OPEC Highlights Risks, OPEC+ Set To Leave Things As Is?

WTI & Brent sit at virtually unchanged levels, holding tight ranges during Asia-Pac hours.

• After a slew of private estimates re: the outlook for demand growth outlook OPEC provided its monthly oil market report on Monday, which highlighted the persistent downside risks to the crude space. This was followed up by a RTRS source report which noted that "OPEC and allies such as Russia are unlikely to announce further curbs to oil output this week despite a price drop, and will extend the period for countries like Iraq and Nigeria to compensate for earlier overproduction."
• On the U.S. production front, the BSEE noted that 21.4% of U.S. offshore production in the Gulf of Mexico has been shut in owing to the Hurricane in the region.
• Over in Libya, Platts sources have indicated that "talks to restart the bulk of Libya's crude output and end the eight-month long blockade on the country's oil exports are ongoing, with the issue of distribution of oil revenues still being ironed out."
• API crude inventory estimates are due to be released on Tuesday.