Global oil demand for this year and next has been revised downward for the fourth time by OPEC, according to its report released on November 12. The report states that the OECD has reduced its 2024 global oil demand growth forecast by 107 thousand barrels per day (tb/d) to 1.8 million barrels per...

OPEC+ announced on November 3 an extension of its voluntary production cut of 2.2 million barrels per day for an additional month, resulting in a short-term rebound in oil prices. Recently, due to a global demand slowdown, the three major energy agencies have all downgraded their forecasts for gl...