sensitive to geopolitical and other market-moving headlines.

India is entering a pivotal phase in the development of its upstream oil and gas sector, with the government seeking to unlock the potential of deepwater and ultra-deepwater resources amid rising energy demand. Recent reforms have focused on improving access to acreage, strengthening fiscal and contractual terms, streamlining regulations, and reducing the risks associated with frontier exploration, while the Samudra Manthan initiative aims to expand subsurface data and introduce new cost-sharing measures for exploratory drilling. In this bonus episode of the Platts Oil Markets podcast, Asia Energy Editor Sambit Mohanty examines India's evolving upstream landscape with India's Secretary of the Ministry of Petroleum and Natural Gas, Neeraj Mittal and Atul Arya, chief energy strategist at S&P Global Energy. The discussion throws light on what the reforms mean for international investors and operators, and the practical steps needed to accelerate the path from exploration and discovery to production.

Latin America is becoming a critical engine of global oil supply growth. In this episode of the Platts Oil Markets Podcast, Jeff Mower is joined by Washington-based policy editor Kate Winston and Mexico editor Sheky Espejo to examine Venezuela's reopening to international energy companies, Brazil's record production and exploration push, and why the region is attracting renewed investment. As concerns persist over Middle East crude supplies and key shipping routes, the team explores how new barrels from the Atlantic Basin could reshape global oil markets.

Prices for Russian crude strengthened in September, amid lower domestic production and Middle East supply concerns while Russia's refining sector continues to face major challenges as a result of Ukrainian attacks. Russia has extended its diesel export ban and the US is considering introducing similar restrictions, driving prices higher and raising the risk of diesel deficits in the coming months. Recent comments from Russian and US officials have underlined the importance of diesel in negotiations between Russia, the US and Ukraine aimed at securing an energy ceasefire ahead of the winter season.    In this episode of the Platts Oil Markets podcast by S&P Global Energy, OPEC+ lead reporter Rosemary Griffin discusses the impact of refinery attacks, sanctions and a possible energy ceasefire on the Russian and global oil markets with senior price reporter Jan Kedzior, associate director, near-term oil markets Rebeka Foley, and senior reporter Elza Turner.

Asia's energy markets are navigating a period defined by heightened geopolitical risk, vulnerable maritime chokepoints, shifting trade flows, and growing uncertainty over supply security. With APPEC 2026 concluding earlier in September, discussions at the event highlighted how refiners, traders, shipowners, and policymakers are reassessing sourcing strategies, inventories, freight exposure, compliance requirements, and the role of trusted price benchmarks. In this episode of Platts Oil Markets Podcast, Asia Energy Editor Sambit Mohanty discusses some of the key takeaways from APPEC with Bao Ying Ng, global director for strategic engagements at S&P Global Energy, Benjamin Tang, head of liquid bulk at S&P Global Commodities at Sea, and Jonathan Nonis, associate editorial director for Asian oil products.

Distillate prices are rising as escalating tensions in the Middle East and Russia inject fresh uncertainty into global energy markets. Join S&P Global Energy's Gary Clark, associate director, price reporting, alongside reporters Sophia Aung and Aruni Sunil, as they examine how geopolitical risks, supply disruptions, and a tightening physical market are underpinning a bullish outlook for distillates. They also explore the impact of constrained supply, low inventories, and shifting trade flows on consumers, and assess whether relief is on the horizon. 

Diesel markets are entering their most stressful stretch of the year as record prices, thin inventories and disrupted supply flows collide across the Americas. In this episode of the Oil Markets Podcast, Jeff Mower speaks with Janet McGurty, Kauanna Navarro and Carlos Castillo about how constraints in Russia and the Middle East have pushed US Gulf Coast refiners into the role of global swing supplier, why Brazil is relying more heavily on US and Indian cargoes, and how limited refinery spare capacity leaves markets with little room for error.