Oil Prices Continue to Plummet Despite Brief Respite and OPEC+ Remains Calm

The oil price collapse continued on Friday after a brief respite, with prices on course to post a more than 10% loss for the week. Australian authorities may compel LNG exporters to divert excess gas supply towards domestic consumers amidst decreasing natural gas production. The last large-scale refining project to be commissioned in the US, the 250,000 b/d capacity Blade project at ExxonMobil’s refinery in Beaumont, TX, is set to start up in the upcoming weeks. Inspectors of the UN’s nuclear agency discovered that some 2.5 tonnes of uranium have gone missing from a Libyan site controlled by the rival Benghazi government. Venezuela and Colombia are seeking to reactivate the 224-km Antonio Ricaurte gas pipeline and export some 25 MMCf/day of Venezuelan gas to its western neighbor.