It was a nail-biter Masters Tournament final as fan favorite Rory McIlroy from Northern Ireland defended his second Masters title by one stroke. McIlroy was the fourth player ever to achieve back-to-back wins, after legends Jack Nicklaus, Sir Nick Faldo, and Tiger Woods.
It was such a moving scene to see him buried in the arms of his parents, Gerry and Rose, who had to work night shifts so their only child could have the chance to realize his dream.
Now, let’s cover two pieces of energy news.
Shangyou Nie
Editor, Well Read
WTI Edges Above Brent as the War in Iran Continues
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The U.S. crude benchmark West Texas Intermediate has edged above Brent in recent weeks, as global demand for U.S. supply spiked. Asian demand for American crude jumped by 82 percent from March to April.
WTI traded at $101 per barrel on 13 April on the spot market, compared to Brent at $100 per barrel, reversing a historical trend.
The latest:
According to the Financial Times, U.S. oil exports will jump to 5.2 million barrels per day in April, up from 3.9 million barrels per day in March.
Quoting tracking data from Kpler, the Financial Times stated that there are 68 empty oil tankers on their way to fetch U.S. crude, compared to 24 during the week before the war broke out in Iran on 28 February.
The potential oil price hike in the United States has led some in Congress to reintroduce a crude export ban. The Trump administration has thus far ruled out an export ban.
From 1975 to 2015, the U.S. government had a ban on almost all exports of U.S. crude oil under the “Energy Policy and Conservation Act.”
Background:
WTI historically trades at a lower price than Brent.
In March, the average Brent price was $103 per barrel vs $91 per barrel for WTI.
During the past decade (March 2016–March 2026), Brent enjoyed a $4.25-per-barrel premium over WTI, based on EIA monthly data.
Asian customers are most severely impacted by the war in Iran, as 80 percent of their crude and petroleum products are imported from the Persian Gulf.
Japan, for example, depends on 90 percent of its oil imports coming across the Strait of Hormuz.
Europe has been the biggest destination for U.S. crude exports during recent years, followed by Asia and the Americas.
Another factor increasing U.S. crude exports is that more Venezuelan heavy crude is now available to U.S. refineries.
China, the world’s biggest importer of crude, has inserted a no-export directive to its refineries since the war in Iran began.
What to watch: Will WTI trade above Brent when the Strait of Hormuz reopens?
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ExxonMobil Will Invest $24 Billion in Nigeria to Bring Two Deepwater Fields to Production
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ExxonMobil, the world’s largest IOC, has reportedly committed to investing up to $24 billion to bring two Nigerian deepwater discoveries into production. FIDs could be taken in 2027 for Bosi and Owowo, discovered in 1999 and 2012, respectively. Recent fiscal improvements and contract extensions have helped progress these developments.
ExxonMobil’s plan:
According to local authorities, ExxonMobil’s Senior Vice President for Deepwater Hunter Farris met with regulators from the Nigerian Upstream Petroleum Regulatory Commission last week in Abuja.
Nigeria plans to bring its production back up to 2.4 million barrels per day in the medium term, through its “Project 1 Million Barrels” initiative.
According to the Energy Information Agency, Nigerian production has declined over the past decade from 2.3 million barrels per day in 2015 to 1.6 million barrels per day in 2024.
Farris was quoted as saying Bosi has the “potential of attracting fresh capital of between $15 and 16 billion if the company [ExxonMobil] were to [deploy] a new FPSO and new pipelines.”
Bosi is located in OML 133 and operated by ExxonMobil (56 percent) with partner Shell (44 percent).
The Owowo project could cost $7 to 8 billion, including a new FPSO and gas pipeline to transport the associated gas.
ExxonMobil (operator, 27 percent) is the operator for the Owowo field, located within OML 139 and 154, with partners Chevron (27 percent), CNOOC (18 percent), TotalEnergies (18 percent), and NNPC (10 percent).
In March, ENI’s CEO Claudio Descalzi told President Tinubu that the Italian major is fast-tracking development of the Zabazaba field in OPL 245 since previous legal issues had been settled.
PSC for Erha had been extended to 2042. Erha is the potential for the Bosi field, if a subsea tie-back development option is chosen.
What they are saying: “To hear that FIDs are likely next is very exciting, and rest assured we are willing to support you,” said Oritsemeyiwa Eyesan, Commission Chief Executive for NUPRC.
Exxon was originally the Standard Oil of New Jersey, created by John Rockefeller in 1882.
Mobil was the Standard Oil of New York.
Standard Oil was forced to break up in 1911 following an anti-trust ruling by the Supreme Court in 1911.
Exxon acquired Mobil in 1999 amidst a major M&A wave.
ExxonMobil shareholders will vote on the proposal during the 2026 annual shareholder meeting on 27 May.
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