Russia's Vladimir Putin talks energy and geopolitics

In its monthly report published on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered the 2021 oil demand growth forecast to 5.82 million barrels per day (bpd) from 5.96 million bpd, per Reuters. Additional takeaways • "OPEC keeps 2022 oil demand growth unchanged at 4.15 million bpd." • "OPEC sees rise in natural gas and thermal coal prices encouraging increased gas-to-oil switching." • "OPEC raises estimated demand for its crude in 2022 by 100,000 bpd to 28.8 million bpd." • "OPEC says its output rose 490,000 bpd to 27.33 million bpd in September." Market reaction Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen trading at $80.10, where it was down 0.55% on a daily basis. tweet at 7:03am: OPEC REVISES 2021 OIL DEMAND GROWTH DOWN TO 5.82 MLN BARRELS PER DAY, FROM 5.96 MLN BPD PREVIOUSLY - OPEC MONTHLY REPORT OPEC KEEPS 2022 OIL DEMAND GROWTH UNCHANGED AT 4.15 MLN BPD OPEC SEES RISE IN NATURAL GAS AND THERMAL COAL PRICES ENCOURAGING INCREASED GAS-TO-OIL SWITCHING tweet at 7:02am: OPEC remains cautious on oil demand strength despite price jump - lowers 2021 world oil demand forecast by 160kbpdDownload Monthly Oil Market Report - October 2021 pdf Crude oil prices rebounded m-o-m in September, gaining about 5%, supported by robust oil market fundamentals amid a slow restart of US oil production, further recovery of oil demand and a drop in inventories, along with easing COVID-19-related mobility restrictions in several Asian countries. Moreover, worries about natural gas and coal shortages in Europe and Asia boosted sentiment for higher oil demand. The OPEC Reference Basket (ORB) value rose by $3.55 or 5.0% m-o-m in September to settle at $73.88/b. Year-to-date (y-t-d), the ORB was up by $26.21, or 64.5%, to average $66.83/b compared with the same period last year. The ICE Brent front-month rose $4.37, or 6.2%, m-o-m in September to average $74.88/b, while NYMEX WTI increased by $3.83, or 5.7%, m-o-m to average $71.54/b. Consequently, the Brent/WTI spread widened further in September to $3.34/b, its highest point since last April. The market structure of all three major oil benchmarks – Brent, WTI and Dubai – remained in backwardation. However, the Brent forward curve strengthened, while WTI and Dubai backwardation flattened slightly. Hedge funds and other money managers boosted bullish wagers in September as oil prices rose t

tweet at 8:40am: Putin: Has not spoken to Biden administration about oil policy as he did with former president Trump #OOTT #Opec tweet at 8:40am: PUTIN: I HOPE THAT TIES BETWEEN RUSSIA AND THE US GRADUALLY IMPROVE.