1. Oil hits the $60 mark again.
For the first time since 2015, Brent crude pushed past the $60/barrel level last Friday. And as of Monday morning, it seems to be staying there. In the Asia trading on Monday it hit $60.69. The West Texas Intermediate, the US standard, it’s still not quite to $60/barrel, but it seems to be trending in that direction, sitting at roughly $54/barrel currently.
2. Big Oil CEO’s believe OPEC supply cut extension is a good idea.
OPEC members seem to be agreeing on the idea of extending their production cuts for another 9 months. And if Russia is on board, that means 1.8 million barrels a day off the market for most of next year. But, they haven’t made up their mind yet, and with the decision still up in the air, major oil CEO’s are chiming in and urging OPEC to extend output cuts beyond March arguing "huge volatility" in the energy market.
Total Chief Executive Officer Patrick Pouyanne was asked if he feels it’s necessary for OPEC to continue the cuts, and his response was, "Of course they need it." He continued, “It is better to keep a stable policy and I think the OPEC and non-OPEC agreement is working efficiently and should continue,"
BP CEO Bob Dudley agreed, “I heard what Patrick (Pouyanne) said about the volatility of oil and the factors here and I couldn't agree with him more … I think this is the world we are living in. Short term exuberance does not characterize I think any of the CEO’s that I know in oil and gas right now."
3. Iraqi forces continue to secure oil wells from Kurdish forces.
The turmoil in northern Iraq continues as Iraqi forces continue to gain ground and reclaim oil wells from Kurdish forces in the Nineveh Province. Iraqi federal forces have secured 40 oil wells so far from Kurdish Peshmerga forces as of Saturday.
Army Major Hammam al-Abdali reported, “Iraqi joint forces have managed to assert control over 40 out of 44 oil wells in recent military operations in the Zummar district of Tal Afar [west of provincial capital Mosul],”