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Oil Summary at European Close: Crude Remains Volatile

OIL

Front month crude has turned back positive later in the day amid volatile trading as the market assess the impact of pledged OPEC production cuts and after a cut to Saudi OSPs to Asia.

  • Brent FEB 24 up 0.5% at 78.44$/bbl
  • WTI JAN 24 up 0.6% at 73.51$/bbl
  • Oil companies in Iraq’s Kurdistan region are keen to resume exports via the Turkish port of Ceyhan, after the companies were not invited to recent meetings between Iraq’s federal and regional governments according to Bloomberg.
  • Saudi Arabia cut its flagship Arab Light OSP for January to Asian customers by 0.50ct/bbl to 3.50$/bbl over the Oman/Dubai average, according to a price list seen by Bloomberg, marking the first cut in seven months.
  • Russian President Vladimir Putin will travel to the United Arab Emirates and Saudi Arabia on Wednesday, according to Yuri Ushakov, a Kremlin adviser on foreign affairs, cited by Bloomberg.
  • The Caspian CPC crude loading program for December has been altered after loadings were halted due to storms for almost a week according to Bloomberg sources.
  • Russia’s four-week average seaborne crude exports hit a three-month low, amid storms affecting loadings in the Black Sea for the past three weeks.
  • Libya is currently producing oil at 1.3mn bpd and is targeting 1.4mn bpd by the end of the year according to the chairman of the National Oil Corporation Farhat Bengdara.
  • Chinese refiners are rejecting offers of Venezuelan oil as the price discount falls due to the easing of US sanctions while shipments to India are increasing according to Bloomberg.
  • The average delivered import price of Russian crude to India, rose in October to 84.47$/bbl: government data.
  • Nigeria’s NNPC is to change how its crude cargoes are priced from next month, which may add more risk to handling its barrels, according to Bloomberg.

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