Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

• U.S. oil rig count: The United States has already proved to be a major influencing factor in the global oil market as production reached a record high of 9.71 million barrels per day. To keep a tab on U.S. oil supplies, one needs to keep oneself updated on the numbers of oil rigs operating in the United States. As of latest report, the numbers of operating rigs have risen to 751, the highest level since early September. The numbers of operating rigs have increased more than 140 percent since bottoming in May last year.
   
• Venezuela: As sanctions bite, Venezuela’s oil exports to the United States have declined to a 15-year low.
   
• OPEC: Kuwaiti oil minister reiterated the plan shared by Saudi oil minister Khalid al-Falih that OPEC stands ready to ease the deal in June next year if the market tightens too much.
   
• Russia- Arctic: According to data from Bloomberg, Russian oil exports from the Arctic terminal has hit almost 400,000 barrels per day in November.  

Key global oil benchmarks:

WTI - $57.5/barrel

Brent - $63.4/barrel

OPEC basket - $61/barrel

Urals - $62.9/barrel

Oman - $62/barrel

Dubai - $61.1/barrel

Western Canada Select - $35.7/barrel