• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 42 mins Climate Change: A Summer of Storms and Smog Is Coming
  • 12 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 2 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 2 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 28 mins The Quick Read On MBS's Tour of Pakistan, India And China
  • 1 hour BMW to add 2,000 more jobs at Dingolfing plant
  • 11 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 13 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 10 hours Itt looks like natural gas may be at its lowest price ever.
  • 9 hours Saudi A to Splash $100 Bln on India
  • 1 day Mineral rights owners,
  • 4 hours NEW FERUKA REFINERY

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) –…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



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