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End of Day Oil Summary: WTI Set For Losses

OIL

Crude erased earlier gains to be trading lower on the day, with a drop in WTI near the close. OPEC+ supply uncertainty is being weighed against a weaker demand picture, worsened by softer-than-expected industrial profits in China.

  • WTI JAN 24 down -1% at 74.77$/bbl
  • The OPEC+ meeting is scheduled for 1PM GMT (8AM ET) Thursday according to a draft agenda seen by Reuters.
  • OPEC is considering deepening its oil production cuts despite reluctance from some members, an OPEC+ source told Reuters.
  • OPEC+ has still not reached an agreement on Nigeria/Angola production quotas for 2024 according to Chief OPEC correspondent Amena Bakr on X.
  • Saudi Arabia is asking other OPEC+ members to reduce their oil output quotas but some members are resisting, OPEC delegates said, cited by Bloomberg.
  • OPEC is facing pressure from non-OPEC supply growth according to Francisco Blanch, Head of Global Commodity and Derivatives Research at Bank of America
  • OPEC Secretary General Haitham Al Ghais on Monday accused the IEA of “vilifying” the oil in gas sector.
  • Efforts to refill the US emergency oil reserve are being hampered by companies delaying their return of borrowed barrels, according to Bloomberg.
  • Oil loadings from the CPC terminal on the Black Sea are temporarily halted due to a storm alert, the operator said in a statement Monday morning.
  • Libya revised up its crude oil exports for November to 32mn barrels, or 1.07mbpd, after one cargo of the Bouri grade was added according to a loading programme, seen by Bloomberg.
  • Greek oil tanker owners, the world’s most powerful shipping nation, are cutting back on transporting Russian crude, according to Bloomberg.
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