Mid-Week Review – December 2, 2020

By Published On: December 2, 2020Categories: Daily Market News & Insights

Oil prices drift lower as traders await OPEC+ decision on production curbs

Oil futures edged lower Wednesday, with traders awaiting a decision by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, on whether to relax existing curbs on crude output next month.

Peak oil is suddenly upon us

A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Then 2020 happened.

“Zombie” tankers triple Venezuela’s oil exports to China despite U.S. sanctions

Venezuela almost tripled its crude oil exports even as the U.S. continues to tighten sanctions against companies seeking to do business with its ruling regime. Exports of oil surged to more than half a million barrels a day in November, with nearly all of it heading to China, according to shipping reports and data from vessel monitoring compiled by Bloomberg.

Why an air travel recovery won’t spark an oil rally

Oil demand isn’t going to see a bump from air travel demand anytime soon, or so the International Air Transport Association (IATA) said in a recent press release. And when it says anytime soon, the industry body means that air travel won’t return to normal for years—for years, to be exact.

This article is part of Daily Market News & Insights

Tagged: API, inventory, opec, Supply

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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