In its monthly report on the oil market, the Organization of the Petroleum Exporting Countries (OPEC) left “the global oil demand growth forecast for 2024 unchanged at 2.25 million barrels per day.”
Additional conclusions
He advises against excessively negative sentiment in the oil market.
The supply growth forecast for non-OPEC countries for 2023 increases by 100,000 barrels per day (bpd), to 1.8 million bpd.
It maintains the non-OPEC supply growth forecast for 2024 at 1.4 million bpd.
OPEC crude oil production increased by 80,000 bpd to 27.90 million bpd in October, thanks to Iran, Angola and Nigeria.
Despite the exaggerated negative sentiment regarding the evolution of Chinese oil demand, Chinese crude oil imports remain very healthy.
Global oil market fundamentals remain strong despite exaggerated negative sentiments.
Despite favorable market fundamentals, oil prices have fallen in recent weeks, largely due to speculators in the financial sector.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
