- Oil is trading lower, around $74.94, extending last week’s losses
- OPEC, which was originally scheduled to meet on Sunday, will be meeting on November 30 to discuss its plan for 2024
- Exports by OPEC countries which announced a cut in April have declined to 1.3 MMBbl/d below April levels
- Iraq plans output boost (BBG)
- Iraq, OPEC’s second-largest producer, is planning to boost production to 6.5 MMBbl/d by 2028
- The country plans to increase export capacity to 5.25 MMBbl/d and refining throughput to 1.25 MMBbl/d
- Black Sea oil loadings halted by storm (BBG)
- Crude loadings at Russia’s Novorossiysk and CPC terminals were halted due to a storm in the Black Sea
- Transneft said that loadings might resume on Tuesday if the weather improves, although the storm is expected to last through this week
- Storage reservoirs at the terminals are nearly full, leading to the Caspian Pipeline Consortium accepting crude from producers at a reduced rate
- Panama Canal adds extra auctions for stuck ships to bypass queue (BBG)
- Low water levels at the Panama Canal continue to impact transit through the waterway, leading to a significant backlog of ships
- The Panama Canal Authority will perform special auctions allowing vessels that have waited for ten or more days to pay a one-off fee to transit the canal
- Some vessel operators have chosen to sail thousands of extra miles around South America to avoid waiting or paying higher fees