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Oil Summary at European Close: Crude Trending Lower

OIL

Crude regained ground during European afternoon trading but has since retreated to be down on the day. OPEC+ supply uncertainty is being weighed against a luke-warm demand picture amid softer-than-expected industrial profits in China

  • Brent JAN 24 down -0.3% at 80.36$/bbl
  • WTI JAN 24 down -0.2% at 75.38$/bbl
  • The OPEC+ meeting is scheduled for 1PM GMT (8AM ET) Thursday according to a draft agenda seen by 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,
  • 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.
  • Kazakhstan’s oil and gas condensate production declined November 26 to 214,500 tonnes according to the Energy Ministry.
  • Iraqi oil officials will meet representatives of international oil companies and Iraqi Kurdish officials in early December to discuss contract changes to resume exports from Iraq’s northern fields via the Turkish port of Ceyhan.
  • 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.
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