Mid-Week Review – December 9, 2020

Two small Iraqi oil wells set ablaze in ‘terrorist attack’, ministry says

Two wells in a small oilfield in northern Iraq were set ablaze by explosives in a “terrorist attack” on Wednesday but overall production from the field was not affected, the Oil Ministry and officials said Wednesday. Click here to read more from Reuters.

Oil declines amid ongoing demand concerns

Oil moved lower on Tuesday as California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements. Click here to read more from CNBC.

ADNOC and Oxy team up to boost UAE’s oil and gas output

The United Arab Emirates awarded oil-exploration rights to Occidental Petroleum Corp., moving quickly to expand output capacity just a week after the country clashed with its OPEC partners over production limits. Click here to read more from World Oil.

Egypt buys oil hedge to lock in gains from price rout

The most populous Arab nation has almost doubled its oil hedges during the 2020-21 fiscal year ending in June, Finance Minister Mohamed Maait said in an interview. “We did a huge number of hedging contracts,” Maait said from his office in Cairo, without disclosing the size of the program or other details. Egypt also hedged in the previous two financial years, though it didn’t say how much money it spent. Click here to read more from Bloomberg.

Market Condition Report - Disclaimer
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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