- After four consecutive daily gains, WTI is trading 79c lower, near $79.81
- OPEC released its October Monthly Oil Market Report (MOMR), which paints a pessimistic demand outlook
- Their 2021 global oil demand growth forecast was revised lower from 5.96/MMBbl/d to 5.8 MMBbl/d
- Iraq’s oil minister sees a balanced market, with crude prices stabilizing around $85/bbl
- Internal OPEC+ analysis shows that while the market is in a deficit, a surplus could arrive by as soon as December, and the alliance will continue with its conservative approach
- The next OPEC+ meeting is scheduled for November 4, 2021. At the last meeting, the cartel announced a 400 MBbl/d raise despite calls from the U.S. and other consumers to return more