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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Oil prices have dipped as OPEC+ extended supply cuts, reflecting weak demand. For the week, Brent crude is set to decline over 1%, while WTI shows a slight gain of 0.1%. The group has postponed oil output increases until April and extended the cuts' unwinding until the end of 2026.
OPEC+ has postponed its meeting to decide on oil production strategy to December 5, shifting from the original date of December 1. The coalition is currently implementing three sets of production cuts, totaling 39.725 million barrels per day, amid uncertain demand and fluctuating global oil prices.
Oil prices declined this week, with Brent crude down 2.7% and WTI down 3.3%, as Chinese demand continues to underperform amid an uneven economic recovery. Major forecasters have indicated bearish market fundamentals, with the International Energy Agency predicting that global oil supply will exceed demand by 2025, despite OPEC+ cuts. Additionally, U.S. crude inventories rose significantly, while gasoline and distillate stocks fell unexpectedly.
Organization of the Petroleum Exporting Countries
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03:22 06.12.2024
08:17 28.11.2024
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06:57 15.11.2024
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