Oil Summary at European Close: Crude Slides on OPEC Delay

Crude front month is falling sharply today as OPEC+ has delayed the upcoming ministerial meeting from November 26 to November 30 as it aims to align the group amid disagreement on output assessment from African nations. Crude recovered some losses despite bearish EIA data amid a larger than expected crude inventories build.

• Brent JAN 24 down -3.8% at 79.35$/bbl
• WTI JAN 24 down -3.8% at 74.78$/bbl
• Discontent within OPEC+ comes as Saudi shoulders much of the efforts to shore up global oil prices alone which seems to be driving the push to move the upcoming meeting from November 26 to November 30 as it aims to align the group.
• Crude inventories rose 8.7mbbls to the highest since July supported by a slight dip in exports and higher imports while production held up at record levels again.
• EIA Weekly US Petroleum Summary - w/w change week ending Nov 17: Crude stocks +8,700 vs Exp +510, Cushing stocks +858, Total exports +58, Total imports +205
• API weekly oil stock data from late yesterday according to Bloomberg: Crude +9.05mbbl, Cushing +0.64mbbl, Gasoline -1.79mbbl, Distillate -3.51mbbl.
• Crude stockpiles in ARA fell 4.2mn bbls or 8.1% on a weekly basis for the week ended November 17 to 47.5mn bbls according to Genscape.
• The latest Baker Hughes rig count data is due for release at 13:00ET due to the US holiday this week.
• Russian crude oil output remained almost stable in October with daily production at 1.318mn tons, according to people familiar with Energy Ministry data, continuing to exceed pledged output cuts.
• Russian oil export capacity at its key western and eastern ports will grow by 32mn tons per year (or 640kbd) by 2026 according to Deputy Prime Minister Alexander Novak.
• OPEC Preview (published prior to date change) https://enews.marketnews.com/ct/x/pjJscQKMw7gI6a9nKhsiEg~k1zZ8KXr-kA8x6nFXsLwptIPjO1OcQ