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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.

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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

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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) –…

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