Oil End of Day Summary: Crude Falls

Crude markets are on track to trade lower at US close amid a volatile trading session. A surge in the US Dollar and stronger than expected non-OPEC supplies have been put pressure on prices and offset planned OPEC production cuts.

• WTI JAN 24 down -1.1% at 73.24$/bbl
• OPEC+ cuts can “absolutely” go beyond the first quarter of 2024 according to Saudi Energy Minister Prince Abdulaziz bin Salman speaking with Bloomberg.
• Prince Abdulaziz said he would have preferred to see a reduction in output but couldn’t convince his Russian counterpart.
• Speaking to Bloomberg TV on refilling the US SPR, David Turk, US Department of Energy Deputy Secretary said, “We will buy as much as we possibly can, but there are some physical constrains given the way the caverns are set up.”
• US officials are reviewing potential consequences after Venezuelan President Nicolás Maduro missed the agreed end of November deadline to release detained Americans.
• US crude exports rebounded in November helped by higher flows to China and increased demand from Canada post refinery maintenance.
• Exports of Canadian crude by rail rose to 144.6k b/d in September, up 15.5% on the month, Canada Energy Regulator said.
• Oil loadings from Russia's Black Sea port of Novorossiisk resumed after a storm on Dec. 3 according to Reuters sources early Monday.
• Crude oil processing at Russian refineries fell 233kbpd in the week to Nov 29 from the previous week to 5.41mbpd, according to a Bloomberg source.
• Iran’s observed crude and condensate exports slipped to 1.15mn bpd in November from 1.33mn bpd in October according to Bloomberg vessel tracking – cross checked against Kpler levels.