US oil stockpiles rose last week, intensifying worries about the demand outlook at a time when traders weigh up weather-related supply disruptions, which have shut-in production in the Gulf of Mexico

Saudi Arabia shipped 6.1 million barrels per day (bpd) of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, an industry source familiar with the matter said

Libya’s oil output has risen to 270,000 barrels per day (bpd) as the OPEC member ramps up exports following the easing of a blockade by eastern forces

OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said

“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020,” Barkindo said in remarks at the G20 Energy Ministers virtual meeting

Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with the OPEC+ group over increasing Iraq’s crude oil exports, state news agency INA stated

OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said, although producers should wait to see if there is a sustainable restart before reacting

The bank raised its 2020 Brent and US West Texas Intermediate (WTI) price forecasts by $2 to $43 per barrel and $39, respectively. For 2021, the bank expects Brent and WTI prices to average $53 and $50 per barrel, respectively.

OPEC and allies, led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook

Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt