MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for November 3rd

Updated at 5:00 PM ET 

HEADLINES:

— OPEC+ to Pause Oil Output Hikes in Q1 2026

— Filing: PBF’s Torrance, California, Refinery Plans Flare Nov. 1-5 

NEWS:

OPEC+ to Pause Oil Output Hikes in Q1 2026

The eight key members of OPEC+ will pause oil production hikes in the first quarter of 2026 to ensure market stability, according to a joint announcement by the group over the weekend.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman said in an OPEC+ statement issued Sunday (11/02) that they would implement a production adjustment of 137,000 bpd in December 2025, from 1.65 million bpd in voluntary cuts first announced in April 2023.

This adjustment follows prior increments announced for October and November.

However, from January to March of next year,  OPEC+ has decided to pause its output hikes as it reaffirmed  “the importance of adopting a cautious approach” with their production strategy.

Further output decisions would be based on evolving market conditions.

The eight OPEC+ countries will hold their next meeting on November 30.

Filing: PBF’s Torrance, California, Refinery Plans Flare Nov. 1-5

PBF Energy reported a planned flaring event at its 149,500 bpd Torrance, California, refinery that began on Saturday (11/1) at 5:07 p.m. PT and is expected to end on November 5 at 11:59 p.m., according to a filing with the South Coast Air Quality Management District.

The cause of the flare was listed as “planned maintenance,” according to the district filing.
This emission event follows a series of flares reported at the Torrance facility in recent months. PBF previously reported flaring in August due to compressor issues and again in September during a unit startup.

Los Angeles CARBOB spot prices spiked to a premium of 71cts to December NYMEX RBOB futures on Friday October 30, reflecting tightening supply conditions amid ongoing refinery activity across Southern California. The spike comes as multiple refineries, including Torrance and Chevron’s El Segundo facility, continue to experience intermittent flaring and maintenance related disruptions.

Chevron’s 269,000 bpd El Segundo refinery has also faced multiple incidents this fall, including emergency flaring during October, including an explosion at the facility’s Isomax 7 hydrocracking unit, a key processor for jet fuel and gasoline production.