- WTI is up 13c to $40.77/Bbl, and Brent is up 15c to $42.61/Bbl.
- President Trump seized on Former Vice President Biden's remark about transitioning from the oil industry during the final presidential debate
- In one of his starkest comments regarding the oil industry yet, former Vice President Biden said, "I would transition from the oil industry, yes", when pressed by President Trump
- The timing of this comment is important as Biden is still vying for voters in the 3rd and 4th largest swing-states, Pennsylvania, and Ohio, who produce much of the country's natural gas
- President Putin said Russia is open to cutting oil output further — (Bloomberg)
- The OPEC+ production cuts are set to expire in January. Vladimir Putin said that he will not rule out delaying the output hike as coronavirus cases continue to mount
- Russia's compliance with the cuts has been 97%, a promising sign given the comments during the price war with Saudi Arabia earlier in the year regarding leaving the cartel
- Shale oil output slated to drop by six percent in 2021 (Argus)
- The result of low prices and global oversupply will contribute to the fall in supply
- Rystad announced that they do not expect companies to resume significant capital spending on exploration and drilling until at least 2022
- The forecast shows U.S. oil output will reach 13.6 MMBbl/d by 2030