*Oil Extends Losses after Trump Tests Positive for COVID-19*
News of positive tests of the President of the United States and the First Lady triggered Brent prices to fall 3% to lows of $39.40 per barrel today. The bearish news added to an already mixed market, with the news that OPEC+ compliance was lower than the previous month, with an extra 160,000 bpd being exported according to figures. (Reuters)
*UAE, U.S. and Israel to Develop Joint Energy Strategy*
The US, UAE and Israel have announced that they will be collaborating on improving efficiencies across the oil sector, and joint research into renewables and related technologies. This comes just a month after the Israeli and Emirati energy ministers discussed a possible agreement on investment opportunities that included the exportation of natural gas to Europe. (Reuters)
*Russia’s September Oil Output up 0.6% on Month to 9.932 mil b/d*
Russia produced the equivalent of 9.93 million barrels of oil in September, which was up 0.6% in the second month that the OPEC+ output quotas were increased. This number produced in September was down 12% on the previous year due to the output quota reduction by OPEC+ in its bid to try and stabilized oil prices. (S&P Global Platts)
*Exxon Mobil Signals Bigger-than-Expected Loss in Q3*
ExxonMobil has reported a bigger than expected loss the Q3 as the pandemic has caused the oil industry to struggle to recover. Refining margins and prices have been the causes of the poor performance according to the oil major. If analysts are correct, it could be the first time in 36 years that the company has posted 3 straight quarter losses. Results are due on 30th October. (Reuters)