Oil markets watch BRICS meet, OPEC outlook as Norwegian gas ...

This week, oil markets are eyeing fresh economic indicators from the US, following the recent Federal Reserve interest rate cut that has boosted the market outlook.

Market participants will also watch for insights from the Russian Energy Week in Moscow, which includes a meeting of energy ministers from the BRICS group on Thursday.

On Tuesday, OPEC will publish its World Oil Outlook, offering projections for oil trends through 2045. While the producer group remains bullish on long-term oil demand, it has recently tempered its short-term forecasts. This report will precede the International Energy Agency's own World Energy Outlook, set for October.

East Asian oil product traders are reassessing their sales strategies after China confirmed its total export quota for gasoline, diesel and jet fuel at 41 million metric tons for 2024. This quota slightly exceeds last year's but still aligns with expectations. Export-oriented refiners in South Korea expect oversupply concerns to ease for now, but Asian crack spreads could struggle amid fragile demand for industrial fuel.

Norwegian gas maintenance will gradually decrease this week, with most of the planned work in September now complete. Maintenance is still likely to reduce export capacity by around 40 million cubic meters per day this week, and more by the end of the month.

New York City Climate Week kicks off today and runs through Friday, and will feature energy-related events including the Offshore Wind Transmission Conference. This event will be crucial for discussions leading up to COP29.

In coal, inquiries from China are likely to rise as the country prepares to replenish stocks ahead of the Golden Week holidays in early October. Meanwhile, household power demand in India remains low due to ongoing rains, but industrial demand is expected to pick up with upcoming festivals.

I’m Sarah Mishra. Thank you for kicking off your Monday with S&P Global Commodity Insights.