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The MSR - Monthly Statistical Report
In November, U.S. oil markets turned out to be unexpectedly bearish. The average price of WTI declined by almost $10 per barrel in November from $85.64 per barrel to $77.69 per barrel. To explain this price drop, we can look towards continued record production in U.S. oil production, seasonally subdued petroleum demand, including lower demand from U.S. refineries and increased production rates in Nigeria and Angola and some relief on sanctions on Venezuelan crude oil. In November, OPEC+ called their final meeting of the year, which resulted in Russia, and Saudi Arabia voluntarily extending production cuts by another ... (full story)