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Brent crude oil futures were down by 41 cents, or 0.9%, at $47.01 a barrel on Wednesday while West Texas Intermediate crude was down by 46 cents, or 1%, at $44.09.
The oil markets have been left in limbo as the OPEC meetings have been rescheduled until Thursday as major leaders were still at loggerheads over the way in which the output should be managed into the new year. The fragility of the situation at hand has led many oil market participants to take a step back, with large Sell offs on Friday afternoon of last week, and noticeably less activity throughout the day in the lead up to the festive period and year-end.
Goldman Sachs released an updated view of the oil prices this week in a report from Reuters, in which the bank said that is possible we could see the dizzy heights of $65 per barrel at some point in 2021, even though the supply-side fundamentals are not certain as of yet, with a lot resting on the OPEC+ nations to limit supply of oil. (Reuters)
India’s oil minister has hinted that he would like to see more buying options when looking to procure oil supplies, with Venezuela and Iran potential suppliers as Biden takes office in January. (Reuters)
Russia produced the equivalent of 10 million barrels per day in November according to the Russian energy minister, daily output was steady but total output fell slightly. (S&P Global Platts)
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