- Oil edges lower as the market assesses Saudi and Russia’s extended supply cuts
- October ’23 WTI lost 50c this morning to trade around $86.19/Bbl
- Saudi Arabia and Russia extend their voluntary oil cuts until year-end, with Saudi Arabia cutting 1 MMBbl/d and Russia cutting exports by 0.3 MMBbl/d
- These extended cuts are in addition to the April agreement by OPEC+ producers for production cuts lasting until the end of 2024
- The US dollar traded near its six-month high of 104.90, making dollar-denominated commodities more expensive for holders of other currencies
- Russia's fuel exports dip to 11-month low amid refinery slowdowns (Bloomberg)
- August oil product exports dropped to 2.28 MMBbl/d, down 9% from July and the lowest since September 2022, as refineries entered planned autumn maintenance
- Diesel and gasoil exports fell 5.7% to a three-month low of 1.04 MMBbl/d, and fuel oil shipments plunged by 25% to 0.59 MMBbl/d in August
- However, seaborne crude exports from the nation hit an eight-week high in late August, with Russia and Saudi Arabia extending supply curbs through year-end