Crude oil prices gained today after the Energy Information Administration reported a crude oil inventory draw of 2.1 million barrels for the week to November 12.

Rystad Energy’s annual cost of supply analysis has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce. The average breakeven price for new oil projects has dropped to around $47 per barrel – down around 8% over the past year and 40% since 2014, with offshore deepwater remaining one of the least expensive sources of new supply.

The newly resuscitated Iraq National Oil Company (INOC) has been authorised by the government in Baghdad to directly negotiate with U.S. oil giant, Chevron, for it to develop the long-delayed Nasiriyah oil field in the southern DhiQar province, according to several domestic news sources.

Having just hosted COP26 in Glasgow, Boris Johnson is now coming under pressure to cancel plans to explore the Cambo oilfield - a project that is thought to hold 800 million barrels of oil

Crude oil demand is rebounding faster than supply, pushing prices higher
EIA: This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019

The Democratic-sponsored $1-trillion infrastructure bill last weekend became the latest bullish driver of oil prices
More consumption growth lies in wait once travel begins in earnest and jet fuel demand picks up
The Biden Administration has limited options to keep oil prices in check this winter

Independent refiners in China boosted imports of oil from Iran between August and October
Between August and October 2021, China imported on average 560,000 barrels per day (bpd) of Iranian oil

A group of Democratic Senators has called on President Joe Biden to reimpose a ban on crude oil exports
The same group blamed higher gasoline prices on OPEC
Democratic Senators: high gasoline prices have placed an undue burden on families and small businesses

Aramco CEO: The world will see its level of spare oil production capacity dwindle next year
An expected rise in jet fuel demand will eliminate all spare production capacity

Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report.

Iran looks to ramp up production in four lesser-known oil fields
Iran’s Petroleum Ministry looks to use EOR-techniques to extract more oil from existing fields
Iran enjoys some of the lowest lifting costs per barrel in the world

Biden’s Infrastructure Bill is often painted as being anti-fossil fuels, but the truth is that the bill will provide a major boost to the oil and gas industry