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Free AccessOil Summary at European Close: Crudes Eases on Venezuelan Sanction Relief
Crude has eased back on the day, although prices have recovered much of the earlier losses, as the US government’s announcement to remove several oil related sanctions on Venezuela relieves some supply risks from rising Middle East tensions.
- Brent DEC 23 down -0.4% at 91.11$/bbl
- WTI NOV 23 down -0.2% at 88.15$/bbl
- The Biden Administration Announced Wednesday the removal of a broad array of sanctions against Venezuela’s oil and gas sector in response to a Tuesday deal between Maduro and his political opponents aimed at fairer elections next year. The US is issuing licenses to broadly ease sanctions on Venezuela’s oil and gas sector which could boost oil output by 25% to about 200kbpd.
- OPEC+ does not expect any major impact on its policy from Venezuelan sanctions easing according to Reuters OPEC+ sources. They said the group is not concerned because the recovery is expected to be gradual.
- Russian President Putin has wrapped up his two-day visit to China Thursday, praising “unprecedented” energy ties between the nations but little in the way of major new developments.
- The Russian government has approved a draft protocol to extend a deal, that is set to expire in 2024, by another ten years to supply crude from Russia to oil refineries in western China according to Interfax.
- China has not ruled out a small round of refilling for its strategic petroleum reserves because of the escalating geopolitical risks in the Middle East, Energy Aspects wrote in a note.
- The unwinding of US sanctions on Venezuelan oil could impact Chinese refiners that have gotten used to it as a source of cheap crude in recent years.
- National Iranian Oil Company has set the official selling price for light crude to Asia at +$3.85/bbl, up from +$3.50/bbl for October.
- Angola is likely to maintain its current crude oil production of 1.1m b/d through to 2024, a Reuters said citing an Angolan government official.
- Azerbaijan’s total crude and condensate production was 607k b/d in September, down from 620k b/d in August, according to the Energy Ministry.
- Pakistan Refining Company (PRL) has entered a long-term contract to receive Russian Urals oil for its Karachi refinery according to Express Tribune reports.
- Local African E&Ps must step up to develop shallow-water and onshore resources to maximise opportunity amid the need for energy security and to tackle energy poverty at home according to Wood Mackenzie.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.