Reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule.

U.S. commercial crude oil inventories increased by 2.3 million barrels from the previous week to 420.9 million barrels.

Brent rose as high as $83.47, the highest since October 2018, and was down 4 cents at $82.52. WTI rose as high as $83.47, the highest since October 2018, and was down 4 cents at $82.52.

"Global oil demand is expected to return to pre-COVID levels towards the tail end of 2022, but the recovery will be uneven. Asia is clearly the driver of growth," IEA Executive Director Fatih Birol said

Commodity markets have seen turbulent times in recent months and years. Dated Brent has swung from $85.51/b in October 2018 to $13.24/b on April 2021; its lowest since March 18, 1999.

The Worldwide Rig Count for September was 1,448, up 14 from the 1,434 counted in August 2021, and up 429 from the 1,019 counted in September 2020.

U.S. Rig Count is up 7 from last week to 528 , Canada Rig Count is up 3 from last week to 165.

Brent was down 8 cents at $78.56 a barrel, WTI rose 11 cents to $74.94 a barrel.

Dated Brent prices should average somewhere in the upper $70s/b in October and it is quite possible that they may rally during this time,

U.S. commercial crude oil inventories decreased up 4.6 million barrels from the previous week to 418.5 million barrels.