UAE Disavows Reports of OPEC Departure.
The United Arab Emirates indicated they have no plans to leave the OPEC+ alliance after a WSJ report that said Emirati officials are having an internal debate on the issue, following a series of clashes with Saudi Arabia.
Nigeria Pipeline Blast Hits Shell.
An explosion on the Rumuekpe-Nkpoku Trunk Line in Nigeria’s Rivers State operated by Shell (LON:SHEL) killed at least 12 people and postponed indeterminately the restart of the Bonny Light export terminal that has been in force majeure since November 2022.
Iran Hints at IAEA Nuclear Access.
The visit of the UN nuclear watchdog to Tehran seems to have eased tensions as Iran appears to have agreed to rekindle some form of information sharing and coordination after the Middle Eastern country was found to have enriched uranium to 84%.
Lots of noise keeping a lid on oil prices
A string of oil events around the world has been providing a steady flow of sound bites about the prospects of 2023 demand, but there is still no indication that the current $80-$86 per barrel bandwidth for Brent oil is to undergo any changes. Chinese crude demand is still not where it was expected to be, the US might be in for a first stock build in 10 weeks, and Powell is set to testify before congress, all of which should amount to another week of choppy trading.