← Back to Blog

Oil Market Weekly Briefing 6th October 2023

Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.

  • Oil experiences a significant drop this week, with Brent falling below $85/bbl, driven by recession fears linked to potential Fed rate hikes. The strong US labor market keeps wage inflation high, while rising bond yields increase default risk. Concerns over China’s economy add to worries.

  • The Turkish Energy Minister’s confirmation of the reopening of 450,000 b/d KRG exports via the Kirkuk-Ceyhan pipeline next Wednesday has further pushed oil prices down. Despite a tight physical market, with a 2.2 million barrel crude inventory drawdown in the US last week and OPEC+ cuts, the market turns bearish.

  • China faces challenges in its housing sector, which contributes a quarter of its GDP. JPMorgan warns of a potential 10% drop in earnings for the Chinese banking sector if bad debt ratios continue to rise.

  • Southeast Asia is seeing a surge in gas activities, with Eni adding more reserves in Indonesia.

  • Egypt and Brazil are offering additional offshore blocks for exploration.

  • ExxonMobil is nearing a $60 billion takeover of the major Permian player Pioneer.

  • Chariot is making progress on its Morocco project, with plans for an exploration well in 2024.

by Fay Chen // 6 October, 2023

←   Back to Blog