International Energy Agency: US crude oil flows into the Atlantic Basin, putting pressure on the price differentials of Mediterranean and Caspian crude oil.

⑴ The International Energy Agency stated in its monthly report that last month a large influx of U.S. crude oil poured into the Atlantic Basin, dragging down the price differentials of Mediterranean and Caspian crude; meanwhile, due to cooling demand, the premium on Angolan crude oil dropped sharply. ⑵ Despite improved refining margins, lower shipping costs, and refineries ramping up processing loads in advance of the peak summer travel season, prices of Mediterranean and Caspian crude varieties remain under pressure.