Brent will likely drift slightly lower this week from Friday’s levels, averaging at least $63.50/bbl.
China's crude oil imports hit a record high on a daily basis in November, as refiners operated at high run rates to use up annual import quotas.
Iran's president presented a draft state budget of about $39 billion to parliament on Dec. 8, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
Saudi with OPEC peers and allies led by Russia backed a plan that could see cuts of as much as 2.1 million barrels per day (MMbbl/d), Saudi Energy Minister Prince Abdulaziz bin Salman said.
Freeport LNG Trains 2 and 3 remain on schedule with Train 3 initial production of LNG scheduled for first-quarter of 2020.
Oil producers led by Saudi Arabia and Russia agreed on Dec. 5 to cut output by an extra 500,000 barrels a day (bbl/d) for the final three months of their deal to curb supply but stopped short of pledging action beyond next March.
OPEC Ministers are meeting in Vienna to discuss extending or even deepening the current OPEC+ supply agreement, Stratas Advisors reported on Dec. 4.