Mid-Day Oil Summary: Crude Up Marginally

Crude Markets are up marginally today, supported by further disruptions of Black Sea loadings and a weaker US dollar. The market continues to digest the OPEC+ additional cuts which provided limited details on the voluntary measures.

• Brent FEB 24 up 0.3% at 81.08$/bbl
• WTI JAN 24 up 0.3% at 76.22$/bbl
• The US energy department plans to buy 2.73mbbls of sour crude for the Strategic Petroleum Reserve in January 2024.
• The latest Baker Hughes rig count data is due for release at 13:00ET.
• Oil loadings from Russia's Black Sea port of Novorossiysk were suspended again Dec. 1 as a storm resumed, according to Reuters.
• Saudi Arabia may lower the January OSP for its flagship Arab Light crude to Asia for the first time in seven months, according to a Reuters survey.
• Urals price averaged $72.84/bbl in November according to the Russian Finance Ministry – down 10.6% m/m but a sixth consecutive monthly average above the G7 $60/bbl price cap.
• Russian crude and condensate shipments via Russia’s Arctic ports fell to 255kbpd lowest level since September 2022 according to Bloomberg ship tracking data.
• Russia’s exports of crude oil to India slumped in November, according to Platts, amid rising freight rates and tighter sanctions compliance.
• Banned Venezuelan opposition candidates barred from public office will be able to appear before the country's top tribunal, which will rule on their bans according to the Venezuelan government.
• Ship-to-ship transfer activities likely linked to Russia, Iran and Venezuela increased in Q3, as sanctioned producers faced stronger incentives to boost sales, according to Platts.
• India is set to restart imports of Venezuelan oil for the first time in three years, according to Bloomberg.
• Diesel sales reported by the top-three Indian state refiners increased 3.6 m/m in November to 6.78m tons, according to Bloomberg.
• Russian crude shipments via its Pacific Coast terminals hit a new record of 1.185mbpd in November, Bloomberg ship tracking data showed.
• OPEC+ has indicated the difficulty it is facing in coordinating further large-scale cuts according to JP morgan analysts.