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

• OPEC+ cut decision leads to Brent prices dropping to $74/bbl. Prices rise above $75/bbl after the US releases strong November employment data

• US crude production reaches a record 13.24 mb/d in September

• US product inventory build, despite a 4.6 mbbls US crude inventory draw last week

• China’s crude imports fall by 9% y-o-y in November, hitting the lowest level since July

• OPEC+ new agreement: additional 900 kb/d cuts in 1Q2024. OPEC announced additional voluntary cuts for 1Q24. Saudi Arabia will extend its 1 mb/d cut, Russia deepens its cut from 300k b/d to 500k b/d, resulting in a total OPEC+ cut of 2.2 mb/d on top of announced cuts in April 2023.

• Australia’s largest oil and gas producers, Woodside and Santos are in merger talks

• ConocoPhillips Plans Drilling Campaign in Australia’s Otway Basin

• Chevron and ExxonMobil increasing capex for 2024 and Chevron plans Namibia drilling campaign

• Longboat Japex is to drill in Norway’s Troll area

• UK E&P activity shows uptick signs