Opec may cut demand forecast

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Opec will likely revise down its 2022 oil demand growth forecast on Monday when it publishes its monthly report, two Opec+ sources told Reuters, as the spread of the delta coronavirus variant puts the speed of a fuel use recovery in doubt.
Opec did not change its forecast in July and August reports.

About 1.4 million barrels/day of the US Gulf’s offshore oil production remained halted since late August. That amount is roughly equal to what the Opec member Nigeria produces.

China plans its first public auction of state crude oil reserves to a select group of domestic refiners, the reserves administration announced, as Beijing looks to cool high raw material costs for the manufacturers.

The US Department of Energy said that it had approved a second loan of 1.5 million barrels of oil to ExxonMobil from the Strategic Petroleum Reserve.—Agencies

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