- WTI is down 12c to $45.22/Bbl, and Brent is down 6c to $47.82/Bbl
- OPEC+ meeting is rescheduled for Thursday, December 3
- Tensions flared between the cartel's de-facto leader, Saudi Arabia, and the UAE, according to Bloomberg. The deal was widely expected to be a routine agreement
- The cartel was expected to delay its 1.9 MMBbl/d January output hike by three to six months during the meeting
- AEGIS notes oil price action was relatively muted yesterday, signaling that the market remains confident a deal will be made
- New Norway labor-strike threatens oil and gas production (Argus)
- Output has not closed yet, but it could within the next few days, according to Aker BP ASA spokesman Ole Johan Faret
- The country has seen several strikes over the last few months, with one causing 330 MBboe/d of output to be brought offline in early October
- Nearly 20 supertankers have been booked to deliver U.S. crude to Asia
- Assuming all booked vessels arrive in Asia, that would be around 26.7 MMBbl, according to Bloomberg
- AEGIS notes much of the demand is coming from China, which has managed to remain insulated from the drop in demand observed in other countries around the globe. The country matched a refining record in October of 14.14 MMBbl/d