- Oil continues to rally for a third-consecutive day
- Feb ’23 WTI gains $1.49 this morning to trade near $78/Bbl
- The API estimates U.S. crude inventories to fall by about 3.1 MMBbl for the week ending December 16
- Concerns of a spike in Covid-19 cases in China as the nation continues to drop its Covid-zero policy may add downward pressure to crude prices
- TC Energy delayed the 0.622 Bbl/d Keystone Pipeline’s restart plans until December 28 or 29
- Saudi Energy Minister says OPEC+’s decision to cut oil output was spot on (BBG)
- “In retrospect, the OPEC+ decision turned out to be the right one for supporting the stability of the market and the industry,” said the Saudi energy minister defending their 2 MMBbl/d output cut from Nov ’22 to Dec ‘23
- OPEC+ will continue to be proactive and preemptive regarding changes across the oil markets amid heightened uncertainty and volatility, added Bin Salman yesterday
- The comments indicate that OPEC+ may continue to keep supply tight
- Biden declares the Iran talks "dead" in a recently released video
- “It is dead, but we’re not gonna announce it,” said Biden in the video, responding to a public question
- The comments by Biden were made during a political rally on Nov 4 but only circulated publicly on Tuesday
- “There is no progress happening with respect to the Iran deal now. We don’t anticipate any progress anytime in the near future. That’s just not our focus,” said White House national security spokesperson John Kirby on Tuesday