India’s Gasoline Sales Jump to Pre-Covid Levels in September, Diesel Improves
Indian refiners reported sales have risen to pre-pandemic levels in September for gasoline but there has been a reported drop off in diesel sales as loosening restrictions sparked energy consumption and economic activity. Indian state refiners sold 2.2 million tonnes of gasoline, up 1.85% from a year ago, as people increasingly relied on personal cars to commute amid rising coronavirus cases. Gasoil sales were down 7.3% on the year, but 22% up in August. (Reuters)
OPEC+ Has 2.375 mil b/d of Compensation Cuts Due Through End-2020
According to documents seen by S&P Global Platts, not all members of OPEC+ have submitted plans for planned output for Q4, which OPEC+ have said needs to amount to compensation cuts of 2.375 million bpd. Of the 13 members required to make said cuts, only 6 have submitted their planned output figures, which currently show 1.222 million bpd cuts. Iraq have 698,000 bpd of cuts to make which will be spread across the next 3 months, whereas Russia, who have cuts of 333,000 bpd of cuts to make are yet to submit plans. (S&P Global Platts)
Venezuela’s Maduro Announces New Fuel Plan as Second Iranian Tanker Arrives
The president of Venezuela has announced plans to improve gasoline output and distribution as the nation which is currently starved of the product receives its second shipment from Iran. Venezuela is currently collapsing under the fall of oil prices and US sanctions have hurt its economy as mile long queues come from state-run petrol stations. The third vessel carrying over 200K barrels is due in the next week. (Reuters)
Venezuela Sees Oil Revenue Fall By 99% As U.S. Sanctions Sting
Venezuela’s foreign currency revenues which predominantly derive from the sale of crude oil have all but disappeared since 2014, with a 99% fall in revenues, which the president has blamed on the persecution on its exports especially from the US and the catastrophic fall in the oil price. (Oilprice.com)