Key Points
futures edged down on Friday, extending losses from the previous session, as traders speculated on whether OPEC+ would come to an agreement on further production cuts...
The Organization of Petroleum Exporting Countries and allies, together known as OPEC+, surprised the market with an announcement on Wednesday that it would postpone a ministerial meeting by four days to November 30, after producers struggled to come to a consensus on production levels...
Yet those gains may be capped by higher US crude stockpiles and poor refining margins, leading to weaker crude demand from refineries in the US, analysts said.. "Fundamentals developments have been bearish with rising US oil inventories," ANZ analysts said in a note...
Analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-Covid growth levels in 2023, as the country's property sector crunch weighs on diesel use...
Non-OPEC production growth is set to stay strong with Brazilian state energy firm Petrobras planning to invest USD 102 billion over the next five years to boost output to 3.2 million barrels of oil equivalent per day (boepd) by 2028 from 2.8 million boepd in 2024..
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