West Texas Intermediate traded near $86 a barrel while Brent settled below $93 as diplomatic negotiations failed to produce a breakthrough. Mohsen Rezaee, Secretary of Iran’s Supreme National Security Council, stated that Iran will refuse to remove enriched nuclear material, rejecting a crucial American demand. However, signs of an emerging crude surplus are developing after Saudi Arabia reported an October production surge of 26 percent to OPEC. At the same time, renewed Ukrainian drone strikes against Russian refining infrastructure continue to exacerbate a global squeeze on diesel supplies.
Key points
Diplomatic stalemates and drone strikes on refineries are keeping geopolitical risk premi…: Diplomatic stalemates and drone strikes on refineries are keeping geopolitical risk premiums embedded in global energy markets.
Increasing crude flows from the Persian Gulf and weak demand are creating early signs of…: Increasing crude flows from the Persian Gulf and weak demand are creating early signs of a physical supply surplus.
Damage to Russian refineries has exacerbated a global squeeze on diesel supplies already…: Damage to Russian refineries has exacerbated a global squeeze on diesel supplies already strained by tensions with Iran.
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Oil steadied as hostilities between Iran and the US remained muted with no indication of progress in peace talks.
West Texas Intermediate traded near $86 a barrel, after rising 0.6% on Wednesday, while Brent settled below $93. Iran won’t remove “a single atom” of enriched nuclear material from the country, Secretary of the Supreme National Security Council Mohsen Rezaee said in an interview with Al Mayadeen, addressing one of the key US conditions for negotiations.
Brent is up more than 50% this year, but prices have reversed sharply in November on hopes the conflict will ease and as Persian Gulf energy shipments rise. Saudi Arabia, the world’s largest crude exporter, told OPEC its production rose 26% in October to one of the highest monthly levels in years.
The increase illustrates the success of the Saudis and other exporters around the Persian Gulf in restoring flows despite the unresolved conflict and a wave of Iranian attacks on tankers. The tide of oil is showing up in physical markets at a time when consumption remains constrained, weakening price differentials and creating some…
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