There was little excitement in the oil markets during Tuesday’s trading session; with investors on guard as OPEC and Non-OPEC members discussed compliance levels on their output cut agreement, in Abu Dhabi.
The oil drama continues as Repsol and Statoil move to pull oil workers from Venezuela as the country becomes less stable and may be on a path toward civil war. Saudi Arabia’s Saudi Aramco said it is cutting supply to its customers by at least 520,000 barrels per day in September raising expectations that OPEC will get its compliance issues under control and start to rein in Libya and Nigerian production.
Crude oil is lower as the market has a lot to watch as the seasonal summer peak demand time is here. Seasonal wekness in August seems to be overshadowing a jammed packed oil news day. OPEC meets about compliance as the U.S. oil rig count slows. Storms in the Atlantic could impact shipping and Mexican oil production. Gas Buddy reports retail gas prices hit an eight-week high as the Venezuelan military puts down a coup.