- Data in OPEC’s latest edition of the Monthly Oil Market Report suggests that deeper production cuts will be needed to balance the oil market. Production for the cartel was up in October from September, as Saudi Arabia regained its footing after the attacks on Aramco oil infrastructure and as Venezuela managed to pull a rabbit out of its hat, increasing production to 687,000 bpd in October from 644,000 bpd in September. Still, October production for the cartel was below August production. But the real kicker is that OPEC oil supply stood at 29.650 million bpd in October, while the average demand for OPEC oil in 2020 is … 29.6 million bpd - with no hope of drawing down any OPEC inventories at their current rate of production.
- U.S. natural gas production is set to hit a record 92.13 billion cubic feet per day this year, up nearly 1 billion cubic feet per day the previous year. U.S natural gas consumption is also set to hit a record this year of 85.10 bcfd, on the back of increased use in the power sector as coal gives way. At the same time, China’s natural gas imports for October shed 10.3 percent year-on-year. That’s a dramatic shift from natural gas import growth rates of nearly 30 percent in years prior. Most of this is attributed to an economic slowdown.
- The first batch of Libyan crude oil has been unloaded at Ukraine’s Odessa seaport, as the country is seeking cheaper alternatives as values of some light…