- Oil is trading higher, around $75.40, reversing losses from yesterday
- Money managers have reduced long positions ahead of the OPEC meeting, cutting Brent and WTI futures positioning by 19.38k contracts, bringing their net long position to 232.88k contracts
- China’s largest refiner is seeking approval to export more fuels, potentially signaling weak demand in the country
- Russian oil exports rebounded, with 3.24 MMBbl/d shipped in the week ending November 26
- Saudi Arabia seeks OPEC+ quota cuts (BBG)
- Saudi Arabia is requesting that other OPEC+ members reduce their oil production, but some members are resisting
- Since July, the country has reduced its output by 1 MMBbl/d but is now seeking further support from its partner countries
- Eurasia Group said, “With fundamentals softening and market sentiment bearish, OPEC+ may need to announce another formal cut”
- A further cut to production may be difficult to secure as Iraq, Russia, and Kazakhstan have been producing more than their quotas recently
- US warns of threats to ships in the Red Sea (BBG)
- Recent attacks on merchant ships near Yemen and Somalia, triggered by the war in Gaza, have prompted the US to warn vessels operating in the region to be extra careful
- On November 19, a chemical tanker was boarded by Yemeni rebels in a helicopter
- Ship insurers are already charging higher premiums for ships sailing through the Red Sea, and those charges could increase further if attacks continue