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November WTI crude oil fell by $2.31 (-3.51%) to $63.91, while November RBOB gasoline decreased by $0.0468 (-2.35%) to $1.96. These declines are attributed to OPEC+ considering an increase of crude production levels by 137,000 barrels per day (bpd) starting November 1, 2023, boosting global oil supplies.
Iraq recently announced a resumption of oil exports from the Kurdistan region, potentially adding 500,000 bpd to global supplies. Furthermore, a reduction in India’s crude imports by 2.9% year-over-year to 19.6 million metric tons, combined with a 3.7% weekly increase in crude oil stored on stationary tankers, compounds bearish sentiments for oil prices.
Meanwhile, ongoing conflict in Ukraine has led to attacks on Russian oil infrastructure, limiting Russia’s refined-product flows to 1.94 million bpd in early September, the lowest in over three years. U.S. crude production remains just below record highs at 13.501 million bpd, while active U.S. oil rigs increased to 424, slightly above four-year lows.
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