1. When Will Crude Oversupply Finally Come? – The ongoing US-OPEC public spat continues to revolve around the oil market’s immediate prospects, namely its moving into oversupply following several months of global stock draws. – Latest outlooks from OPEC, IEA, and EIA all indicate that markets should flip into oversupply in Q1-2021, with EIA forecasting it would average some 900,000 b/d over January-March. – Whilst OPEC remains ambiguous on its own production strategy for 2022, the energy agencies seem to agree that next year should see higher-than-expected non-OPEC supply, primarily from the US, but also from Canada and Guyana. – Projections of soon-to-come oversupply only corroborate OPEC’s narrative vis-à-vis the Biden Administration that production need not be increased as the market would anyways balance itself out soon. 2. Saudi Crude Exports Move Within 5-Year Range – Latest JODI data suggests that Saudi Arabia’s crude exports in September averaged 6.52 […]