- Oil extends gains from yesterday’s rally
- WTI gains nearly $2.30/Bbl to trade above $80/Bbl for the first time this week
- OPEC and other major oil producers are likely to maintain current output levels at their meeting on Sunday, said the bloc’s delegates (WSJ)
- The move marks a change in OPEC's internal discussions after some members clamored for a production hike of up to 0.500 MMBbl/d earlier this month, according to delegates
- Reports of OPEC+ cutting production have outweighed the concerns about rising Chinese oil growth in recent days
- On Tuesday, China recorded 37,828 new cases of Covid, down from the 38,645 cases reported the day before. There were also no new deaths reported (Reuters)
- The city of Guangzhou also eased some Covid restrictions in several districts, according to government statements
- The market awaits the EU’s decision on the Russian price cap and production decision from OPEC+ (Dec 4)
- As of now, the price cap is scheduled to go into effect on December 5, along with additional sanctions on Russian crude
- China and India are purchasing Russian crude at a 40% discount (BBG)
- Bloomberg reports that China and India are already purchasing Russia's premium Urals crude oil for a huge $33.28/Bbl discount compared to Brent
- EU oil-price-cap talks are still ongoing, and a price hasn’t yet been agreed upon
- According to reports, Russia is drafting a presidential decree that would forbid its companies and traders from selling oil to anyone who partakes in a price cap