{"id":18856,"date":"2025-10-31T16:12:21","date_gmt":"2025-10-31T20:12:21","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=18856"},"modified":"2025-10-31T16:12:24","modified_gmt":"2025-10-31T20:12:24","slug":"petroleum-daily-report-10-31-2025","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-10-31-2025\/","title":{"rendered":"Petroleum Daily Report 10-31-2025"},"content":{"rendered":"\n

Oil prices ended slightly higher on Friday after a volatile session, rallying on reports of potential U.S. air strikes on Venezuela. Brent crude settled at $65.07 a barrel, up $0.07 (0.11%), while U.S. West Texas Intermediate closed at $60.98, up $0.41 (0.68%).<\/p>\n\n\n\n

Prices initially spiked after several outlets reported that U.S. military operations against Venezuela could begin within hours. The move followed a buildup of U.S. naval forces in the Caribbean, including the carrier Gerald Ford. However, the rally faded when President Trump posted a denial on social media, saying there were \u201cno plans for action at this time.\u201d<\/p>\n\n\n\n

The U.S. dollar strengthened to near three-month highs, adding mild downward pressure on oil as commodities priced in dollars became more expensive for foreign buyers.<\/p>\n\n\n\n

Meanwhile, Saudi Arabia is reportedly preparing to lower its December crude prices for Asian customers to multi-month lows, signaling concern about softening demand. China\u2019s latest factory survey showed manufacturing activity contracting for a seventh straight month, compounding the bearish sentiment.<\/p>\n\n\n\n

Both Brent and WTI are set to post October declines of 2.6% and 2%, respectively, as OPEC and non-OPEC producers ramp up output. Additional barrels from the Middle East are expected to offset potential shortfalls from Russia, where U.S. sanctions have disrupted exports to top buyers in China and India.<\/p>\n\n\n\n

Russia\u2019s Lukoil confirmed plans to sell its international assets earlier this week \u2014 the first major divestment by a Russian oil major since Western sanctions began in 2022.<\/p>\n\n\n\n

OPEC+ ministers meet Sunday, with expectations for another modest December output increase, likely around 137,000 bpd. Market watchers noted that Saudi Arabia remains the only member with significant spare capacity to drive meaningful production gains.<\/p>\n\n\n\n

In the U.S., crude output hit a new record of 13.6 million barrels per day, according to the Energy Information Administration.<\/p>\n\n\n\n

Separately, President Trump said China has agreed in principle to resume U.S. energy purchases, including a \u201clarge-scale\u201d transaction involving Alaskan oil and gas. However, analysts expressed skepticism over whether the pledge would translate into immediate demand growth.<\/p>\n\n\n\n

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