OPEC’s crude production was steady last month as the group maintained a cautious strategy while global oil markets falter, a Bloomberg survey showed https://t.co/sq4SO7ueE7 ...

Core Insights - Crude oil and gasoline prices experienced an increase, supported by a positive economic outlook reflected in the S&P 500 reaching a new record high, which bolstered energy demand and crude prices [2] - OPEC+ announced a smaller-than-expected increase in crude production, which provided additional support for crude prices [4] - Mixed results were reported in the weekly EIA inventory report, with crude inventories rising more than anticipated while gasoline and distillate supplies fell more than expected [3] Group 1: OPEC+ Production Decisions - OPEC+ agreed to increase crude production by 137,000 barrels per day (bpd) starting in November, which was below market expectations of a 500,000 bpd increase [4] - The organization is working to reverse a previous production cut of 2.2 million bpd, with a total planned increase of 1.66 million bpd [4] - OPEC's September crude production rose by 400,000 bpd to 29.05 million bpd, marking the highest level in 2.5 years [4] Group 2: Market Reactions and Price Dynamics - Saudi Arabia's Aramco decided to keep the price of its main oil grade for Asian customers unchanged for November delivery, contrary to expectations of a price increase, indicating potential weakness in energy demand [5] - The dollar index reached a 1.75-month high, which limited gains in crude prices on the same day [2] Group 3: Geopolitical Factors Impacting Supply - Reduced crude production in Russia is contributing to higher oil prices, as the Kirishi oil refinery halted most production following a drone attack [6] - Ukrainian attacks on Russian refineries have significantly limited Russia's crude export capabilities, with refined-product flows dropping to 1.94 million bpd in early September, the lowest in over 3.25 years [6]

Group 1: Crude Oil and Gasoline Prices - Crude oil prices are experiencing an increase, with November WTI crude oil up by 1.04 (+1.68%) and November RBOB gasoline up by 0.0187 (+0.99%) [1] - The rise in crude prices is supported by a positive economic outlook reflected in stock market rallies and a smaller-than-expected increase in OPEC+ crude production levels [2][4] - A mixed weekly EIA inventory report showed an unexpected increase in crude inventories, while gasoline and distillate supplies fell more than anticipated [3] Group 2: OPEC+ Production Decisions - OPEC+ agreed to a 137,000 bpd increase in crude production starting in November, which was less than the market's expectation of a 500,000 bpd increase [4] - OPEC's crude production rose by 400,000 bpd in September, reaching 29.05 million bpd, the highest level in 2.5 years [4] Group 3: Market Influences - Saudi Arabia's Aramco decided to keep the price of its main oil grade for Asian customers unchanged for November delivery, indicating potential weakness in energy demand [5] - Reduced crude production in Russia, due to a halt at the Kirishi oil refinery following a drone attack, is providing support for oil prices [6] - A decrease in crude oil held on tankers, which fell by 7% week-over-week to 82.81 million barrels, is considered bullish for oil prices [7]

OPEC’s crude production climbed last month as Saudi Arabia finished the revival of an initial tranche of halted supplies, according to a Bloomberg survey https://t.co/YT9L00RCyV ...

OPEC’s crude production remained steady last month as a pullback by Saudi Arabia partly offset a further boost by the United Arab Emirates, according to a Bloomberg survey https://t.co/gJOgGPZ4kO ...

OPEC partly pushed back against reports that group leader Saudi Arabia surged crude production in June, with its latest monthly report indicating the kingdom may made only a modest increase https://t.co/ySBYa0FTQN ...