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OIL: WTI +$0.70, with Brent +$0.65 on the day. Crude is benefitting from a
message of continuity out of Saudi Arabia, after the Kingdom installed OPEC
stalwart & member of the royal family, Prince Abdulaziz bin Salman, as its
energy minister, the first time that a member of the ruling Al Saud family has
held the position. The move comes ahead of Thursday's OPEC+ JMMC meeting & with
exp. ratcheting up surrounding the long-awaited Saudi Aramco IPO. The Kingdom
was quick to assure that the move will not result in a shift in Saudi Arabia's
OPEC policy. Elsewhere, the UAE energy minister al-Mazrouei downplayed the
possibility of deeper OPEC production cuts. Also in supply side news, the Iraqi
oil minister Ghadhban said that the country would reduce oil production from
Oct. N.B. some view Iraq as a "serial overproducer" vs. its OPEC+ commitments &
point to the nearing of the JMMC as a driver behind these comments.
- Elsewhere, Iran confirmed it has started work on advanced centrifuges to
increase its stockpile of enriched uranium, as expected. Meanwhile a spox for
the country's foreign ministry said that the well-known Iranian oil tanker,
Adrian Darya 1, had reached its destination and sold its oil.