- WTI is down 36c to $45.40/Bbl, and Brent is down 26c to $48.53/Bbl
- Oil prices are trading slightly lower this morning
- UAE exports to Asia slated to increase following OPEC+ agreement reached last week
- OPEC production reaches its highest levels since a deal was reached in May as exempt members continue to increase output — threatening an already fragile market
- The UAE eases its oil supply cuts to Asia following compromise reached at last OPEC+ meeting (Bloomberg)
- The country will be allowed to produce an extra 38 MBbl/d
- January shipments will be cut by 5-20% versus a 20% reduction for all grades loading in December
- UAE output rose for the first time in three months during November
- Libya's increasing output pushes OPEC+ production to six-month high (Platts)
- OPEC produced 24.54 MMBbl/d in November, up by 670 MBbl/d from October. This is the most OPEC has produced since reaching its historic deal in May
- Exempt members, Libya, Iran, and Venezuela, added more than 600 MBbl/d in output during November
- AEGIS notes that increasing output by countries exempt from OPEC+'s agreement may complicate further negotiations. The 600 MBbl/d increase during November would equate to around 33% of the 2 MMBbl/d of production OPEC+ is slated to return to the market in 2021