In this episode of Sparta Market Outlook, host Felipe Elink Schuurman, alongside Neil Crosby and June Goh, dives into the forces shaping global oil markets. The discussion centers on geopolitical tensions, particularly Trump's pressure on India to reduce Russian oil purchases, the anticipated Ukraine-Russia deal, and their implications for physical oil markets. The team also explores unexpected stock builds in the US, Saudi allocation cuts to China, and the organic chloride contamination issue affecting naphtha markets. With a focus on short-term market drivers, they unpack how these developments could influence crude and product flows, while noting the market's surprisingly relaxed response to potential disruptions. Key Takeaways: Geopolitical Chess Moves: How Trump's negotiations and India's shift away from Russian crude could ripple through global oil flows. US Stock Surprises: Unexpectedly high crude and product stock builds in the US raise questions about market tightness. Naphtha Contamination Concerns: Organic chloride issues in Azeri BTC crude spark worries for refiners and petchem players. Saudi's Strategic Cuts: Reduced allocations to China signal shifting crude dynamics—will other sources fill the gap? Distillate Dynamics: Drone attacks and closed arbitrage routes hint at a potential tightening in European distillate markets.