OPEC+ Agrees to Deep Oil Production Cuts Despite US Pressure
Sources said it remained unclear if cuts—OPEC’s deepest since the 2020 COVID pandemic—could include additional voluntary reductions by members such as Saudi Arabia, or if they could include existing under-production by the group.
US Oil Groups Urge Biden to Take Fuel Export Ban Off Table
President Joe Biden has made battling an energy-led surge in consumer prices a top priority and has repeatedly chided oil companies for earning bumper profits at a time of record gasoline prices.
Venezuela’s Oil Exports in September Boosted by Sales to China, Awaps with Iran
Oil production and exports regained their footing in the third quarter, helped by Iran’s supplies of condensate and crude to state-run oil company PDVSA, and deliveries of Venezuelan heavy crude and fuel oil to Iranian state companies.
White House Rules Out Ban on Natural Gas Exports This Winter
US LNG exports will continue to European allies, high-level sources confirm.
US Treasury Seeks Phased G7 Oil Sanctions as EU Ban Looms
Senior U.S. treasury official Ben Harris told the Argus European Crude Conference in Geneva that G7 sanctions will target Russian crude oil, while later ones will focus on diesel and a third phase will tackle lower value products such as naphtha.
Indian Refiners Scout for Oil Deals Ahead of EU Ban on Russian Crude
India, which rarely used to buy Russian oil, has emerged as Moscow’s second-largest oil customer after China.
Goldman Says Reported OPEC+ Output Cuts Reinforce its Bullish Oil View
Despite one of the tightest markets in recorded history, Goldman said the reported OPEC+ cut could be justified by the 40% decline in prices from their June peak and enabled by the lack of supply elasticity, given slowing shale activity and exhausted spare capacity.
OPEC+ Mulls Largest Cuts Since 2020 Pandemic Crisis
"It may be as significant as the April 2020 meeting,” the source said, referring to when OPEC+ agreed record supply cuts of around 10 million bbl/d, or 10% of global supply, as the COVID-19 pandemic hit demand.
Kremlin: US Raised LNG Prices, Sales after Nord Stream Gas Leaks
“There is a party or a party that, in the absence of the functioning of these gas pipelines, is able to sell more LNG at a higher price. This side is well known, it is the United States,” Kremlin spokesman Dmitry Peskov said.
White House Meets Oil Industry over Hurricane Ian Price-gouging Concerns
Biden has warned oil companies not to use the storm as a pretext to raise gasoline prices, which spiked earlier this year after Russia's invasion of Ukraine.