Markets

The biggest day-on-day increase was seen on Monday after OPEC+ opted to postpone its output hike by one more month.

The global oil market is grappling with heightened volatility, driven by multiple intersecting factors, including OPEC+ production decisions, geopolitical developments, and the shifting US political and fiscal landscape.

OPEC+ has delayed its planned rollback of voluntary crude production cuts by one month, with the gradual increase now scheduled to begin in Jan. 2025, instead of Dec. 2024.

Canada’s federal government has introduced an emissions cap targeting its oil and gas sector, which is responsible for a significant portion of the country's greenhouse gas emissions.

The Trans Mountain Expansion (TMX) pipeline is poised to significantly enhance Canada’s crude oil export capabilities, with Gibson Energy announcing an increase in storage capacity by 870K bbl. in the fourth quarter.

Prices took a sharp dive after Israeli attacks on Iran avoided energy assets but a resurgence of tension related to the Middle East conflict later in the week was not able to bring about a week-on-week increase.

The recent expansion of the Trans Mountain pipeline (TMX) has significantly changed the dynamics of crude oil imports to the US West Coast.

India and China have dramatically increased their imports of Russian crude oil, effectively circumventing Western sanctions and enhancing their refining capacities.

The OPEC kingpin is poised to lower the official selling prices for its oil grades targeting Asian buyers, with anticipated reductions ranging from $0.30 to $0.50/b for Dec. shipments.

OPEC+ is navigating a complex landscape of uncertainty regarding its production strategy for Dec., with traders divided on whether the organization will proceed with planned increases.