Quarterly Oil Market Update – Q3 2018: (Supply factors weigh heavily on oil)

Brent oil prices are trading above $80 per barrel (pb), the highest level since early November 2014, on the back of concerns over oil supply. Provisional OPEC secondary sources data for Q3 2018 shows that Iranian oil output declined by nearly 250 thousand barrels per day (tbpd) quarter-on-quarter.