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Oil gains as supply concerns loom after OPEC+ output plan

Crude prices settled higher on Friday fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.

Brent crude rose $2.20 to settle at $82.74 per barrel, while U.S. West Texas Intermediate crude (WTI) gained $2.46 to $81.27.

The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day from December. U.S. President Joe Biden had called for extra output to cool rising prices.

 

China's crude oil imports in Oct fall to lowest in three years

China’s crude oil imports plunged in October to the lowest since September 2018, as large state-owned refiners withheld purchases because of rising prices while independent refiners were restrained by limited quotas to import.

The world’s biggest crude oil importer brought in 37.8 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.9 million barrels per day (bpd).

 

That is down from 9.99 million bpd in September and 10.02 million bpd in the same period last year.

Over the January-October period, crude arrivals totalled 425.06 million tonnes, or 10.21 million bpd, down 7.2% year-on-year, the customs data showed.

Crude imports were down on a monthly basis for a second month and the decline has occurred amid a 62% jump in crude oil prices this year as economies open globally from COVID-19 pandemic restrictions, spurring fuel demand.

Customs data on Sunday also showed China’s refined oil product exports for October fell 31.8% on-year to 3.95 million tonnes.

Natural gas imports, including piped and liquefied natural gas (LNG), were 9.38 million tonnes in October, up 24.6% from a year earlier.

Reference: Reuters
Read More: China's crude oil imports in Oct fall to lowest in three years | Reuters