- OPEC+’s technical committee downgraded their view of market tightness for 4Q 2021 (BBG)
- The global oil supply deficit will only be 300 MBbl/d on average for the fourth quarter, OPEC+’s technical committee concluded on Thursday
- The new forecast is much smaller than the 1.1 MMBbl/d shortfall the committee expected using older data
- OPEC’s sub-committee also adopted a more bearish outlook for 2022, where the group sees an average supply surplus of 1.6 MMBbl/d versus preliminary estimates of 1.3 MMBbl/d
- OPEC and its allies will meet on November 4 to review their plans to gradually increase supply
- Oil is set to close out Friday with a monthly gain of about 10% on continued signs that demand is outpacing supply and depleting stockpiles
- China is surveying its refiners for solutions to its energy crisis. Asking questions on whether processors have the ability to ramp up their fuel production (BBG)
- Oil has been one of the best-performing commodities lately as a global gas crunch has increased demand for petroleum products