Renewable Vision · every morning at 6:00 Riyadh
Daily Energy Report · Saudi Arabia and the Gulf
2 November 2026 · Issued 05:50 RiyadhLive · updated 23:10
OPEC+ postpones production adjustment to 2027 quota meeting
Brent fell to $111.92 per barrel, the lowest in 30 sessions, according to Akhbar. Saudi production was 6.24 m b/d in August 2026, the lowest in 12 months, per JODI. OPEC+’s decision to postpone a production adjustment keeps supply unchanged, adding downward pressure on prices.
Latest price: Brent was at $104.5 a barrel on 2 November 2026, Anadolu Ajansı reported. Anadolu Ajansı · 2 Nov 20:51
Sources: JODI (Joint Organisations Data Initiative), Renewable Vision, Al Watan, The National, PV Tech, Energy-Storage.news, Okaz.
The scorecard
The last trading session, the Kingdom’s latest official figures, and the day’s activityMarkets at the last session’s close
- ▼ −15.1% vs 27 Oct
- ▼ −9.8% month to date
- ▲ +70.3% year to date
- ▸ Lowest close in 30 sessions
- ▸ 3 falls in a row
- ▼ −2.4% vs 27 Oct
- ▲ +3.8% month to date
- ▲ +76.2% year to date
- ▸ 3 falls in a row
The Kingdom: latest official figures
The Kingdom’s figures against their targets are for RV Plus members. Get RV Plus
Today in the news
- 4stories
- 2deals and contracts
- 0tenders and awards
- 0project moves
Green is up and red is down: direction only.
The morning brief
Three points ready for the morning meeting- Brent fell to $111.92 per barrel, the lowest in 30 sessions (Akhbar), coinciding with OPEC+ postponing a production adjustment to the 2027 meeting.
- The postponement keeps current supplies, adding downward pressure on prices while Saudi output remains at 6.24 m b/d, the lowest in 12 months (JODI).
- Watch Saudi export data, any shift in OPEC+ stance, and Gulf storage decisions as key indicators for the next session.
Analysis
For the morning call: what happened and why it mattersBrent slipped to $111.92 per barrel after three consecutive losing days, driven by weak demand and soft technicals. OPEC+’s hold‑steady announcement added further downward pressure.
The full morning-call analysis, on the Kingdom, projects and what it means for energy businesses, is for RV Plus members. Get RV Plus
Number of the day
$104.50
Brent moved −15.1% to $104.50 a barrel (2 November 2026).
Source: Renewable Vision, Daily Energy Report, 2 November 2026 (Anadolu Ajansı).
The day in one picture
Renewable Vision's reading of today's news in numbers, ready to sharePage two: the Kingdom's official figures, the markets at the last session and our track record, for RV Plus members. Get RV Plus
Page three: projects and tenders across the Gulf in numbers, for RV Plus members. Get RV Plus
Top energy news
From the last 24 hours- OilHigh relevance for the Kingdom· ▼ Downward
OPEC+ postpones production adjustment to 2027 quota meeting
The postponement maintains current supply levels, exerting downward pressure on oil prices.
Al Watan · 17:05 - PowerRelevant for the Kingdom· ▲ Upward
Dubai's DEWA pushes global expansion with Shanghai Electric deal
DEWA announced a partnership with Shanghai Electric to expand its global operations. The deal aims to boost the utility’s capacity to supply power in new markets. (According to The National)
The expansion may add new generation capacity and support regional power demand.
The National · 13:02 - RenewablesWider market· ▲ Upward
Neoen secures AU$1.8 bn debt financing for 1.2 GW Australian renewables portfolio
Neoen secured AU$1.8 bn debt financing from 13 lenders for a 1.2 GW renewable and storage portfolio in Australia, according to PV Tech.
The financing supports renewable expansion that could affect regional energy supply.
PV Tech · 05:05
1 more stories in the full report. Get RV Plus
The full report is for RV Plus members
- All of the last 24 hours' energy news, and the table of today's deals and contracts
- The Kingdom's tenders, awards and projects, its crude balance and official figures
- Today's prices published in the last day, each with its source and time
- The Brent outlook from Renewable Vision's proprietary model, with its track record
- The PDF and an Excel file of every table, every morning
- Every past issue, and email alerts when Brent moves 3% or new official figures arrive
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Sources, method and editorial rules
The Kingdom: Saudi Arabia's monthly crude figures as reported to the Joint Organisations Data Initiative (JODI), and Renewable Vision's power balance, solar outlook and project ledger, built from the Principal Buyer's and SWPC's registers and the renewables tracker. Prices: EIA spot prices via FRED (published a few working days behind the market); EIA weekly crude stocks; IMF monthly averages for Dubai, European gas and Asian LNG. Headlines: EIA, OilPrice.com, Rigzone and the publishers the site follows; each event links to its source. The 3-2-1 crack is two barrels of New York Harbor gasoline and one of heating oil against three of WTI, from the same EIA series.
Editorial rules: Renewable Vision is an energy platform. The dialogue reports facts with their sources and carries no political or security news; where developments move the markets, it refers to them in market terms only. Saudi news is taken only from official sources and Saudi and Gulf media, reported as published and never interpreted or price-scored. Headlines listed in their publishers' own words come from official sources only.
Information, not investment advice. The outlook is a statistical range, not a recommendation to buy or sell.