ECB chief economist Lane said high energy costs have caused demand destruction that may limit the scope of necessary ECB interest-rate adjustments.

ARAMCO CEO said over the next 18 months the world will need at least an additional 2 mln barrels per day (bpd) of oil demand to draw down current inventories.

Saudi Aramco set November OSP for Arab Light to Asia at a $5/bbl discount to the Oman/Dubai average, a $3/bbl cut from October and the largest discount since June 2020, surprising markets that had expected a $3/bbl increase. Aramco cut Asia OSPs for Arab Medium and Arab Heavy by $5/bbl each. After resuming exports via the Red Sea port of Yanbu, Aramco raised November OSPs for all grades to Northwest Europe and the Mediterranean by $3/bbl; U.S. OSPs were unchanged. OPEC+ left November production targets unchanged on Sunday, in line with expectations and implying little likelihood of further output policy changes before next year.