OPEC & Global Markets

The Opec+ production agreement was dealt a devastating blow in March 2020 when Opec producers were unable to sign Russia up to deeper cuts. The process has shown that while Opec is unable to bring about substantial price gains, its strength lies in the ability of its core members to flood the market and undercut prices.

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The Us Oil Rig Count Has Risen For Each Of The Past Six Weeks, With The End-October Figure Of 221 Up Almost 50 On The Mid-August Nadir...

...But Current Numbers Remain Tiny By Any Sort Of Historical Comparison, With Only The Permian With 142 Rigs (64% Of The Us Total) Seeing Significant Activity

US Crude Imports Fell To A 28-Year Low Of 5.25mn B/D For September With Gulf And Opec Volumes At Record Lows Of 397,000 B/D And 442,000 B/D, And Saudi Just Up From August’s Record Low 267,000 B/D, Just 4.9% Of Total Imports

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