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The oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand.
Therefore, the disconnect between the two things appears bizarre.
The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive.
Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. Longer trips for the Middle-Eastern barrels that replaced Russian flows to Europe introduce supply issues, and this is leading to a "sea change" in commodity purchases by Europe, and a boost for Atlantic Basin crude suppliers including the U.S. and Brazil.
Asia’s manufacturing supply chains for spare parts, such as electronic goods and automobiles, to manufacturers in Europe are being threatened by the dislocation in the shipping route on the Red Sea, which has been ongoing since late December, said Cedomir Nestorovic, professor of geopolitics at Singapore’s ESSEC Business School Asia-Pacific.