• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 9 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 1 hour "Undeniable" Shale Slowdown?
  • 5 hours Climate Change Protests
  • 4 hours China To Promote Using Wind Energy To Power Heating
  • 19 hours Oil at $40
  • 11 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 3 hours How many drilling sites are left in the Permian?
  • 10 hours Gas Flaring
  • 10 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 14 hours Japan’s Deflation Mindset Could Be Contagious
  • 2 days Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 19 hours Negative Gas Prices in the Permian
  • 1 day Ecoside

Breaking News:

Guaido Takes Strides To Topple Maduro

Volatility Rules As Oil Markets Wait On OPEC

Rig

December 6 might become the next key milestone in OPEC’s drive to keep oil prices within a more or less universally acceptable range. Until then, we are going to see a lot of volatility in the oil market - as testified by last week’s oil price rollercoaster. On Monday, oil took a 6 percent plunge as fears of an impending supply glut grew. Now, just several weeks after Saudi Arabia and Russia ramped up production to compensate for the loss of Iranian volumes, it seems the two will be forced to curb their appetites.

(Click to enlarge)

The United States, however, is pumping more and more into the market, unrestricted by the OPEC+ agreement or any other commitment. Luckily for producers, oil prices rebounded on Tuesday-Wednesday thanks to the API reporting the first drawdown in US commercial crude stocks in 9 weeks (falling by 1.5 MMBbl week-on-week). As a result, Brent traded on Wednesday in the 63-64 USD per barrel range, whilst WTI oscillated in the 54-55 USD per barrel interval.

1. Libya Exports Break Five-Year Record

(Click to enlarge)

Source: OilPrice data.

- Libyan Crude exports have surpassed the 1.2 mbpd mark, for the first time since February 2013, buttressed by unusually robust sales to the Asia Pacific.

- China has become the largest buyer of Libyan crude in October, taking in 232 kbpd of it.

- Traditional European clients of Libya – Italy (230kbpd), France and Spain (205 kbpd) –…




Oilprice - The No. 1 Source for Oil & Energy News