OPEC oil output rose in December, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance in support of the market

OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact date has not been decided

The Brazilian oil and gas production reached its highest level in November, surpassing the previous record set in September, according to data from the regulator ANP

This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower prices

The Energy Information Administration (EIA) reported in its update that the average crude input to U.S. refineries was 16.5 million barrels per day

Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices

U.S.-led coalition imposing a price cap on Russian oil announced changes to its enforcement regime, which, according to the Treasury Department, will make it even more difficult for Russian exporters to evade the cap

Russian President Vladimir Putin has extended until June 30 the ban on selling crude oil and petroleum products to recipients adhering to the price cap set by the G7 countries, EU and Australia

World consumption will rise by 1.1 million barrels per day(bpd) in 2024, IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices

OPEC said it remains cautiously optimistic about the fundamentals of the oil market for 2024 and blamed ‘exaggerated concerns’ about demand for the recent price drop, while sticking to its relatively high prediction of crude consumption for next year