Despite the devastation caused by Hurricane Ian, oil markets are relatively unaffected by this year’s hurricane season. Aside from a key geopolitical development involving Russia over the weekend, the next real catalyst for oil prices is next week’s OPEC meeting, which could push oil prices higher again.
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Friday, September 30, 2022
It’s not uncommon for hurricanes to hit the U.S. Gulf of Mexico and send oil prices skyrocketing in late September, but despite the devastating damage to Florida and other southeastern states, Hurricane Ian has not been a notable factor for oil. is the OPEC+ meeting on October 5th. ICE Brent could rise towards $100 a barrel as production cuts are discussed as a means to keep prices favorable.
OPEC+ appears to be taking production cuts seriously. OPEC+ sources say oil group members have said they are considering a possible oil production cut in November 2022, as Russia has already proposed a target cut of 1 million b/d at its October 5 meeting. We have started negotiations.
Russia calls Nord Stream leaking state-sponsored terrorism. The Russian government has labeled the as yet unidentified attack an act of “state-sponsored terrorism” as four separate leaks in the Nord Stream 1 and 2 pipelines continue to release methane into the Baltic Sea. I called.
EU finalizes 8th batch of Russia sanctions. The European Commission has formally proposed an eighth round of sanctions against Russia. This includes a range of new measures, including the blacklisting of individuals, further restrictions on technology exports, and a ban on the participation of her EU citizens on the boards of Russian companies.
Australia deals with gas exporters. The Australian government has pledged not to restrict gas exports from three LNG projects on the east coast (Queensland Curtis LNG, Australia Pacific LNG and Gladstone LNG) and to provide an additional 157 petajoules of gas to the domestic market in 2023. there is
US imposes further sanctions on Iranian oil trade. The Biden administration has targeted six companies in India, Hong Kong, China and the UAE for enabling the sale of Iranian crude oil and products to South and East Asia.
The IEA has warned of tightening LNG in 2023. International Energy Agency (IEA) head Fatih Birol has warned that the 2023 LNG market could be even tighter this year amid rising demand from China, India and the rest of Asia. .
A warning will appear in the UK Licensing Drive. UK oil industry group Offshore Energy UK says projects resulting from the 33rd oil and gas licensing round set to start in less than a week will not undermine the country’s climate plan and will comply with existing emissions reduction targets argued that it was necessary.
China has hinted at flexibility in product exports. Asian markets are widely anticipating the release of up to 15 million tonnes of China’s fifth batch of fuel export quotas this year, so sources say Beijing will extend export quotas to 2023 to boost domestic demand. indicates a possibility.
European industry shutters take the lead. commodity giant Glencore (LON:GLEN) With soaring electricity prices making production commercially unsustainable, the company is considering closing its flagship operation at its Porto Vesme plant in Italy, where it may develop an EV battery recycling plant. .
Warren Buffett really likes the West. Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) Purchased an additional 5.99 million shares Occidental (NYSE:OXY) It’s valued at $352 million this week, and its stake increased to 20.9% after the U.S. energy regulator gave Berkshire permission to buy up to 50% of the company’s common stock.
Taliban signs fuel deal with Russia. The Taliban have signed interim agreements with Russia to supply 1 million tonnes each of gasoline and diesel and 2 million tonnes of wheat, according to the head of Afghanistan’s Ministry of Industry.
Enbridge sells stake in pipeline to indigenous group. Largest pipeline operator in North America Enbridge (TSE:ENB) Sold an 11.57% minority stake in seven Alberta oil pipelines to a group of indigenous communities for approximately $820 million.
The EU is unhappy with gas benchmarks. The European Union, which seeks to replace the TTF as the leading spot gas trading benchmark, is working on a new trading-based benchmark for LNG that no longer reflects pipeline gas developments, and Brussels has voluntarily announced that the new index will be used. said.
LME may ban Russian metals. The London Metal Exchange (LME) has weighed in on whether it should continue to trade Russian metals such as aluminum, copper and nickel in 2023 amid concerns that Russian companies will move production to LME warehouses. , are considering consultations with market participants.
Michael Kahn of Oilprice.com
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