There is a strong case for the Organization of the Petroleum Exporting Countries and its allies (OPEC ) to extend its production normalization timing to as late as the second quarter of 2025 to get a clearer picture of the market, RBC head of commodity strategy Helima Croft says in a note, reported by Bloomberg.
Russia sees its seaborne crude exports undergo its biggest drop since July, with shipments sliding to a two-month low. Flows towards key buyer India fell sharply in relationship with that, Reuters reports.
Oil traders are pointing out that a risk premium over the situation in the Middle East still has some room to get priced out now that a ceasefire deal is just around the corner between Israel and Hezbollah, Bloomberg reports.
Officials from Iraq, Russia and Saudi Arabia (three of the biggest nations in OPEC ) are meeting in Baghdad to discuss energy markets just a few days before OPEC holds its year-end gathering on Sunday, Bloomberg reports.
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