- Oil is trading higher, around $77.60, extending gains from Friday
- The 2024 Calendar strip is at $75.28, and the Cal ’25 strip is trading around $71.35
- Goldman Sachs lowered their 2024 Brent forecast from $98/Bbl to $92/Bbl, despite reaffirming their view that they expect “ongoing resilience” in oil demand and a recovery in price
- OPEC calls out negative sentiment in oil market (BBG)
- OPEC said in their latest monthly report that “recent data confirms robust global growth trends and healthy oil market fundamentals”
- The analysis follows last week’s statement by the Saudi Energy Minister that the recent selloff in oil is driven by speculative positioning
- OPEC’s data shows that oil inventories are on track to fall at a record pace of 3 MMBbl/d this quarter
- The report noted that Iraq has been producing more than its production quota, with the country producing 4.33 MMBbl/d in October
- Iraq and Kurdistan continue discussion to resume oil exports through Turkey (BBG)
- Iraq and the Kurdistan Regional Government are looking to resume oil exports through the 500 MBbl/d Iraq-Turkey pipeline
- The pipeline was shut in March following a dispute between Iraq and Turkey over export payments and Turkey’s claim that the pipeline was damaged by earthquakes in February