Leading crude producers finally decided to reassure the markets, availing themselves of the platform of the World Energy Congress in Abu Dhabi. The new Saudi Energy Minister Abdulaziz bin Salman assured everyone that OPEC+ is here to stay “for the long term”, with other participants to the deal reiterating their support for it. Concurrently, the firing of national security adviser John Bolton has revived hopes that a deal with Iran might still be possible, feeding speculation that Teheran’s renunciation of uranium enrichment might bring some „legal” Iranian volumes back to the global market.
US commercial crude stocks have been a great support for crude prices in the past month – the week ended September 06 produced another larger-than-anticipated crude drawdown. As a consequence, global crude benchmark traded around $63 per barrel on Wednesday afternoon, whilst US benchmark WTI was assessed at $57.5-57.8 per barrel.
1. Colombia Court Upholds Fracking Ban
- Colombia’s State Council upheld a temporary ban of hydraulic fracturing in the country, creating a major roadblock for state company Ecopetrol and fracking-friendly President Iván Duque.
- Colombian environmentalists have hailed the court’s decision as they perceive fracking a major threat to the Latin American country’s water supply.
- Ecopetrol CEO Felipe Bayon warned that the decision would result in Colombia being…