Oil prices fell on Wednesday, erasing any gains made since the voluntary OPEC+ production cuts, as investors focused on recession fears rather than falling U.S. inventories.

U.S. commercial crude oil inventories unexpectedly and significantly declined last week, mainly due to an increase in demand. Commercial reserves fell by 5.1 million barrels, beating analysts' forecasts, while gasoline inventories fell by 2.4 million barrels.

Guyana approves a $12 billion investment plan to develop a U.S.-China offshore oil site. The Uaru fields are expected to eventually produce 250,000 barrels of oil per day, providing a massive investment in the country.

BP shareholders are rebelling against its decision to slow its energy transition, threatening to vote against the re-election of its chairman. UK pension funds have also tabled a resolution calling for greater ambition in the group's climate targets.

Colombian oil company Ecopetrol will use AI to improve exploration and increase existing crude production. This initiative is part of the company's transition to greener energy sources.

Russian oil production is expected to exceed 480 million tons this year, in line with the 500,000 barrels per day reduction decided by Russia. Russia's decision to cut production could have a significant impact on the global oil market.

Norway's sovereign wealth fund has announced that it will vote against a resolution calling on BP to adopt stricter greenhouse gas targets. The decision comes as activist group Follow This called on the British oil major to align its targets with those of the Paris agreement.

Eni will drill the Tlazotli 1 well in the Cuenca Salina basin in the Gulf of Mexico, after obtaining approval from the National Hydrocarbons Commission. The company hopes to develop the area, while investing in gas exploration to reduce methane emissions.

ExxonMobil announced that it has declared force majeure on several oil export terminals in Nigeria due to industrial action. This is a blow to the Nigerian economy, which is looking to boost exports and increase revenues after a difficult year in 2022.

U.S. crude oil inventories unexpectedly fell by 4.6 million barrels last week. However, gasoline deliveries declined, resulting in a 1.3 million barrel increase in gasoline inventories.

Fighting related to a power struggle between Sudan's military leaders has raised fears of disruptions to the country's oil production and exports. The main pipeline connecting the oil fields to the Red Sea port could be affected, which could have a significant impact on Sudan's oil revenues.

Johan Sverdrup crude from Norway is an effective replacement for Russian oil as the benchmark medium grade in Europe, due to its quality and low sulfur content. Imports of this crude increased in Europe while shipments to Asia fell.

India and China are buying Russian oil above the Western price ceiling, boosting the Kremlin's revenues. Despite the cap, lower freight rates and rebates have allowed Urals oil prices to exceed the cap.

French ports are resuming their activities after the demonstrations against the pension reform, thus allowing an increase in the shipments of oil products to France and the reconstitution of national stocks. Traders are anticipating an increase in diesel flows.

Bangladesh has imported about 9,000 tons of low-sulfur diesel from India through a new friendship pipeline between the two countries. This new pipeline will meet the energy needs of the northern regions of Bangladesh.

The IEA forecasts a potential supply deficit of up to 2 million barrels per day in the second half of 2023 due to recent OPEC+ production cuts. China's economic recovery continues to drive growth and could lead to higher oil prices.

Opec expects global oil demand to rise in 2023 to a record 101.9 million barrels per day. Despite growing concerns about climate change, fossil fuel consumption continues to grow.

Commercial crude oil reserves unexpectedly rose slightly last week in the United States, according to the U.S. Energy Information Agency (EIA). This moderate increase follows two weeks of massive reductions in U.S. crude inventories.

Oil prices were supported by a weaker dollar and the Fed's monetary policy outlook. However, investors remain cautious in the face of fears of slowing growth in the United States.

Kazakhstan has requested international arbitration proceedings to settle disputes over $16.5 billion in fees deducted by oil giants operating the Kachagan and Karachaganak fields. These disputes relate to the application of production allocation agreements.

Shell U.K. Ltd. has restarted gas production at the Pierce field in the U.K. North Sea, after a major upgrade that allowed gas production after years of oil-only production. This investment is part of Shell's clean energy strategy.

Asian crude oil imports were strong in March, driven by China and India, but with daily imports down from February. With irregular imports, the impact of these trends on world oil prices remains uncertain.

Commercial crude oil supplies continue to fall in the U.S. due to strong demand for refined products, dropping 3.7 million barrels last week, while demand for gasoline and distillates remains strong.

Esso-ExxonMobil announced the restart of its Port-Jérôme-Gravenchon refinery, which was shut down due to a lack of crude oil during the strike in Le Havre. It will take several days to restore normal production, while TotalEnergies is shipping fuel to the Ile-de-France region to make up for the shortages.

The oil market is catching its breath after prices rose following the surprise decision by some Opec+ members to cut production. The cut in production could have an impact on prices in the coming months, especially as the market expects Chinese demand to recover strongly.