Mid-Week Review – October 23, 2019

Electric Vehicle Adoption Overshadowed by SUV Boom

There are now 200 million SUVs on the roads globally, up from 35 million in 2010, according to data the International Energy Agency (IEA). In fact, 60 percent of the increase of the global vehicle fleet since 2010 came from SUVs.  Click here to read more from OilPrice.com.

Oil prices up after two-session skid on report OPEC will consider deeper output cuts

Oil futures rose on Tuesday, after a two-day slide, buoyed by a report that major oil producers will consider deeper production cuts when they meet in December. “It looks like OPEC is confirming that they are going to do whatever it takes to support oil,” Phil Flynn, senior market analyst at Price Futures Group, told MarketWatch.  Click here to read more from MarketWatch.

Russia Attempts To Take Over Venezuelan Oil, Creating A Challenge For The U.S.

A story in Venezuela’s El National newspaper is making the rounds in Russian media – reporting that Russian oil giant, Rosneft, is planning on taking over Venezuela’s National Oil Company PDVSA (Petróleos de Venezuela). In exchange, Russia is rumored to be offering debt relief to the struggling Latin American Country.  Click here to read more from Forbes.

Goldman Sachs lowers forecast 2020 U.S. shale oil output growth

Goldman Sachs wound back its forecast for growth in U.S. shale output in 2020, and slightly reduced its outlook for 2020 global oil demand growth. The brokerage said it expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019.  Click here to read more from Reuters.


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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