- Oil prices remained relatively unchanged
- WTI is trading around $88/Bbl this morning amid concerns about weaker demand
- China tightened Covid restrictions in the Zhengzhou region today, locking down nearly 600 thousand people
- Concerns about economic growth and demand disruptions continue to grow as the country upholds its strict Covid-zero policy
- Crude prices hold steady ahead of this week's Fed decision on the magnitude of the next rate hike
- OPEC's crude production held steady in October after the cartel announced a symbolic output cut of 0.100 MMBbl/d to stabilize the market (BBG)
- The bloc raised daily output by 0.030 MMBbl to 29.98 MMBbl in October, according to a Bloomberg survey
- Few members made actual cuts as many member countries were already underproducing, and the group's overall output was still significantly below target, even with the slight increase
- Saudi output decreased slightly in October to 11 MMBbl/d, while Kuwait and the majority of African countries, including Angola, Congo, and Equatorial Guinea, also reduced their output
- The production losses were offset by increases in Iraq, Nigeria, and the UAE, resulting in a small month-over-month rise for the group as a whole
- The cartel announced a bigger cut of 2 MMBbl/d this month, a move that the group believes is necessary to offset a deteriorating economic outlook