- Oil trades lower, around $76, extending losses
- The EIA reported an 8.7 MMBbl crude inventory build and a 900 MBbl build at Cushing
- India’s crude exports in October rose for the first time in four months, Increasing by 5.9%
- The first ceasefire between Israel and Hamas since the start of the conflict has gone into effect as of this morning
- OPEC struggles over African quotas (BBG)
- In June, Angola, Congo, and Nigeria were pushed by Saudi Arabia to accept lower production targets in 2024 that reflect their reduced capabilities due to underinvestment
- The quotas would be revised higher if an external audit by three firms found their production capacity to be higher than previously thought, but the three nations have rejected the findings of the external audit
- Nigeria has shown last month that it has the ability to produce more oil, with output rising above its quota by 36 MBbl/d
- A lack of agreement between member countries could lead to a more confusing supply picture for the oil market in 2024