The much-politicized Nord Stream 2 pipeline will double Russia’s gas exporting capacity to Europe via the Baltic Sea and will allow Moscow to circumvent its political foe Ukraine.
State oil giant Saudi Aramco lowered for the first time in four months the official selling price of Arab Light crude for delivery to Asia in October to a premium of $1.70/bbl versus the average of DME Oman and Platts Dubai crudes.
OPEC+ has agreed to release 400,000 bpd to the market in October again, after already doing so in September.
Norway is western Europe’s largest oil and gas producer and companies operating on the Norwegian continental shelf include Equinor, Shell, TotalEnergies, ConocoPhillips, as well as Aker BP and Lundin Energy.
China's demand for spot crude appears to be recovering after nearly five months of slower purchases caused by a shortage of import quotas, drawdowns from high inventories and COVID-19 lockdowns that muted Chinese fuel consumption.
"Current oil prices around $70 are okay. OPEC+ is likely to continue as planned with the increase of 400,000 bpd," said one source.
The $11 billion project, which will double the existing Nord Stream pipeline across the Baltic Sea and allow Russia to bypass Ukraine when piping gas to Europe, has been a focal point of tensions between Moscow and Washington.
To counter the price spike, the new Taliban government asked Shi'ite Iran to keep the borders open for traders.