ADNOC crude output down by more than half, according to reports
Newsquawk Staff ·
ADNOC crude output down by more than half, according to reports.
What it means
ADNOC's reported cut in crude output by more than half indicates a significant supply-side shift, likely aimed at stabilizing or boosting prices amidst fluctuating demand. This is particularly relevant for oil markets, suggesting potential upward pressure on WTI and Brent, making it essential to monitor reactions in related assets and the broader inflation landscape.
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
- Russian President Putin says Russia should avoid going too far with the green agenda and must consider ending the ongoing conflict and lifting sanctions
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