Southeast Asia could become a net importer of fossil fuels in the next few years, raising the financial burden on governments and increasing carbon emissions in the region, the International Energy Agency (IEA) warned in a report.
The addition of new pipelines this year has helped alleviate a bottleneck in the Permian, the biggest oil basin in the country, where prices slumped to the lowest levels in about four years in 2018.
For the week ahead, Stratas Advisors expect prices to maintain their momentum and for Brent to average $61/bbl.
Plains' Cactus II line, which opened in August, has increased its flows almost one-third over September, Genscape reported. It declined to disclose actual volumes. Plains did not immediately respond to requests for comment.
For the week ahead, Stratas Advisors expect prices to continue to decline on persistent demand concerns and ample supply.
Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Oct. 20.
Oil markets have lost 2 million barrels per day (MMbbl/d) of crude supply this year due to security and political issues but are more concerned about slowing demand, a senior executive at French oil and energy group Total said on Oct. 18.