This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019. Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products.

"About 50% of the incremental global natural gas demand will come from Asia by 2035, with China and India as the main engines to boost the development of the LNG market," Luo said.

Despite a brief Covid-related output dip, US LNG exports rose 31% in 2020 to hit an all-time high of 2.4 trillion cubic feet (Tcf).

Brent was up by 86 cents or 1% at $83.60 a barrel, WTI gained 89 cents or 1.1% to $82.16.

Reconfirm 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 December 2021, as per the attached schedule.

To ensure domestic oil products supplies by preventing a significant drop in throughput, Chinese refineries had to draw crude inventory in October.

The Worldwide Rig Count for October was 1,504, up 56 from the 1,448 counted in September 2021,and up 488 from the 1,016 counted in October 2020.

U.S. commercial crude oil inventories increased by 3.3 million barrels from the previous week to 434.1 million barrels.

U.S. Rig Count is up 6 from last week to 550, Canada Rig Count is down 6 from last week to 160.

Brent fell $1.03, or 1.2%, to $83.69 a barrel, WTI umbled $1.30, or 1.6%, to $82.61 a barrel.

China's overall trucked LNG price averaged Yuan 7,813/mt across the entire country Nov. 1, up 14% from Oct. 25 and 32% higher than early October, data from Shanghai Petroleum and Gas Exchange showed.

A slew of cooling measures announced by China has led the futures prices plunging more than 53% since its high of 1,982 yuan on Oct 19.

Brent gained 20 cents, or 0.2%, to $84.91 a barrel, WTI climbed 14 cents, or 0.2%, to $84.19.

Brent dropped 46 cents, or 0.6%, to $83.26 a barrel, WTI slid 64 cents, or 0.8%, to $82.93.

Средняя цена на нефть марки Urals в январе-октябре 2021 года сложилась в размере $67,51 за баррель