OPEC+ Policy Key For Oil Outlook

Opec+ policy is key for the outlook for the oil market. The group continues to hold a large amount of supply from the market to support prices in 2024. Saudi arabia and russia announced voluntary cuts to erase expected surplus in 1q24. The market is expected to be in a small deficit in the second half of 2024. Opec+ is sitting on a substantial amount of spare capacity. Sanction risk is a risk to the market.

Oil extends losing streak as post-OPEC+ market says 'show me'

Crude oil futures close lower for the third straight session. Rbc analysts say the oil market has decided opec+'s voluntary production cuts are not going to have much of an impact. "oil has become a 'show me' type market," they say. Front-month nymex crude closes -1.4% lower.

Weekly Report: what happened at UCO last week (1127-1201)?

U.S. makes COP28 splash with new methane rule, $1B pledge to help countries tighten leaks

U.s. Makes cop28 splash with new methane rule, $1b pledge to help countries tighten leaks. Biden administration announces final methane rule aimed at cracking down on methane leaks. Crude oil prices fall for the sixth straight week. Exxon mobil's darren woods is the first ceo to attend a cop climate summit.

U.S. oil rig count climbs by 5 to 505, Baker Hughes says

Energy u.s. Oil rig count climbs by 5 to 505, baker hughes says. Total active drilling rigs in the u.s. Rose by 3 to 625, according to baker hughes. Drilling rigs targeting crude oil in the permian basin gained 3 to 310.

Deeper OPEC+ Supply Cuts

Opec+ members announce additional voluntary cuts of almost 2.2mmbbls/d in 1q24. The market reaction suggests the market was underwhelmed with the action taken by the group. Nigeria's production target was raised but angola's target was cut further.

Crude oil slips as OPEC's voluntary production cuts underwhelm

U.s. Crude oil tumbles more than 2% after opec's voluntary production cuts underwhelm. Opec+ announced voluntary cuts approaching 2m bbl/day starting in january. Bloomberg says traders were disappointed by the smaller than expected cuts and lack of quota enforcement.

What COP28 Says About Geopolitics, U.S.-UAE Relations And The Fate Of The Oil Sector

Cop28, the conference of the parties on climate change, launches in dubai on thursday. The president of the conference is sultan al jaber, the ceo of the abu dhabi national oil company. The uae is one of the world's largest oil and gas producers and a major greenhouse gas polluter. Climate change is a major concern for the oil sector.

OPEC+ agrees on additional 1M bbl/day oil production cut - reports

Opec+ delegates say they have agreed to an additional 1m bbl/day production cut. Saudi arabia also will extend its 1m bbl cut announced in june, reports say. Crude oil prices look on track for a third day of gains on expectations of fresh cuts.

2024 Election: Winners and losers if a Republican gets the White House - BTIG

Btig outlined what the macro market picture would look like if a republican wins the 2024 election. Btig highlighted the winners and losers of a republican president. The defense sector would be the biggest winner, followed by nuclear energy and clean coal. The winners list also includes prisons, fannie mae and freddie mac.

FTSE And Crude Oil: Will Rebound In Oil Prices Lift Energy Stocks?

Uk’s ftse has spent much of november in consolidation mode. German dax index was up again today to lead european indices. Oil prices have found support ahead of the opec+ meeting on thursday. Recent positive economic indicators from china and the uk suggest a potential turnaround in oil prices.

Crude oil climbs as OPEC+ weighs new output cuts, with meeting set to start

Crude oil climbs as opec+ weighs new output cuts, with meeting set to start nov. 29. Nymex crude closes at two-week high; u.s. Eia reports surprise build in domestic crude oil and distillate fuel stocks. Opec and allies reportedly considering new oil production cuts of as much as 1m bbl/day.

Crude inventory increased by 1.6M barrels for week ended Nov. 24 - EIA

Crude inventory increased by 1.6m barrels for week ended nov. 24. U.s. Commercial crude stocks for the week ended november. 24: 449.7m. Eia: crude inventories increased by 8.7 million barrels in the last week.

An Oil Market In Healing

The oil market is in a state of healing after a disastrous month for prices, says christopher yates. He believes the market is running out of fuel and prices are in the process of bottoming. He says the oil market has been a story of speculators and upside surprises in supply. Seasonally adjusted inventory draws have shifted to inventory builds, he says. Yates says the downside is limited, barring an exogenous increase in opec+ or us production.

July Non-OPEC And World Oil Production

July non-opec oil production increased by 520kb/d to 52,245 kb/d and is up 1,706b/d from may. World without the us oil output in july decreased by 419 bbls to 68,749 bbl/d. From august 2023 to december 2024, world oil production is expected to increase by 1,105. Eia has not updated its world oil production website.

Saudi Arabia wants OPEC+ members to cut oil production quotas - Bloomberg

Saudi arabia wants opec+ members to cut oil production quotas, but some members are resisting. Opec+ delayed its policy meeting by four days due to angola and nigeria's resistance. Crude oil prices fall again after five straight weeks of declines. Wti crude settles at lowest level since november 16.

Weekly Report: what happened at UCO last week (1120-1124)?

What Will OPEC+ Do?

Oil price volatility will be heightened until opec+ decision time. Fundamentally the oil market doesn't require an additional cut, but we think opec+ will announce an additional coordinated cut. The oil market healing process is underway, so it will take time. Last week, oil prices surged on rumors of deeper production cuts.

Low-Carbon Transition Investing 101

Low-carbon transition investing 101: the transition to a low-carbon economy is rewiring economies, sectors and businesses. Helen lees-jones, emea head of the sustainable & transition solutions group at blackrock explains why investors are investing in the transition.

IEA: Big Oil's carbon capture strategy alone won't solve climate change

Iea says oil and gas producers need to scale up investments in clean energy to reach net zero carbon emissions by 2050. International energy agency says carbon capture strategy alone won't solve climate change. Oil and gas companies currently account for just 1% of clean energy investment globally, iea says.