Oil prices fell 3.3% on the day on expectations of OPEC's decision

The successful operation of the Ukrainian military at Russian oil refineries and oil depots, as well as the attack on an oil loading complex in a Black Sea port, led to an increase in oil quotes last week. But yesterday, quotes fell by 3.3%, almost completely losing the previous growth.

 

Ukraine's attacks on Russian oil infrastructure reduced total oil exports from the Russian Federation in the first 15 days of September to 1.94 million barrels per day, the lowest monthly average in over 3.25 years.

 

November Brent crude futures fell 3.3% yesterday to $67.1/barrel (+1.7% for the week, 0% for the month).

 

Crude oil and gasoline prices fell sharply on Monday on expectations that OPEC+ members will increase crude oil production at a meeting scheduled for October 5, helping to boost global oil supplies.

 

A decline in demand for crude oil from India, the world's third-largest crude oil importer, is weighing on prices. As a reminder, India's crude oil imports fell 2.9% year-on-year to 19.6 million tonnes in August after the US imposed additional tariffs on Indian goods.

 

Crude oil stocks, which are stored in tankers that have been stationary for at least seven days, rose 3.7% to 81.95 million barrels in the week, confirming falling demand and increasing supply in the market.

 

Falling oil prices will continue to put pressure on vegetable oil and oilseed prices in the near term, especially against the backdrop of seasonal supply increases.