The supply side in oil markets is becoming increasingly complex in December with the possibility of new OPEC+ cuts, an EU embargo on Russian seaborne crude imports, and a possible cap on Russian crude prices.
- Dec 02, 2022, 5:00 PM CSTRussian crude production and exports jumped in November.
Even though, according to Reuters’ data, the group has over-complied with its output cut target, the data does not include Russia, nor any of the other producers beyond OPEC-13. Going completely against expectations, Russia, which, according to its own official figures and to data from energy intelligence firm Kpler, actually ramped up production in November.
Indeed, uncertainty is the keyword in energy markets in December. With the Russian seaborne crude oil import ban around the corner, a potential OPEC+ output cut on the table, and ongoing discussions about capping Russian oil & gas prices, the supply side of the market has become even more complex.
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