- Crude oil drops on reports Ukraine moves toward a peace deal
- The WTI prompt-month contract was down $0.91 at $57.93/Bbl early Tuesday morning (7:45 AM CT)
- Prices declined after ABC News reported that Ukraine agreed to revised terms for a potential peace agreement with Russia
- An end to the conflict would carry major implications for crude markets since Russia is a major global producer and its exports remain heavily sanctioned
- The report emerged as Ukraine reportedly struck Russian energy targets on the Black Sea for the third time this month
- Russia’s seaborne crude exports retreated for a fifth week shipping 3.25 MMBbl/d in the four weeks to November 23 according to data from Bloomberg
- OPEC+ reassessing true production capacity (Bloomberg)
- OPEC+ has launched a review of members’ maximum sustainable capacity a process underway since May
- The reassessment is needed as several members struggle to increase output to previously agreed levels, creating a disconnect between quotas and physical capability
- The review may create friction within the group with some producers seeking higher capacity figures and others reluctant to acknowledge lower-than-claimed production potential
 |
||
|
|
||
|
|
||
 |
||
|
||
