- Oil prices fell Friday morning on the possibility that OPEC+ might hike production more than planned to ease supply concerns
- OPEC and its allies will meet on Monday
- On Thursday, commentary from OPEC+ sources said the group was looking at going beyond an existing deal to add 400 MBbl/d each month (Reuters)
- A rising dollar has also put near-term pressure on crude oil as a stronger greenback makes oil more expensive for holders of other currencies
- Fuel oil stocks in Asia’s storage hub of Singapore dipped to their lowest level since September 2019 amid more demand from the power sector (Bloomberg)
- Inventories fell as South Asian nations bought more for electricity generation instead of costlier LNG, wrote energy consultancy FGE in a note
- The tighter supplies in SE Asia are reflective of trends in other major hubs like the U.S., ARA, Fujairah, and Japan