Five OPEC+ sources said a virtual meeting on Sept. 17, known as the joint ministerial monitoring committee, was also unlikely to recommend changing oil output targets despite Brent prices falling.
From Russia with...honesty—a surprisingly bearish outlook from Russian Energy Minister Alexander Novak provided evidence of cohesion in the extended OPEC+ agreement on oil production cuts.
Chevron, BP, Equinor and Murphy Oil all evacuated some offshore workers from production platforms in the Gulf of Mexico, the companies reported. Shell also curtailed production at ceftain platforms.
Several U.S. LNG export plants stepped up to supply more of the super-cooled fuel even though Cameron LNG's facility in Louisiana remains shut due to lingering power problems after Hurricane Laura.
U.S. energy regulators on Sept. 10 granted Freeport LNG's request for three more years—until May 2026—to complete its proposed fourth liquefaction train at its LNG export plant in Texas.
Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, according to an EIA report, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Traditional onshore storage is close to capacity.
Saudi Arabia fears that if it cuts more production to support oil prices, other countries will take advantage and produce greater amounts, jeopardizing the unity of the OPEC+ group.
A swifter rebound in oil production could create another supply glut. Lately, oil futures have slipped to near three-month lows due to oversupply fears.