Commodities Posts Topic: Crude and refined products

Overcoming geopolitical volatility in oil markets

Richard Murphy on Crude and refined products | September 9, 2025

This content was originally published by TABBForum. Geopolitical events can…

#menu-item-43726,#menu-item-43357,#menu-item-43726,.mm-menu #menu-item-20465,.mm-menu #menu-item-20472,.mm-menu #menu-item-20466,.mm-menu #menu-item-20441{display:none}.main-banner .caption{width:850px}.testimonials .testimonial_author{display:none}.page-template-template-pressreleases #filter-button,.page-template-template-pressreleases .sidebar-col{display:none}#wt-cli-accept-btn,#wt-cli-reject-btn{margin-left:5px !important}.page-template-page-2024 .site-main>div{padding:4rem 0 !important;margin-top:0;margin-block:0}.page-template-page-2024 .site-main .product_banner{padding:0}.page-template-page-2024 .product_banner .product_logo{width:inherit;display:flex;align-items:center;font-size:2.6rem;line-height:1;color:#fff}.page-template-page-2024 .product_banner .product_logo svg{width:60px;margin-right:1.5rem}@media screen and (min-width: 600px){.archive.post-type-archive-markets-post .body-wrapper .filter-wrapper h5.opened:after{transform:rotate(225deg);transition:none}.archive.post-type-archive-markets-post .body-wrapper .topics-wrapper.filter-wrapper>ul{display:block}}.site_header .menu-item.level-1>.sub-menu-wrap li:not(.col-4){padding:.4rem 2.8rem 0 0}#menu-main-menu .hide{display:block !important}.mm-menu .menu_view_all,.level-2 .sub-menu .menu_view_all,.menu_view_all{display:none}.image_with_caption{font-size:90%}#menu-main-menu .corporates .level-1.treasury .sub-menu-wrap .sub-menu{max-height:600px}#menu-main-menu .level-1 .sub-menu-wrap .sub-menu{max-height:620px !important}@media screen and (max-height: 700px){#menu-main-menu .level-1 .sub-menu-wrap .sub-menu{max-height:530px !important}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{max-height:480px !important}.level-2:not(.show-6) .sub-menu li:nth-child(2n+6),.level-2:not(.show-7) .sub-menu li:nth-child(2n+7),.level-2 .sub-menu li:nth-child(2n+8),.level-2 .sub-menu li:nth-child(2n+9),.level-2 .sub-menu li:nth-child(2n+10){display:none}.menu_view_all{display:block !important}.hide-on-small{display:none}}.blog .topics-wrapper h5{padding:5px 0px 15px}.blog .topics-wrapper>div{padding:.5rem 0px}.blog .topics-wrapper>div a{font-size:1.8rem;color:#001437;border-width:0}@media screen and (max-width:991px){.mm-show{display:block !important}.mm-hide{display:none !important}}.current-menu-item.jump_link a{color:#fff !important}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{max-height:650px}.site_header .level-1 .sub-menu{margin-bottom:20px !important}.post-password-form{margin:5rem auto;display:table;text-align:center;min-height:500px}.post-password-form p{margin:3rem 0}.post-password-form input[type="password"]{border:1px solid #c7c7c7;padding:7px 6px}.post-password-form input[type="password"]:focus,.post-password-form input[type="password"]:focus-visible{border:1px solid #919191;outline:none}.post-password-form input[type="submit"]{color:#fff !important;font-size:16px !important;padding:5px 30px !important;line-height:26px !important;background:#00a5e6 !important;min-width:155px;border-radius:9999px;box-shadow:none;border-color:#00a5e6 !important;border:none}@charset "UTF-8";.site_header .menu-item.level-1>.sub-menu-wrap li:not(.col-4){padding:.4rem 2.8rem 0 0}.level-2 .sub-menu .menu_view_all,.menu_view_all{display:none}#menu-main-menu .corporates .level-1.treasury .sub-menu-wrap .sub-menu{max-height:600px}@media screen and (max-height:700px){#menu-main-menu .level-1 .sub-menu-wrap .sub-menu{max-height:530px !important}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{max-height:480px !important}.level-2 .sub-menu li:nth-child(2n+10),.level-2 .sub-menu li:nth-child(2n+8),.level-2 .sub-menu li:nth-child(2n+9),.level-2:not(.show-6) .sub-menu li:nth-child(2n+6),.level-2:not(.show-7) .sub-menu li:nth-child(2n+7){display:none}.menu_view_all{display:block !important}.hide-on-small{display:none}}@media screen and (max-width:991px){.mm-show{display:block !important}.mm-hide{display:none !important}}input:-webkit-autofill{-webkit-box-shadow:0 0 0 30px #fff inset}#cookie-law-info-bar,.wt-cli-cookie-bar{box-sizing:border-box;font-size:10pt;margin:0 auto;padding:10px;position:absolute;text-align:center;width:100%;z-index:99999;box-shadow:rgba(0,0,0,.5) 0 5px 10px;display:none;left:0}#cookie-law-info-again{font-size:10pt;margin:0;padding:5px 10px;text-align:center;z-index:9999;box-shadow:#161616 2px 2px 5px 2px}#cookie-law-info-bar span{vertical-align:middle}.cli-plugin-button,.cli-plugin-button:visited{display:inline-block;padding:8px 16px;color:#fff;text-decoration:none;-moz-border-radius:4px;-webkit-border-radius:4px;position:relative;text-decoration:none}.cli-plugin-button,.cli-plugin-button:visited,.medium.cli-plugin-button,.medium.cli-plugin-button:visited{font-size:13px;font-weight:500;line-height:1}.cli-bar-popup{-moz-background-clip:padding;-webkit-background-clip:padding;background-clip:padding-box;-webkit-border-radius:30px;-moz-border-radius:30px;border-radius:30px;padding:20px}@media only screen and (max-width:768px){.cli-plugin-button{margin:10px}}@media only screen and (max-width:567px){.cli-switch .cli-slider:after{display:none}.cli-tab-header a.cli-nav-link{font-size:12px}.cli-modal .cli-modal-close{right:-10px;top:-15px}}.wt-cli-cookie-bar-container{display:none}.wt-cli-necessary-checkbox{display:none !important}.cli-container-fluid{padding-right:15px;padding-left:15px;margin-right:auto;margin-left:auto}.cli-row{display:-ms-flexbox;display:flex;-ms-flex-wrap:wrap;flex-wrap:wrap;margin-right:-15px;margin-left:-15px}.cli-align-items-stretch{-ms-flex-align:stretch !important;align-items:stretch !important}.cli-px-0{padding-left:0;padding-right:0}.cli-btn{font-size:14px;display:inline-block;font-weight:400;text-align:center;white-space:nowrap;vertical-align:middle;border:1px solid transparent;padding:.5rem 1.25rem;line-height:1;border-radius:.25rem}.cli-modal-backdrop{position:fixed;top:0;right:0;bottom:0;left:0;z-index:1040;background-color:#000;-webkit-transform:scale(0);transform:scale(0)}.cli-modal-backdrop.cli-fade{opacity:0}.cli-modal{position:fixed;top:0;right:0;bottom:0;left:0;z-index:99999;-webkit-transform:scale(0);transform:scale(0);overflow:hidden;outline:0;visibility:hidden}.cli-modal a{text-decoration:none}.cli-modal .cli-modal-dialog{position:relative;width:auto;margin:.5rem;font-family:inherit;font-size:1rem;font-weight:400;line-height:1.5;color:#212529;text-align:left;display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center;min-height:calc(100% - ( .5rem * 2 ))}@media (min-width:576px){.cli-modal .cli-modal-dialog{max-width:500px;margin:1.75rem auto;min-height:calc(100% - ( 1.75rem * 2 ))}}.cli-modal-content{position:relative;display:-ms-flexbox;display:flex;-ms-flex-direction:column;flex-direction:column;width:100%;background-clip:padding-box;border-radius:.2rem;box-sizing:border-box;outline:0}.cli-switch{display:inline-block;position:relative;min-height:1px;padding-left:38px;font-size:14px;width:auto}.cli-switch input[type=checkbox]{display:block;margin:0;width:0;position:absolute !important;left:0 !important;opacity:0 !important}.cli-switch .cli-slider{background-color:#e3e1e8;height:20px;width:38px;bottom:0;left:0;position:absolute;right:0;top:0}.cli-switch .cli-slider:before{bottom:2px;content:"";height:15px;left:3px;position:absolute;width:15px}.cli-switch input:checked+.cli-slider:before{transform:translateX(18px)}.cli-switch .cli-slider{border-radius:34px;font-size:0}.cli-switch .cli-slider:before{border-radius:50%}.cli-tab-content{width:100%;padding:5px 30px 5px 5px;box-sizing:border-box}@media (max-width:767px){.cli-tab-content{padding:30px 10px}}.cli-tab-content p{color:#343438;font-size:14px;margin-top:0}.cli-wrapper{max-width:100%;float:none;margin:0 auto}.cli-tab-footer .cli-btn{padding:10px 15px;width:auto;text-decoration:none}.cli-tab-footer{width:100%;text-align:right;padding:20px 0}.cli-col-12{width:100%}.cli-tab-header{display:flex;justify-content:space-between}.cli-tab-header a:before{width:10px;height:2px;left:0;top:calc(50% - 1px)}.cli-tab-header a:after{width:2px;height:10px;left:4px;top:calc(50% - 5px);-webkit-transform:none;transform:none}.cli-tab-header a:before{width:7px;height:7px;border-right:1px solid #4a6e78;border-bottom:1px solid #4a6e78;content:" ";transform:rotate(-45deg);margin-right:10px}.cli-tab-header a.cli-nav-link{position:relative;display:flex;align-items:center;font-size:14px;color:#000;text-decoration:none}.cli-tab-header{border-radius:5px;padding:12px 15px;background-color:#f2f2f2}.cli-modal .cli-modal-close{position:absolute;right:0;top:0;z-index:1;-webkit-appearance:none;width:40px;height:40px;padding:0;border-radius:50%;padding:10px;background:0 0;border:none}.cli-tab-container h4{font-family:inherit;font-size:16px;margin-bottom:15px;margin:10px 0}.cli-privacy-content-text,.cli-tab-container p{font-size:14px;line-height:1.4;margin-top:0;padding:0;color:#000}.cli-tab-content{display:none}.cli-tab-section .cli-tab-content{padding:10px 20px 5px}.cli-tab-section{margin-top:5px}.cli-switch .cli-slider:after{content:attr(data-cli-disable);position:absolute;right:50px;font-size:12px;text-align:right;min-width:120px}.cli-switch input:checked+.cli-slider:after{content:attr(data-cli-enable)}a.cli-privacy-readmore{font-size:12px;margin-top:12px;display:inline-block;text-decoration:underline}.cli-privacy-overview{padding-bottom:12px}a.cli-privacy-readmore:before{content:attr(data-readmore-text)}span.cli-necessary-caption{color:#000;font-size:12px}.cli-tab-container .cli-row{max-height:500px;overflow-y:auto}.cli-bar-container{float:none;margin:0 auto;justify-content:space-between;display:flex;align-items:center;flex-wrap:wrap}.cli-style-v2{font-size:11pt;font-weight:400}.cli-bar-message{width:70%;text-align:left}@media (max-width:985px){.cli-bar-message{width:100%}.cli-bar-container{justify-content:center}}.wt-cli-sr-only{display:none}.wt-cli-privacy-accept-btn{margin-left:10px}.cli-privacy-readmore,.cli-switch .cli-slider,.cli-tab-header a,.cli_action_button{outline:0}.cli-modal-content,.cli-tab-content{background-color:#fff}.cli-modal .cli-modal-dialog,.cli-privacy-content-text,.cli-tab-container p,a.cli-privacy-readmore{color:#000}.cli-tab-header{background-color:#f2f2f2}.cli-switch .cli-slider:after,.cli-tab-header,.cli-tab-header a.cli-nav-link,span.cli-necessary-caption{color:#000}.cli-switch .cli-slider:before{background-color:#fff}.cli-switch input:checked+.cli-slider:before{background-color:#fff}.cli-switch .cli-slider{background-color:#e3e1e8}.cli-switch input:checked+.cli-slider{background-color:#28a745}.cli-modal-close svg{fill:#000}.cli-tab-footer .wt-cli-privacy-accept-btn{background-color:#00acad;color:#fff}.cli-tab-header a:before{border-right:1px solid #000;border-bottom:1px solid #000}html{line-height:1.15;-webkit-text-size-adjust:100%}body{margin:0}main{display:block}h1{font-size:2em;margin:0}a{background-color:transparent}b{font-weight:bolder}img{border-style:none}button,input{font-family:inherit;font-size:100%;line-height:1.15;margin:0}button,input{overflow:visible}button{text-transform:none}[type=button],button{-webkit-appearance:button}[type=button]::-moz-focus-inner,button::-moz-focus-inner{border-style:none;padding:0}[type=button]:-moz-focusring,button:-moz-focusring{outline:ButtonText dotted 1px}[type=checkbox]{box-sizing:border-box;padding:0}::-webkit-file-upload-button{-webkit-appearance:button;font:inherit}:root{--mm-lineheight:20px;--mm-listitem-size:50px;--mm-navbar-size:50px;--mm-toggle-size:34px;--mm-color-border:rgba(0,0,0,.1);--mm-color-button:rgba(0,0,0,.3);--mm-color-text:rgba(0,0,0,.75);--mm-color-text-dimmed:rgba(0,0,0,.3);--mm-color-background:#f3f3f3;--mm-color-background-highlight:rgba(0,0,0,.05);--mm-color-background-emphasis:rgba(255,255,255,.4);--mm-color-focusring:#06c}:root{--mm-size:80%;--mm-min-size:240px;--mm-max-size:440px}:root{--mm-iconbar-size:50px}:root{--mm-iconpanel-size:50px}:root{--mm-sectionindexer-size:20px}:root{--mm-sidebar-collapsed-size:50px;--mm-sidebar-expanded-size:var(--mm-max-size)}body,button,html,input{-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}html{box-sizing:border-box;font-size:62.5%;scroll-behavior:smooth}*,:after,:before{box-sizing:inherit}ul{list-style:none;margin:0;padding:0;font-size:1.8rem}img{max-width:100%;display:inline-block;height:auto}iframe{max-width:100%}body{color:#001437;font-family:"Source Sans Pro",sans-serif;font-weight:400;line-height:1.5;font-size:1.6rem}p{margin:0;padding:0;font-size:1.8rem}h1{font-family:"Source Sans Pro",sans-serif;font-weight:700;font-size:4.6rem;line-height:1.4}h4{font-family:"Source Sans Pro",sans-serif;font-weight:700;font-size:2.8rem;line-height:1.3}a{color:#007ac5;text-decoration:none;border-bottom:1px dotted #007ac5}a:visited{color:#004fa3;border-bottom:1px dotted #004fa3}h1,h4,p,ul{margin:0}.screen-reader-text{border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}.pt-2{padding-top:2rem}.mt-2{margin-top:2rem}.mb-2{margin-bottom:2rem}.mb-3{margin-bottom:3rem}@media (max-width:1200px){.container-xl{padding:0 2rem !important}}:root{--bs-white:#fff;--bs-blue:#00a4e6;--bs-navy:#001437;--bs-heavy-purple:#280a37;--bs-heavy-blue:#001437;--bs-heavy-red:#410a23;--bs-heavy-green:#00281e;--bs-heavy-grey:#232832;--bs-light-stone-050:#f7f3f0;--bs-light-stone-100:#f0e8e1;--bs-light-stone-200:#e8e0da;--bs-light-stone-300:#e0d9d2;--bs-light-stone-400:#d8d1d5;--bs-light-stone-500:#d0c9c3;--bs-light-stone-600:#bcb4ad;--bs-light-stone-700:#a89f98;--bs-light-stone-800:#938982;--bs-light-stone-900:#7f746c;--bs-light-sand-050:#fff9f5;--bs-light-sand-100:#fbf3de;--bs-light-sand-200:#f7edd2;--bs-light-sand-300:#f2e7c5;--bs-light-sand-400:#eee0b9;--bs-light-sand-500:#eadaac;--bs-light-sand-600:#dc9;--bs-light-sand-700:#d1bd86;--bs-light-sand-800:#c4af73;--bs-light-sand-900:#b8a155;--bs-light-yellow-050:#fff7eb;--bs-light-yellow-100:#ffedd2;--bs-light-yellow-200:#ffe4b9;--bs-light-yellow-300:#ffdba0;--bs-light-yellow-400:#ffd187;--bs-light-yellow-500:#ffc86e;--bs-light-yellow-600:#edb65c;--bs-light-yellow-700:#dba449;--bs-light-yellow-800:#c99237;--bs-light-yellow-900:#b88025;--bs-light-peach-050:#fff0eb;--bs-light-peach-100:#fee3d9;--bs-light-peach-200:#fdd6c7;--bs-light-peach-300:#fcc9b5;--bs-light-peach-400:#fbbca3;--bs-light-peach-500:#faaf91;--bs-light-peach-600:#e99a7a;--bs-light-peach-700:#d98462;--bs-light-peach-800:#c86f4b;--bs-light-peach-900:#b85933;--bs-light-grey-050:#fff;--bs-light-grey-100:#efeff0;--bs-light-grey-200:#dfdfe1;--bs-light-grey-300:#cfcfd2;--bs-light-grey-400:#bfbfc3;--bs-light-grey-500:#afafb4;--bs-light-grey-600:#8d8d91;--bs-light-grey-700:#6c6c6e;--bs-light-grey-800:#4a4a4c;--bs-light-grey-900:#292929;--bs-light-brown-050:#fff7f5;--bs-light-brown-100:#ece0dc;--bs-light-brown-200:#d9c8c3;--bs-light-brown-300:#c6b1aa;--bs-light-brown-400:#b39991;--bs-light-brown-500:#a08278;--bs-light-brown-600:#927369;--bs-light-brown-700:#83655b;--bs-light-brown-800:#74564c;--bs-light-brown-900:#66473d;--bs-bright-purple-050:#ebebff;--bs-bright-purple-100:#d2d2ef;--bs-bright-purple-200:#b9b9df;--bs-bright-purple-300:#a0a0cf;--bs-bright-purple-400:#8787bf;--bs-bright-purple-500:#6e6eaf;--bs-bright-purple-600:#575798;--bs-bright-purple-700:#3f3f80;--bs-bright-purple-800:#282869;--bs-bright-purple-900:#101052;--bs-bright-blue-050:#ebf6ff;--bs-bright-blue-100:#bce6fa;--bs-bright-blue-200:#8dd6f5;--bs-bright-blue-300:#5ec5f0;--bs-bright-blue-400:#2fb5eb;--bs-bright-blue-500:#00a5e6;--bs-bright-blue-600:#008fd6;--bs-bright-blue-700:#007ac5;--bs-bright-blue-800:#0064b4;--bs-bright-blue-900:#004fa3;--bs-bright-red-050:#ffebeb;--bs-bright-red-100:#f7cac9;--bs-bright-red-200:#efa9a7;--bs-bright-red-300:#e78885;--bs-bright-red-400:#df6763;--bs-bright-red-500:#d74641;--bs-bright-red-600:#bb3531;--bs-bright-red-700:#9e2521;--bs-bright-red-800:#821410;--bs-bright-red-900:#660300;--bs-bright-orange-050:#fff3eb;--bs-bright-orange-100:#fddeca;--bs-bright-orange-200:#fbcaa9;--bs-bright-orange-300:#f9b588;--bs-bright-orange-400:#f7a167;--bs-bright-orange-500:#f58c46;--bs-bright-orange-600:#e17934;--bs-bright-orange-700:#cc6723;--bs-bright-orange-800:#b85411;--bs-bright-orange-900:#a34100;--bs-bright-jade-050:#ebfffc;--bs-bright-jade-100:#bcefe8;--bs-bright-jade-200:#8ddfd3;--bs-bright-jade-300:#5ecfbf;--bs-bright-jade-400:#2fbfaa;--bs-bright-jade-500:#00af96;--bs-bright-jade-600:#009d86;--bs-bright-jade-700:#008a77;--bs-bright-jade-800:#007867;--bs-bright-jade-900:#006657;--bs-bright-green-050:#f4ffeb;--bs-bright-green-100:#e1f4d1;--bs-bright-green-200:#cfe9b7;--bs-bright-green-300:#bcde9d;--bs-bright-green-400:#a9d383;--bs-bright-green-500:#96c869;--bs-bright-green-600:#7db04f;--bs-bright-green-700:#639735;--bs-bright-green-800:#4a7e1a;--bs-bright-green-900:#306600;--bs-gray-100:#f8f9fa;--bs-gray-200:#e9ecef;--bs-gray-300:#dee2e6;--bs-gray-400:#ced4da;--bs-gray-500:#adb5bd;--bs-gray-600:#6c757d;--bs-gray-700:#495057;--bs-gray-800:#343a40;--bs-gray-900:#212529;--bs-primary:#00a4e6;--bs-secondary:#6c757d;--bs-success:#198754;--bs-info:#0dcaf0;--bs-warning:#ffc107;--bs-danger:#dc3545;--bs-light:#f8f9fa;--bs-dark:#212529;--bs-primary-rgb:0,164,230;--bs-secondary-rgb:108,117,125;--bs-success-rgb:25,135,84;--bs-info-rgb:13,202,240;--bs-warning-rgb:255,193,7;--bs-danger-rgb:220,53,69;--bs-light-rgb:248,249,250;--bs-dark-rgb:33,37,41;--bs-white-rgb:255,255,255;--bs-black-rgb:0,20,55;--bs-body-color-rgb:33,37,41;--bs-body-bg-rgb:255,255,255;--bs-font-sans-serif:system-ui,-apple-system,"Segoe UI",Roboto,"Helvetica Neue",Arial,"Noto Sans","Liberation Sans",sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol","Noto Color Emoji";--bs-font-monospace:SFMono-Regular,Menlo,Monaco,Consolas,"Liberation Mono","Courier New",monospace;--bs-gradient:linear-gradient(180deg,rgba(255,255,255,.15),rgba(255,255,255,0));--bs-body-font-family:var(--bs-font-sans-serif);--bs-body-font-size:1rem;--bs-body-font-weight:400;--bs-body-line-height:1.5;--bs-body-color:#212529;--bs-body-bg:#fff}.container-xl{width:100%;padding-right:var(--bs-gutter-x,1.5rem);padding-left:var(--bs-gutter-x,1.5rem);margin-right:auto;margin-left:auto}@media (min-width:1200px){.container-xl{max-width:1140px}}.row{--bs-gutter-x:3rem;--bs-gutter-y:0;display:flex;flex-wrap:wrap;margin-top:calc(-1 * var(--bs-gutter-y));margin-right:calc(-.5 * var(--bs-gutter-x));margin-left:calc(-.5 * var(--bs-gutter-x))}.row>*{box-sizing:border-box;flex-shrink:0;width:100%;max-width:100%;padding-right:calc(var(--bs-gutter-x) * .5);padding-left:calc(var(--bs-gutter-x) * .5);margin-top:var(--bs-gutter-y)}.col{flex:1 0 0%}.col-4{flex:0 0 auto;width:33.33333333%}.col-5{flex:0 0 auto;width:41.66666667%}@media (min-width:768px){.col-md-auto{flex:0 0 auto;width:auto}.col-md-8{flex:0 0 auto;width:66.66666667%}}.d-flex{display:flex !important}.d-none{display:none !important}.flex-grow-1{flex-grow:1 !important}.justify-content-end{justify-content:flex-end !important}.align-items-center{align-items:center !important}.mt-2{margin-top:2rem !important}.mb-2{margin-bottom:2rem !important}.mb-3{margin-bottom:3rem !important}.pt-2{padding-top:2rem !important}@media (min-width:992px){.cli-modal .cli-modal-dialog{max-width:645px}.d-lg-flex{display:flex !important}.d-lg-none{display:none !important}.justify-content-lg-between{justify-content:space-between !important}}.site_header{background:#232832;position:relative}.site_header .logo{margin-right:2rem;height:100%;display:flex}@media (min-width:75em){.site_header .logo{margin-right:7rem;display:flex;align-items:center;height:100%}}.site_header .logo a{display:flex;align-items:center}.site_header .logo img{width:9rem;display:block}.site_header .side_menu{display:flex}.site_header a{border:none;color:#fff;line-height:1.5;font-size:1.8rem}.site_header a[target=_blank]{position:relative}.site_header a[target=_blank]:after{position:absolute;width:12px;height:12px;content:"";background-image:url("data:image/png;base64,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");background-repeat:no-repeat;right:-25px;top:7px;display:none}.site_header #menu-main-menu>li,.site_header #menu-side-menu>li{margin-left:2rem;list-style:none}.site_header #menu-main-menu>li:first-child,.site_header #menu-side-menu>li:first-child{margin-left:0}.site_header .menu-item.level-0>a{padding:2.5rem 0;display:block}.site_header .menu-item-has-children.level-0>.sub-menu-wrap{flex-wrap:wrap;z-index:99;display:none;width:100%;padding-right:var(--bs-gutter-x,1.5rem);padding-left:var(--bs-gutter-x,1.5rem);padding-top:var(--bs-gutter-x,1.5rem);position:absolute;top:74px;left:50%;background:#272c36;transform:translate(-50%,0)}.site_header .menu-item-has-children.level-0>.sub-menu-wrap .sub-menu{display:flex;flex-wrap:wrap;width:100%;max-width:1280px;margin:0 auto}.site_header .menu-item.level-1{padding-bottom:var(--bs-gutter-x,1.5rem)}.site_header .menu-item.level-1>a{border-bottom:1px solid #fff;display:inline-block;width:100%;padding-bottom:1rem;margin-bottom:1rem;font-weight:700}.site_header .menu-item.level-1>.sub-menu-wrap{display:flex;flex-wrap:wrap}.site_header .menu-item.level-1>.sub-menu-wrap a{font-weight:300;display:inline-block}.site_header .menu-item.level-1>.sub-menu-wrap li:not(.col-4){width:100%;padding:.4rem 3rem 0 0}.site_header .menu-item.level-1.product-menu .sub-menu{margin-bottom:30px}.site_header .menu-item.level-2 .sub-menu-wrap{margin-top:5px}.site_header .menu-item.level-2>a{font-weight:600;font-size:1.8rem}.site_header .product-menu .menu-item.level-2>a{font-weight:600}#menu-main-menu .menu-item.level-1{width:25%}#menu-main-menu .sub-menu{list-style-type:none}#menu-side-menu>li{position:relative}#menu-side-menu>li a{border:none}#menu-side-menu .menu-item.level-1{width:auto;padding-bottom:0}#menu-side-menu .menu-item.level-1 a{font-weight:400;border:none;margin-bottom:0}#menu-side-menu .sub-menu{list-style-type:none;flex-wrap:wrap;z-index:99;display:none;width:auto;padding:1.5rem;position:absolute;top:74px;right:-100%;background:#272c36;min-width:180px}.client-login{display:none}#menu-main-menu .menu-item.level-1.col-5{width:65%}#menu-main-menu .menu-item.level-1.width-45{width:45%}#menu-main-menu .width-35{width:35%}#menu-main-menu .width-30{width:30%}#menu-main-menu .width-33{width:33.33%}#menu-main-menu .pr-0{padding-right:0}#menu-main-menu .corporates .heading>a{font-weight:700}#menu-main-menu .level-2 .sub-menu{flex-wrap:wrap}#menu-main-menu .level-2 .sub-menu>li{padding-right:0}#menu-main-menu .corporates .level-1:first-child{padding-right:20px}#menu-main-menu .corporates .level-1:last-child{padding-left:20px}.site_header .level-1 .sub-menu{margin-bottom:30px !important}#menu-main-menu .level-1 .sub-menu-wrap .sub-menu{flex-flow:column wrap;width:100%;max-height:580px}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{flex-flow:column wrap;width:100%;max-height:650px}footer a{border:0}.full-page-banner-wrap{background-repeat:no-repeat;background-size:cover;background-position:top center;width:100%;min-height:calc(100vh - 75px);display:flex;flex-direction:column;justify-content:center;position:relative}@supports not (-webkit-touch-callout:none){.full-page-banner-wrap{background-attachment:fixed}}.full-page-banner-wrap .container-xl{position:relative}.full-page-banner-wrap .caption{background-color:rgba(35,40,50,.8);padding:3rem 3.5rem;color:#fff}.full-page-banner-wrap .caption a,.full-page-banner-wrap .caption li,.full-page-banner-wrap .caption p{color:#fff;font-size:2.4rem}.full-page-banner-wrap .caption h1{font-size:3.2rem}.full-page-banner-wrap .caption a{text-decoration:none;border:none}.full-page-banner-wrap .list_list a{font-weight:500;font-size:2.5rem}.full-page-banner-wrap .list_list img{position:relative;top:2px;display:inline-block;margin-right:20px}.full-page-banner-wrap .anchor-hook{top:-7.5rem;position:absolute}@media screen and (max-width:992px){.full-page-banner-wrap{min-height:calc(100vh - 60px)}.full-page-banner-wrap .anchor-hook{top:-6rem}}@media screen and (max-width:700px){.full-page-banner-wrap .caption a,.full-page-banner-wrap .caption li,.full-page-banner-wrap .caption p{font-size:1.6rem}.full-page-banner-wrap .caption h1{font-size:2rem}.full-page-banner-wrap .list_list a{font-size:1.9rem}.full-page-banner-wrap .content p .down_stone{width:40px}}@supports (-webkit-touch-callout:none){.full-page-banner-wrap{background-attachment:inherit}}:root{--mb-button-size:60px;--mb-bar-width:.6;--mb-bar-height:4px;--mb-bar-spacing:10px;--mb-animate-timeout:.4s}.mburger{background:0 0;border:0;border-radius:0;color:inherit;display:inline-block;position:relative;box-sizing:border-box;height:var(--mb-button-size);padding:0 0 0 var(--mb-button-size);margin:0;line-height:var(--mb-button-size);vertical-align:middle;-webkit-appearance:none;-moz-appearance:none;appearance:none;outline:0;font-size:18px;font-family:"Source Sans Pro",sans-serif}.mburger b{display:block;position:absolute;left:calc(var(--mb-button-size) * ( ( 1 - var(--mb-bar-width) ) / 2 ));width:calc(var(--mb-button-size) * var(--mb-bar-width));height:var(--mb-bar-height);border-radius:calc(var(--mb-bar-height) / 2);background:currentColor;color:inherit;opacity:1}.mburger b:nth-of-type(1){bottom:calc(50% + var(--mb-bar-spacing))}.mburger b:nth-of-type(2){top:calc(50% - ( var(--mb-bar-height) / 2 ))}.mburger b:nth-of-type(3){top:calc(50% + var(--mb-bar-spacing))}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{max-height:650px}.site_header .level-1 .sub-menu{margin-bottom:20px !important}.lazyload{display:none}body{--wp--preset--color--black:#000;--wp--preset--color--cyan-bluish-gray:#abb8c3;--wp--preset--color--white:#fff;--wp--preset--color--pale-pink:#f78da7;--wp--preset--color--vivid-red:#cf2e2e;--wp--preset--color--luminous-vivid-orange:#ff6900;--wp--preset--color--luminous-vivid-amber:#fcb900;--wp--preset--color--light-green-cyan:#7bdcb5;--wp--preset--color--vivid-green-cyan:#00d084;--wp--preset--color--pale-cyan-blue:#8ed1fc;--wp--preset--color--vivid-cyan-blue:#0693e3;--wp--preset--color--vivid-purple:#9b51e0;--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple:linear-gradient(135deg,rgba(6,147,227,1) 0%,#9b51e0 100%);--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan:linear-gradient(135deg,#7adcb4 0%,#00d082 100%);--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange:linear-gradient(135deg,rgba(252,185,0,1) 0%,rgba(255,105,0,1) 100%);--wp--preset--gradient--luminous-vivid-orange-to-vivid-red:linear-gradient(135deg,rgba(255,105,0,1) 0%,#cf2e2e 100%);--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray:linear-gradient(135deg,#eee 0%,#a9b8c3 100%);--wp--preset--gradient--cool-to-warm-spectrum:linear-gradient(135deg,#4aeadc 0%,#9778d1 20%,#cf2aba 40%,#ee2c82 60%,#fb6962 80%,#fef84c 100%);--wp--preset--gradient--blush-light-purple:linear-gradient(135deg,#ffceec 0%,#9896f0 100%);--wp--preset--gradient--blush-bordeaux:linear-gradient(135deg,#fecda5 0%,#fe2d2d 50%,#6b003e 100%);--wp--preset--gradient--luminous-dusk:linear-gradient(135deg,#ffcb70 0%,#c751c0 50%,#4158d0 100%);--wp--preset--gradient--pale-ocean:linear-gradient(135deg,#fff5cb 0%,#b6e3d4 50%,#33a7b5 100%);--wp--preset--gradient--electric-grass:linear-gradient(135deg,#caf880 0%,#71ce7e 100%);--wp--preset--gradient--midnight:linear-gradient(135deg,#020381 0%,#2874fc 100%);--wp--preset--font-size--small:13px;--wp--preset--font-size--medium:20px;--wp--preset--font-size--large:36px;--wp--preset--font-size--x-large:42px;--wp--preset--spacing--20:.44rem;--wp--preset--spacing--30:.67rem;--wp--preset--spacing--40:1rem;--wp--preset--spacing--50:1.5rem;--wp--preset--spacing--60:2.25rem;--wp--preset--spacing--70:3.38rem;--wp--preset--spacing--80:5.06rem;--wp--preset--shadow--natural:6px 6px 9px rgba(0,0,0,.2);--wp--preset--shadow--deep:12px 12px 50px rgba(0,0,0,.4);--wp--preset--shadow--sharp:6px 6px 0px rgba(0,0,0,.2);--wp--preset--shadow--outlined:6px 6px 0px -3px rgba(255,255,255,1),6px 6px rgba(0,0,0,1);--wp--preset--shadow--crisp:6px 6px 0px rgba(0,0,0,1)}.cookielawinfo-column-1{width:25%}.cookielawinfo-column-2{width:10%}.cookielawinfo-column-3{width:15%}.cookielawinfo-column-4{width:50%}table.cookielawinfo-classic{font-family:Verdana,Arial,Helvetica,sans-serif;border-collapse:collapse;border-left:1px solid #ccc;border-top:1px solid #ccc;color:#333}table.cookielawinfo-classic thead tr th{text-transform:uppercase;background:#e2e2e2}table.cookielawinfo-classic td,table.cookielawinfo-classic th{border-right:1px solid #ccc;border-bottom:1px solid #ccc;padding:5px;line-height:1.8em;font-size:.8em;vertical-align:top;width:20%}@media (max-width:800px){table.cookielawinfo-row-cat-table td,table.cookielawinfo-row-cat-table th{width:23%;font-size:12px}table.cookielawinfo-row-cat-table .cookielawinfo-column-4{width:45%}}.cookielawinfo-row-cat-table{width:99%;margin-left:5px;word-wrap:break-word;table-layout:fixed}.cli-tab-section .cookielawinfo-row-cat-table{width:100%;margin-left:0}.cli-tab-section .cookielawinfo-row-cat-table td,.cli-tab-section .cookielawinfo-row-cat-table th{font-size:12px}img:is([sizes=auto i],[sizes^="auto," i]){contain-intrinsic-size:3000px 1500px}.wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none}:root{--wp--preset--aspect-ratio--square:1;--wp--preset--aspect-ratio--4-3:4/3;--wp--preset--aspect-ratio--3-4:3/4;--wp--preset--aspect-ratio--3-2:3/2;--wp--preset--aspect-ratio--2-3:2/3;--wp--preset--aspect-ratio--16-9:16/9;--wp--preset--aspect-ratio--9-16:9/16;--wp--preset--color--black:#000;--wp--preset--color--cyan-bluish-gray:#abb8c3;--wp--preset--color--white:#fff;--wp--preset--color--pale-pink:#f78da7;--wp--preset--color--vivid-red:#cf2e2e;--wp--preset--color--luminous-vivid-orange:#ff6900;--wp--preset--color--luminous-vivid-amber:#fcb900;--wp--preset--color--light-green-cyan:#7bdcb5;--wp--preset--color--vivid-green-cyan:#00d084;--wp--preset--color--pale-cyan-blue:#8ed1fc;--wp--preset--color--vivid-cyan-blue:#0693e3;--wp--preset--color--vivid-purple:#9b51e0;--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple:linear-gradient(135deg,#0693e3 0%,#9b51e0 100%);--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan:linear-gradient(135deg,#7adcb4 0%,#00d082 100%);--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange:linear-gradient(135deg,#fcb900 0%,#ff6900 100%);--wp--preset--gradient--luminous-vivid-orange-to-vivid-red:linear-gradient(135deg,#ff6900 0%,#cf2e2e 100%);--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray:linear-gradient(135deg,#eee 0%,#a9b8c3 100%);--wp--preset--gradient--cool-to-warm-spectrum:linear-gradient(135deg,#4aeadc 0%,#9778d1 20%,#cf2aba 40%,#ee2c82 60%,#fb6962 80%,#fef84c 100%);--wp--preset--gradient--blush-light-purple:linear-gradient(135deg,#ffceec 0%,#9896f0 100%);--wp--preset--gradient--blush-bordeaux:linear-gradient(135deg,#fecda5 0%,#fe2d2d 50%,#6b003e 100%);--wp--preset--gradient--luminous-dusk:linear-gradient(135deg,#ffcb70 0%,#c751c0 50%,#4158d0 100%);--wp--preset--gradient--pale-ocean:linear-gradient(135deg,#fff5cb 0%,#b6e3d4 50%,#33a7b5 100%);--wp--preset--gradient--electric-grass:linear-gradient(135deg,#caf880 0%,#71ce7e 100%);--wp--preset--gradient--midnight:linear-gradient(135deg,#020381 0%,#2874fc 100%);--wp--preset--font-size--small:13px;--wp--preset--font-size--medium:20px;--wp--preset--font-size--large:36px;--wp--preset--font-size--x-large:42px;--wp--preset--spacing--20:.44rem;--wp--preset--spacing--30:.67rem;--wp--preset--spacing--40:1rem;--wp--preset--spacing--50:1.5rem;--wp--preset--spacing--60:2.25rem;--wp--preset--spacing--70:3.38rem;--wp--preset--spacing--80:5.06rem;--wp--preset--shadow--natural:6px 6px 9px rgba(0,0,0,.2);--wp--preset--shadow--deep:12px 12px 50px rgba(0,0,0,.4);--wp--preset--shadow--sharp:6px 6px 0px rgba(0,0,0,.2);--wp--preset--shadow--outlined:6px 6px 0px -3px #fff,6px 6px #000;--wp--preset--shadow--crisp:6px 6px 0px #000}:where(.is-layout-flex){gap:.5em}:where(.is-layout-grid){gap:.5em}body .is-layout-flex{display:flex}.is-layout-flex{flex-wrap:wrap;align-items:center}.is-layout-flex>:is(*, div){margin:0}body .is-layout-grid{display:grid}.is-layout-grid>:is(*, div){margin:0}:where(.wp-block-columns.is-layout-flex){gap:2em}:where(.wp-block-columns.is-layout-grid){gap:2em}:where(.wp-block-post-template.is-layout-flex){gap:1.25em}:where(.wp-block-post-template.is-layout-grid){gap:1.25em}.has-black-color{color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-color{color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-color{color:var(--wp--preset--color--white) !important}.has-pale-pink-color{color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-color{color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-color{color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-color{color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-color{color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-color{color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-color{color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-color{color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-color{color:var(--wp--preset--color--vivid-purple) !important}.has-black-background-color{background-color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-background-color{background-color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-background-color{background-color:var(--wp--preset--color--white) !important}.has-pale-pink-background-color{background-color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-background-color{background-color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-background-color{background-color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-background-color{background-color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-background-color{background-color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-background-color{background-color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-background-color{background-color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-background-color{background-color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-background-color{background-color:var(--wp--preset--color--vivid-purple) !important}.has-black-border-color{border-color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-border-color{border-color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-border-color{border-color:var(--wp--preset--color--white) !important}.has-pale-pink-border-color{border-color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-border-color{border-color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-border-color{border-color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-border-color{border-color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-border-color{border-color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-border-color{border-color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-border-color{border-color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-border-color{border-color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-border-color{border-color:var(--wp--preset--color--vivid-purple) !important}.has-vivid-cyan-blue-to-vivid-purple-gradient-background{background:var(--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple) !important}.has-light-green-cyan-to-vivid-green-cyan-gradient-background{background:var(--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan) !important}.has-luminous-vivid-amber-to-luminous-vivid-orange-gradient-background{background:var(--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange) !important}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background:var(--wp--preset--gradient--luminous-vivid-orange-to-vivid-red) !important}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background:var(--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray) !important}.has-cool-to-warm-spectrum-gradient-background{background:var(--wp--preset--gradient--cool-to-warm-spectrum) !important}.has-blush-light-purple-gradient-background{background:var(--wp--preset--gradient--blush-light-purple) !important}.has-blush-bordeaux-gradient-background{background:var(--wp--preset--gradient--blush-bordeaux) !important}.has-luminous-dusk-gradient-background{background:var(--wp--preset--gradient--luminous-dusk) !important}.has-pale-ocean-gradient-background{background:var(--wp--preset--gradient--pale-ocean) !important}.has-electric-grass-gradient-background{background:var(--wp--preset--gradient--electric-grass) !important}.has-midnight-gradient-background{background:var(--wp--preset--gradient--midnight) !important}.has-small-font-size{font-size:var(--wp--preset--font-size--small) !important}.has-medium-font-size{font-size:var(--wp--preset--font-size--medium) !important}.has-large-font-size{font-size:var(--wp--preset--font-size--large) !important}.has-x-large-font-size{font-size:var(--wp--preset--font-size--x-large) !important}[data-tag]{visibility:hidden}#menu-main-menu .corporates .level-1 .sub-menu-wrap .sub-menu{max-height:650px}.site_header .level-1 .sub-menu{margin-bottom:20px !important}.archive .treasury-posts-type .types-wrapper ul,.archive .treasury-asset-class .topics-wrapper ul,.archive .markets-posts-tag .tags-wrapper ul,.archive .asset-class .topics-wrapper ul,.archive .commodities-asset-class .topics-wrapper ul{display:block}

Commodities Posts Topic: Crude and refined products

Topics

Overcoming geopolitical volatility in oil markets