* In A World with Too Much Oil, OPEC+ Sweats Its Next Move*
OPEC+ is considering its next move after implementing a 3-phase plan of output cuts over the course of 2020 and into early 2021. Demand recovery is slower than expected and prices are lower than many had hoped for which has meant that inventories are not falling as OPEC+ would have hoped. The group is due to meet soon with the aim of discussing a roadmap for the next steps for production quotas, with a key factor of US elections and Libyan supply proving problematic for the future of oil in the short-term, at least. (Bloomberg)
*Norway Strike Could Halt Johan Sverdrup Output: Equinor*
Continuing oil strikes in Norway could threaten the output at the largest oil field in the region, as a scheduled rotation in personnel at the field would lead to a lack of cover in key operational areas meaning a requirement of closures in parts of the field, if the strike carries on past 14th October. Equinor is hopeful for a resolution between Lederne and the Norwegian Oil and Gas Association, which has already reached agreements with other union bodies. (Argus Media)
*BP Forced to Boost Security in Azerbaijan As Conflict Escalates*
With tensions rising between Armenia and Azerbaijan, BP has been forced to increase security in the region as oil pipelines have been under attack as a result of the worst clashes since 1994. BP stated that they will be taking the necessary measures after reports of a missile attack. (Oilprice.com)