Global supply concerns are easing following the partial restoration of Saudi crude flows, even as the Houthi threat lingers over Red Sea operations. Saudi Aramco has resumed throughput on its East-West pipeline at 3.5 million b/d, though the system will require weeks to reach full capacity. Simultaneously, the IEA is keeping emergency stock releases on the table to address potential deficits in diesel and product markets.

Corporate activity remains intense across the sector. BP is reportedly eyeing a $4.5 billion acquisition of Devon Energy’s South Texas shale assets to bolster its Eagle Ford portfolio. In Germany, BASF has approached Evonik regarding a potential merger to build a regional chemicals champion, while in Saudi Arabia, Aramco has engaged Evercore to explore a $100 billion listing for its gas division. Meanwhile, Europe is scrambling to accelerate LNG imports ahead of winter, with regional storage levels trailing last year’s pace by 11 percentage points.