- Oil prices continued higher Monday morning following an eighth weekly gain
- The rally has been fueled by an energy crunch as winter approaches and key economies rebounding from the pandemic
- A shortage of natural gas and coal is creating extra demand for oil products like fuel oil and diesel from power
- OPEC+ failed to pump enough oil to meet their output target, further widening the supply deficit as the world recovers from the pandemic (Bloomberg)
- The cartel cut its production 15% more than planned in September, compared with 16% in August and 9% in July, according to delegates
- AEGIS notes that OPEC+ is underperforming by 650 MBbl/d as a handful of members have not been pumping at their allotted rate