OPEC output fell last month on Venezuela turmoil, according to a survey
Newsquawk Staff ·
OPEC output fell last month on Venezuela turmoil, according to a survey.
What it means
OPEC's output decline, driven by turmoil in Venezuela, highlights potential supply constraints in the oil market. This could signal upward pressure on prices if the trend continues, especially amid ongoing global demand recovery. Traders should monitor how this impacts inflation expectations and central bank policies regarding interest rates.
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- US Energy Secretary Wright says that the best way to address high prices is high prices themselves, which spur supply growth; therefore, supply is increasing
- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
- US CRUDE WRAP: WTI (Z6) SETTLES USD 2.88 HIGHER AT USD 102.78/BBL
Related headlines
- [MARKET UPDATE] Crude benchmarks sink on reports that the US and Tehran have made concessions related to the Iranian nuclear program and frozen funds; Brent Jan'27 has slipped beneath USD 102/bbl5 days ago
- Saudi Aramco CEO says global liquid fuel demand is expected to rise by around 2.4mln bpd by 2027; expansion of East-West pipeline is underway5 days ago
- ADNOC Gas CEO says gas demand will continue growing in the long term; emphasises the need for more energy and diversified supply5 days ago
- Qatar cargoes are reportedly to load from Ras Laffan, which would be the first time since end-Feb5 days ago
- Saudi Aramco CEO says remains ready to rapidly increase production when the situation calls for it 5 days ago
- US Treasury Department says that Treasury Secretary Bessent met with Venezuela's Foreign Minister and discussed energy and the financial sector5 days ago
- Exxon (XOM) to shut FCCU at Beaumont, Texas refinery at end of November for work, according to source reports6 days ago
- CRUDE WRAP: WTI (Z6) SETTLES USD 7.66 LOWER AT 96.46/BBL6 days ago
- A massive fire broke out at Hindustan Petroleum Corporation Ltd's (HPCL) Visakh Refinery on Monday evening, reports Times of India6 days ago
- Kazakhstan reports a halt to Atyrau‑Samara oil flows6 days ago
- Vitol CEO says at end-2026 will find demand has shrunk by about 3mln BPD and the world cannot cope with a larger disruption than today's6 days ago
- ADNOC reaches FID on the Ruwais Diyab unconventional gas project; says it will produce 345mln standard cubic feet of raw gas per day from 2029, with the potential to hit 1bln per day6 days ago
- Kazakhstan October oil and gas condensate production reportedly rose 8% M/M to 2.08mln bpd, according to sources6 days ago
- TotalEnergies (TTE FP) CEO does not expect Europe to face gas shortages this winter6 days ago
- UAE's Energy Minister says they will be more prepared than before, in the context of the Middle East situation6 days ago