A potential near-term surge in oil supply weighed on crude futures Monday. Several production constraints that had helped put a floor under oil prices last week resolved themselves over the weekend. A strike in Norway came to an end, which could restore some 330,000 barrels per day in output (OD Oct.9’20). Hurricane Delta passed through the US Gulf of Mexico oil complex with limited impact on petroleum infrastructure, and both upstream and downstream capacity in the region are quickly coming back on line (related). Libya’s Sharara oil field could come back into play soon as well (IOD Oct.12’20).
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