- Libyan oil supply falls below 1 MMBbl/d for the first time since November as a budgetary dispute prevents the country from repairing its ailing infrastructure
- Libya ramped up production rapidly towards the end of 2020 to reach 1 MMBbl/d after a civil war led to a nationwide oil blockade for most of the year
- AEGIS notes that Libyan supply will likely face additional shutdown risks, which could bode well for oil prices
- Vitol Group, the worlds largest independent oil trader, expects crude demand to come "roaring" back through next year
- The company noted that demand for crude would be up by 7-8 MMBbl/d by the end of 2022
- Vitol sees demand for jet fuel to lagging the rebound in other petroleum products by around 1.5 MMBbl/d. Still, the group said that they expect demand increases in other oil products, namely petrochemicals, to offset the lost jet fuel demand
- OPEC is discussing downgrading next weeks ministerial meeting
- The OPEC+ coalition may go ahead with its monitoring committee meeting, rather than the full-scale ministerial meeting, which would imply the group is expected to continue with its plans to revive production gradually