**Oil rises 2%, reverses losses as OPEC+ addresses market weakness**
Oil prices rose more than 2% on Thursday as OPEC and its allies announced that it would be taking a tougher stance on non-compliance from nations and that it would be calling another meeting if the oil price looked to be weakening even further. The OPEC news overshadowed the restart of major oil platforms in the Gulf of Mexico as Hurricane Sally passes through the region. (Reuters)
**Energy firms shut 31% of US Gulf offshore crude oil production**
Around 31% of offshore oil production remained shut on Thursday, equating to around 567,770 bpd said the US Bureau of Safety and Environmental Enforcement said as Hurricane Sally moved onshore. (Reuters)
**Oil set for best week since June with Saudis defending recovery**
Despite bearish calls from Trafigura and BP at the beginning of the week, oil is set to be up 11% on the week as Saudi Arabia pledges to defend the oil prices as a pivotal time in the global economic recovery, taking aim at those members who have overproduced. Oil clawed its way up to $41 a barrel thanks to a weakening dollar and draw in US crude inventories with OPEC stating that is it very possible that demand may fall again as second lockdowns loom. (Bloomberg)
** BP’s Oil Trading Business Estimated To Return $2.5 Billion A Year**
BP is likely to see its return on capital employed on its oil trading arm valued at around $2.5 billion annually accruing to reports from Bloomberg. This uplift to the business is predominantly from the high levels of volatility that 2020 has bought with it, with other supermajors following suit and it has helped them not post even bigger losses than they have done. (Oilprice.com)