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Crude prices continued to be under pressure during yesterday’s intraday session but remained above 71 $/b at the prompt. Lybian exports were curtailed by the National Oil Corp, estimating that production at Waha and El Sharara was reduced by 300 kb/d as of this weekend, invoking force majeure on parts of its export program at Zawiya and Mellitah ports.
The Biden administration is tightening its emission standards for personal light-duty vehicles, with an expected fuel economy of 6.2 litres per 100 km by the year 2026. Given the levels aimed, EV sales will be crucial for automakers to improve their sales-wide fuel economy. Emission standards were loosened by the previous administration.
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